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Posted: Fri 13:05, 11 Oct 2013 Post subject: tiffany Refinance Car Loans- Cut your payments dow |
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How does your car get refinanced?
Before you , do a market shopping of wat different lenders are offering. Look for a lender that will offer your an APR at least 1% less to the one you are paying your car loan at present. Call your current car loan lender and ask for your car loan payoff amount. The new lender will pay off the remaining loan amount to the previous lender. This way your previous loan account gets closed. Now, [url=http://www.npzjs.net/E_GuestBook.asp]lancel pas[/url] you start another loan with the new lender at a lower APR on the remaining loan amount. Let us understand this concept with an example.
Suppose you borrowed ?15,000 for 60 months on your new car from lender 'A'. Let us assume that your credit score was poor or the lender trapped you in a bad deal and charged you a high APR of per [url=http://www.moncleroutletosterblade.com]moncler[/url] say 20%. After paying for a few months, [url=http://www.mxitcms.com/abercrombie/]abercrombie[/url] you got an offer from another lender 'B' offering you to refinance your car at 12% APR. cutting off from 20% to 12% will earn you a major benefit in terms of monthly payments. Instead of paying ? 8844.50 as the total interest you would end up paying ? 5020.00. That amounts to a saving of ? [url=http://www.louboumaterialistanyc.com]louboutin pas cher[/url] 63 monthly and ? 3824 on a whole. So, to earn the following benefits
New lower APR
Monthly payments get reduced
Schemes available for bad credit loans and unsecured car loans
Better loan management
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