If youre like most people, youve probably never thought about refinancing your car loan.
Seriously, is that even a thing that people do?
Its not like its a mortgage.
Wouldnt that be a huge hassle?
How much money could you actually save that way, anyway?
But this under-used strategy reallycansave some serious cash and its not hard to do at all.
How much could you save?
Just look and see.
It wont cost you anything to look.
The size of the average auto loan has soared to more than $35,000, according to Experian.
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Car loan debt is the second-biggest category of household debt, trailing only mortgages.
Did you know?
See if you qualify for a lower interest rate and lower monthly payments.
Skip the trip to the DMV:The online grid lenders at Lantern will do the heavy lifting.
Theyll handle paying off your old lender and retitling your vehicle, because who needs that headache?
Its also tougher if your vehicle is over a dozen years old.
That still leaves plenty of people who could benefit from a cheaper car loan.
Maybe youd like a lower interest rate.
Maybe youd like to extend your payments and spread them out some more.
But you definitely want to be saving money, right?
It only takes a few minutes toanswer some quick questionsand see how much you could save.
Mike Brassfield ([email protected]) is a senior writer at The Penny Hoarder.
He has made so many car loan payments.
- The Penny Hoarder is a Paid Affiliate/partner of Lantern by SoFi.
No Interest Til Almost 2027?
Balance Transfer = Credit Card Cheat Code
