Thursday, December 17, 2009

Refinance Your Car Loan If…

When we think of saving money often the first thing that comes to mind is to refinance a mortgage. But, don’t forget many of us have another loan that can commonly be refinanced—the auto loan. The first time I heard about refinancing a car loan I scratched my head and wondered why I’d never thought of that before. But refinancing a car loan doesn’t always make sense. There are specific situations when doing so could help you out. Here are some to consider:

1. Lower Rates. If rates have gone down more than a couple of points lower than your current loan. But be sure you are looking at used-car rates, since the car you are driving is now technically used. At some lenders used-car rates can be higher. Note that is not the case at your credit union—same rate for new or used.

2. Has your credit score improved? If you’ve been responsible with your credit and improved your score, you might qualify for a better rate.

3. Or, things have gotten worse. If the economy has been hard on you and you need to cut some expenditures refinancing the car could help.

Coors Credit Union offers a vehicle refinance program that could make sense for you.
origami car by Corigami

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