Monday, May 4, 2009

How to Reduce Your Car Payments

Remember my post from last week in which I reduced our monthly utility bill? I hope that you concluded that really none of your fixed monthly bills are hard set. Really we should all take a look at all expenses when looking for a reduction.

How about your car payments? Have you looked at your interest rate lately? Do you even remember what it was? Loan rates are low right now and you might just be able to refinance your car loan.

Most of us don't often associate refi's with car loans. It's an action that's more associated with mortgages. But, it is possible to lower your car payments.

First, take a look at your current loan. Interest rates are now less than 5.5% annual percentage rate. If you are currently paying more there is a good chance that you could do better.

And, if your credit score has improved since you first financed your car, it may help you qualify for a better rate.

These days every little bit saved can help you out in a big way. Check out this link regarding the Coors Credit Union auto loan refinance program.

1 comment:

  1. Good tip. Most people just make the payment and don't bother looking at the interest rate. The economy is doing so poorly- why not take advantage of the great interest rates?