It seems like not a day goes by that we don’t hear someone on the TV or radio telling us that now is such a great time to purchase or refinance something because of the low interest rates. But is now really a good time to refinance a car loan or make another major purchase?
I was just doing some searching online for what interest rates were a couple of years ago. I came across an article from 2001 that talked about how getting an interest rate around 6.99% would be a great deal back then.
Well, just to compare I just did a search to find out what rates are like today. At several sites I saw interest rates to refinance a car loan in the in the 4% and 5% range. So if you were wondering if it is still a good time to get a refinance car loan, just look around!
The problem is that no one knows when the needle will turn and the rates will start going up again. It could be in a couple of months, or it could be more like next year.
But why wait to find out? The fact is that if you have a car loan with a high interest rate, now is a great time to consider refinancing that loan to get a better interest rate and lower payment. It just takes doing a little homework and shopping around to find out if that’s the right move for you!
Keep in mind of course that this is not the right step for everyone to take. A refinance car loan may not be worth it if you only have a few years left on your loan. In that case, you’d probably be better to just pay it off as scheduled.
However, if you still have several years left on your loan there is a good chance that you could save a couple hundred dollars a year when you refinance a car loan you already have.
The key of course is to do some shopping around and really look at the situation carefully to find out if getting a refinance is the right move for your financial situation. Do some research, shop around, and you’ll find out rather quickly if this is the right move for you.
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