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Herald Journal Guides
Automotive Guide
Serving the tri-county area of McLeod, Wright, and western Carver

How to refinance your auto loan and save big money


Almost everyone knows that they can save big money by refinancing their home mortgage, but most people don't realize that they can save hundreds, if not thousands, of dollars by refinancing their auto loan.

If you're an owner of one of the 50 million new vehicles that have been sold in the last three years with an interest rate greater than 6.5 percent, you're a prime candidate to refinance your auto loan. Even if you only slightly lower your interest rate, the savings can be substantial.

For example, a typical interest rate in December 2000 was 9.26 percent for a $20,000 auto loan. By refinancing and reducing that interest rate to 6.59 percent, you could save more than $1,500 over the life of the loan.

You can easily determine how much money you may be able to save by using online calculators like the one available at With E-LOAN's calculator, you don't have to enter any personally identifiable information to get a rate quote.

Unlike many other financial transactions, there's not a lot of rigmarole associated with the process. You don't have to worry about dealing with appointments, appraisals or mounds of

documents to sign. And the easiest way to do it is online, so you never have to leave your home or office desk. By doing it online, you'll save yourself time and money, too. In addition to exceptionally low rates, online lenders such as E-LOAN have an application that only takes a few minutes to fill out and they e-mail your approval decision within an hour.

There are no hidden costs or fees with E-LOAN, so you're never surprised by a list of unexpected charges at the end of the transaction. Since you pay only the cost of the title transfer - usually $30 or less - it's easier to evaluate the true cost of refinancing and reap the rewards of lower payments for the remaining life of the loan.

Now that you know there's another way to take advantage of low interest rates and put money back in your pocket, the key is not to wait. There are a variety of economic and market factors that can affect auto loan rates, so they probably won't stay this low forever. Procrastination can be expensive, so take a few minutes to visit to see how much money you can save by refinancing your car loan with a new low rate.

Automotive Guide
Published October 2003

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