Rates are Rising - Time to Think About Refinancing Your Car Loan
In these tough economic times it is hard to really predict when things are finally going to turn around for the better. But, because of the financial turmoil interest rates are at an all-time low.
The bad news is that these low interest rates will not last. Soon, and no one knows exactly when, banks and lenders are likely to start raising rates to make up lost revenues. And as the economy picks up you can count on these rates rising.
Because of rising rates, now is the perfect time to consider refinancing a car loan with a high interest rate. There have been a lot of changes in the banking and automotive industry that make now the best time to take advantage of low rates. And with fewer people buying new cars lenders are more likely to consider a refinance.
The fact is that banks make money when they lend money. And if few people are taking out new loans then they have to help people refinance as another way to make some additional revenue. So it's a great time for consumers to save!
You've probably seen in the news all of the things that the government is doing to help the major auto manufacturers. Whether you agree with what they're doing or not, the fact is that once everything is restructured and they get back on their feet rates will likely go up. This is one more reason to seriously consider refinancing a car loan with a higher interest rate.
But not all loans are worth refinancing. First of all, you need to still owe around $7000 or more and have a high enough current rate to make it worth it. Shop around and do your homework to see if this is the right move for you.
Banks and lenders are desperate at the moment to acquire new loans and refinance existing ones. As a borrower there are a variety of auto loans available to suit your needs. Whether you want to take a short term loan and pay off your car quickly or if you desire the stability and security of a long term structured loan you can save money by refinancing your loan now while interest rates are still low. - 21396
The bad news is that these low interest rates will not last. Soon, and no one knows exactly when, banks and lenders are likely to start raising rates to make up lost revenues. And as the economy picks up you can count on these rates rising.
Because of rising rates, now is the perfect time to consider refinancing a car loan with a high interest rate. There have been a lot of changes in the banking and automotive industry that make now the best time to take advantage of low rates. And with fewer people buying new cars lenders are more likely to consider a refinance.
The fact is that banks make money when they lend money. And if few people are taking out new loans then they have to help people refinance as another way to make some additional revenue. So it's a great time for consumers to save!
You've probably seen in the news all of the things that the government is doing to help the major auto manufacturers. Whether you agree with what they're doing or not, the fact is that once everything is restructured and they get back on their feet rates will likely go up. This is one more reason to seriously consider refinancing a car loan with a higher interest rate.
But not all loans are worth refinancing. First of all, you need to still owe around $7000 or more and have a high enough current rate to make it worth it. Shop around and do your homework to see if this is the right move for you.
Banks and lenders are desperate at the moment to acquire new loans and refinance existing ones. As a borrower there are a variety of auto loans available to suit your needs. Whether you want to take a short term loan and pay off your car quickly or if you desire the stability and security of a long term structured loan you can save money by refinancing your loan now while interest rates are still low. - 21396
About the Author:
Chances are that you could save a good amount of money right now with a refinancing a car loan. Do your homework and make sure to get the best deal on your refinance car loan, but start looking for a good deal now!
posted by X - Men @ 12:17 AM
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