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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.
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.
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
Refinancing a loan means switching one loan for another in hopes of getting a better interest rate, terms, or both. People often refinance loans to get lower monthly payments on the money they ...
Time your car loan refinance right to receive the maximum benefit. Skip to main content. 24/7 Help. For premium support please call: 800-290-4726 more ways to reach ...
You can still refinance an auto loan with bad credit, but getting a good rate can be difficult. Borrowers with low credit scores generally pay much higher interest rates.
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