Interested in saving money on your auto loan? Refinancing may be just the solution you need. But, what is it really?
If you've ever pondered this question, you are in luck. Today, we offer our comprehensive, but concise, guide to help you figure out if refinancing your car or truck is the right money-saving solution for you.
Refinancing your auto loan may give you the ability to negotiate a lower interest rate, reducing the total amount of interest you will have to pay over time.
Oftentimes extending the duration of your loan reduces your monthly payment. You can also take the opposite option and get a shorter term loan that reduces the overall amount of interest you would have to pay.
This is often achieved by reducing the interest rate or increasing the duration of the loan. It's also possible to combine the two.