What Is Auto Refinancing and How Will it Help Me?
Auto refinancing is your key to many benefits that will save you thousands of dollars in the long run. When you refinance your car you are essentially restructuring your debt to more favorable terms. Our goal at Gravity Lending is to help you find the best interest rates and terms possible to save you money on your auto loan.
Why Do You Need Auto Refinancing?
Gravity Lending specializes in locating and cultivating the best interest rates and terms possible for you. With refinancing you can maximize your savings with benefits like:
- Lower Monthly Payment – By lowering your interest rate, extending the term of your loan or both you can reduce your monthly car payment by an average of $121 a month.
- Lower Interest Rate – A lower rate, with the same or shorter loan term period, typically means you will pay less total interest over the life of the vehicle’s loan.
- Longer Loan Term – Depending on the interest rate, increasing the loan duration will reduce your monthly car payment.
- Shorter Loan Term – Conversely, shortening the term could increase the monthly payment but reduce the total amount of interest you will pay.
There are many reasons why you might want to refinance your auto loan, but it’s usually to save you money. Now is a great time to compare your offers.