It’s been about a month since most of the biggest automakers began offering lower auto loan rates with some as low as 0% APR on new cars and low refinancing rates. Based on our examination, this might be a great way to get substantial savings for you and your family. Here’s a look at what that means and what you should know.
By lowering your interest rate on your current car loan you could save thousands of dollars on the cost of your car. For example; if you have 5 years left on your loan of $20,000 and you lower the interest rate of a car from 12% (monthly payment $444) to 6% ($386/month) you would be saving $58 every month. That’s $696 every year, over $3480 less for the life of the loan
It’s not often that shoppers can cut their interest costs by more than half between one day and the next. This a major change considering the auto manufacturers are lowering rates in response to the COVID-19 problems facing so many of us. It’s time to find ways to save money and this is a great one for most of us.
Know anyone trying to save money?
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