You have probably heard of auto refinance before. Or simply refinance. The term actually refers to a financial situation wherein a borrower finds financing to pay off a current loan.
For years now, people have refinanced their home equity loans and saved thousands of dollars. However, the practice of refinancing car loans has yet to be indulged by most. Why? Perhaps the reason is that auto loans generally behave differently from home loans and people are naturally skeptical about new methods. Regardless, auto refinance is still a good choice, provided that the situation is right.
The only way for auto refinance to work is if you get it when the interest rates are low. Low rates typically mean low monthly repayments and this is the situation you should aim for.
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