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Fed rate cuts could make auto loans a better deal. If your current auto loan is high-interest, see if you can save money by refinancing your car.
As with other types of loans, the overall cost of a car loan comes down to one major factor: the annual percentage rate. The APR includes both interest and lender fees, expressed as a percentage.
For example, if your original $36,000 auto loan came with a 7 percent interest rate, even at just one point lower, you could save $1,012 over 60 months. Your Credit Score Has Improved
You can use a calculator or the simple interest formula for amortizing loans to get the exact difference. For example, a $20,000 loan with a 48-month term at 10 percent APR costs $4,350.
2. Calculate your down payment. Before you head to the lot to buy a car, take the time to calculate your down payment.This amount will depend on your unique financial situation and the kind of car ...
However, if your goal is to get a lower interest rate, it helps to have a higher credit score when you refinance than when you took out your original car loan. You can request a free copy of your ...