Refinance Your Car and Skip a Payment
As coronavirus closures increase throughout the United States, many people are looking for ways to stabilize their finances. Automotive refinance is a quick and easy way to save money on your car. Refinancing allows you to lower your monthly car payment, reduce the interest rate on your auto loan, or both. Most importantly, when you refinance, you are paying off an old loan and beginning a new one. The first payment on your new loan isn’t due for at least 30 days (up to 90 days in some states), allowing you to “skip” or postpone your next vehicle payment.
If you or your family are concerned about your bills and expenses during the coronavirus outbreak, refinancing your auto loan can be completed in as little as a week. Skipping a car payment could also mean several hundred dollars can be spent on necessities this month instead of your loan.
How Does Auto Refinancing Work?
Most Americans have heard of refinancing when it comes to home mortgages. Did you know that a similar program is available for vehicles? Refinancing a mortgage can take months, but refinancing an auto loan takes days or weeks. It’s a fast and straightforward way to save money.
Interest Rates Are at Record Lows
In response to coronavirus, the Federal Reserve cut interest rates by 100 basis points, making the U.S. benchmark 0% to 0.25%. This emergency move will likely cause a 1% decrease in typical consumer interest rates. There’s never been a better time to refinance your car, truck, SUV, motorcycle, boat, or even RV.
Take Control of Your Finances During Coronavirus
It only takes 5 minutes to find out if you could be saving thousands. Our team of highly-trained, dedicated loan consultants can explain everything throughout our 5-step process to help you make educated decisions for your financial well-being during this stressful and uncertain time.