<p>If you bought a new or used car and still owe thousands on the loan, you could be paying more than you need to every month. While not a guarantee that you’ll save money, checking out refinance car loan rates only takes a few minutes, and you can end up saving hundreds or even thousands of dollars over the duration of the car loan.</p>
<p>The easiest way to research refinance car loan rates is to use an online calculator. Free to use, all you have to do is plug in the loan amount, term or duration, and interest rate. The calculator does the rest of the work. You’ll learn how much monthly payments will run and the total cost of the loan over its term.</p>
<p>A few tips can help you save money as well. Shorter term loans tend to have lower interest rates than longer term loans. This isn’t always the case, but it’s worth considering. Also, shorter term loans shave a year or two of interest off.</p>
<p>Some math: a 36-month $15,000 loan with a 4.5% interest rate will end up costing you $16,063.20 over its entire term with $446.20 monthly payments. The same loan with a 48-month duration will ultimately cost you $16,418.40, about $350 more, but the monthly payments will only be $342.05.</p>
<p>One of these calculators will help you decide which refinance car loan rates fit your budget. Especially in today’s economy, most people will find it easier to go with the longer term loan, simply because the monthly payments are lower.</p>
<p>Also, new car loans tend to have much lower interest rates than used car loans. Refinance car loan rates beat both of those, sometimes being as little as half the interest rate as a used car loan. Hopefully, these tips will help you save hundreds of dollars a year if you decide to refinance your automobile.</p>