Here's How To Save Hundreds Of Dollars On Your Car Loan Payments In 5 Minutes

Purchasing a vehicle is a major financial commitment. It requires a lot of research and thought, plus endless amounts of planning for the months of spending ahead. Most aren't prepared to pay for a car in full, so they opt for an auto loan. But, if they lease with the auto-dealer or have a change in credit, it's likely that their monthly payments are too high.

Many people are unaware they can save money by refinancing their vehicle and don't understand how it works. The process involves transferring ownership of the car payments from one creditor to another. The auto loan is essentially paid off and replaced with a new one from a different lender. Refinancing can often be a complicated process — one that requires a lot of negotiating, shopping around, and phone time with lenders to discuss your loan situation. Luckily, there are third parties like rateGenius that help you work with lenders to find the best plan for you.

rateGenius has over 20 years of experience working with banks and credit unions to offer the lowest rates possible. Drivers can apply to refinance by giving rateGenius information about their vehicle and current loan. rateGenius' application process is done entirely online, and they even work with people who have an imperfect credit score. After applying, the company quickly finds customers the most competitive vehicle interest rates, so you can get affordable monthly payments for your needs. The experts compare more than 150 lenders nationwide to find the lender that's right for you. In fact, rateGenius has the largest network of credit unions, which traditionally offer the lowest possible rates on auto loans. The company also offers a loan calculator online, so you can estimate the cost of your monthly refinanced loan payments.

Some predatory services charge high fees upfront, but rateGenius gets paid by the lender to secure your new loan, doesn't get paid unless they secure you a loan with lower payments — so when you choose to refinance your vehicle to save money, you're actually saving money. Aside from financial savings, refinancing a vehicle can help manage your credit score or remove another person's loan from your own, such as in the case of a divorce. Plus, refinancing your vehicle can help pay off your car faster — the smaller the amount you have to pay and the less time you spend accruing, the more likely you are to pay off the loan sooner.

Customers who use rateGenius can get interest rates as low as 2.99% and an average savings of $78 per month. That's $937 per year extra in your pocket that would normally be wasted on your car payment or another refinancing company. Furthermore, over the life of the loan, rateGenius customers save about $5k on average. Year-to-year, customers felt more financially free because of the extra cash in their bank accounts. Considering the extra things you can buy — furniture, weekend trips, or a spa vacation — just might be the push you need to refinance before your next car payment is due.

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