Refinance Auto Loan

Emily Glazer, of the Wall Street Journal, featured MoneyAisle in her column surrounding auto loan refinance on Sunday.

Glazer explains the typical scenario of consumers receiving initial dealership financing for their car loan, but getting skimped when it comes to the low advertised rates. But, there is a way to get a second shot at that ideal financing she says:

“You may be able to get better terms on a car loan by refinancing, howeve, lets you compare various loan and rate offers from banks and credit unions. You’ll need to plug in your loan balance; monthly payment; your automobile’s make, year and mileage; your ZIP Code; and your credit score.

The site then gives you a list of loan offers from three to 20 financial institutions. After you select an option, the financial institution will verify your credit score and contact you to complete the transaction.”

If you received dealer financing for you car loan, try refinancing now, to see if you can lower your current monthly payment, or interest rate.

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