Every day on the television we hear the news anchors and advertisements talk about how low rates are, and how now is a great time to purchase or refinance. This could be to refinance a car loan, home loan, or any other kind of loan you may have.
So is not really a good time to do something like that? Well, I was curious so I did some searching online for what rates used to be a few years ago. For example, I came across an article from 2001 that stated that people could get a great deal on a refinance car loan would be 6.99%.
So as a comparison I did some searching for interest rates today. I came across a couple of sites that had rates to refinance a car loan in the 4% and 5% ranges. So there you have it, just by searching around a little I found that now really is a good time to consider a refinance car loan!
Here's the big problem with the current situation: no one knows when rates are going to go back up again. It could be in a couple of months, or it could be in a year or two. No one really knows.
So you really have two choices: you can wait and find out, and possibly miss out on some huge savings, or you can do some homework now to make an educated decision on whether or not this is the right move for you.
Keep in mind of course that this is not the right step for everyone to take. A refinance car loan may not be worth it if you only have a few years left on your loan. In that case, you'd probably be better to just pay it off as scheduled.
However, if you have an abnormally high interest rate or still have quite a ways to go before you can pay it off, there is a good chance that you could save money when you refinance a car loan. You just need to do the homework to find out!
The important thing to do at this point would just be to do some research and really assess whether or not this is the right step for you. Do some research, visit with a few lenders, and then come to a good educated decision as to whether or not this is the right step for you. - 29970
So is not really a good time to do something like that? Well, I was curious so I did some searching online for what rates used to be a few years ago. For example, I came across an article from 2001 that stated that people could get a great deal on a refinance car loan would be 6.99%.
So as a comparison I did some searching for interest rates today. I came across a couple of sites that had rates to refinance a car loan in the 4% and 5% ranges. So there you have it, just by searching around a little I found that now really is a good time to consider a refinance car loan!
Here's the big problem with the current situation: no one knows when rates are going to go back up again. It could be in a couple of months, or it could be in a year or two. No one really knows.
So you really have two choices: you can wait and find out, and possibly miss out on some huge savings, or you can do some homework now to make an educated decision on whether or not this is the right move for you.
Keep in mind of course that this is not the right step for everyone to take. A refinance car loan may not be worth it if you only have a few years left on your loan. In that case, you'd probably be better to just pay it off as scheduled.
However, if you have an abnormally high interest rate or still have quite a ways to go before you can pay it off, there is a good chance that you could save money when you refinance a car loan. You just need to do the homework to find out!
The important thing to do at this point would just be to do some research and really assess whether or not this is the right step for you. Do some research, visit with a few lenders, and then come to a good educated decision as to whether or not this is the right step for you. - 29970
About the Author:
do some research and you'll find that interest rates to refinance a car loan are really good right now. Why wait? Start doing your research to find out if a refinance car loan is the right thing for you to do.
