Car Refinance
Paying too much interest on that car finance package that you were sold last year? If you think you are then its time to consider refinancing your car loan! There are many opportunities to find car refinance deals either through your local loans broker, or by ringing around car refinance providers yourself. Some of the best car refinance deals however can be found on the Internet.
The secret of online refinance loans
Online refinance car loans are one of the best kept secrets when it comes to paying for a car on credit. While it is not unknown for car dealers to successfully persuade their customers to take out car finance deals at 15% APR or more, consumers could pick up a similar car loan deal at a much lower APR online. If the interest rate on your current car loan is high and there are no (or low) penalty clauses for early repayment of the loan, then you should make it a priority to see what refinance deals you can find on the Internet.
Typical car refinance packages available online are underwritten by a whole gamut of well-known insurers, so you know that you're in safe hands. APR rates are as low as 6.0% in some instances, and many refinance companies reduce or waive the credit arrangement fees too. Best of all, it generally takes less than 10 minutes to apply for the refinance loan online, and in some instances you could be accepted immediately! So, how much could you save through a competitive refinance deal found on the Internet?
Refinance your car and save thousands!
Say you opted for a 5-year car loan on a £12,000 vehicle with no deposit down. On an APR of 14% - which is not unusual for loans arranged through some car dealers - you would be paying close on £280 per month, plus any payment protection insurance costs. By the time you've completed your 60 monthly car payments on the loan, your car will have cost you £16753.14 to buy.
Now, if you were to refinance your £12,000 car loan at an APR of 6.0% over the 5-year / 60-month loan period you would end up lowering your monthly payments to just £232. That's near on a £50 saving per month! Just as impressive is the affect that a 6.0% APR refinance deal will have on the overall cost of the car. After you've made the 60 monthly payments on your refinance loan your car will have cost you only £13919.62, saving you more than £2,800 on the cost of your car.