
Besides your mortage or rent, a new or used car is likely your second biggest expense. And to make sure you get the most for your money, you’ll want to consider taking a look into whether you can lower interest rate, which can lower your car payment. Similar to refinancing your home loan, getting a lower interest rate on your car loan is a smart way to improve your monthly budget.
If you have an existing car loan, compare your current interest rate to available interest rates. On average, you can reduce your interest rate by 2.4% by refinancing your car loan. That might not seem like much, but for a $32,000 vehicle with an average loan term of 68 months, that adds up to over $2,300 in savings over the span of the loan. Ready to start saving? Here’s how to get started:
Your loan interest rate depends on a variety of factors, including your credit score and the loan amount. While interest rates vary, O'Fallon area drivers typically see a range of 3.2% to 12.9%. Take a look at interest rates based on credit score tiers.
If you’re unsure about just what each interest rate means, we can go over how to calculate your auto loan interest in person. Our dealerships also often have promotional rates for drivers with good credit — in fact, many new vehicles can be driven home for 0% APR.
To learn more about refinancing your car loan and finding your interest rate based on your credit score, feel free to contact the team at Auffenberg Dealer Group. You can also get pre-approved by applying for financing online.
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