Auto Loan Refinancing, explained by Auto Relief Group

May 20, 2010 - PRLog -- Are you in a dilemma whether to go for auto loan refinance or not? Well, if you are paying higher interest rate on your car purchase then you definitely need considering refinancing of your auto loan as one of your option.

Auto loan refinancing is one of the best ways to save your money. You could refinance your car loan and lower your payments to a great extent. While refinancing auto loan, the borrower chooses a different lender offering lower interest rate to refinance the auto loan and the borrower eventually pays off the current auto loan. Since the interest rate is lower the monthly payments are lowered and that helps you save a lot amount of money in your payments. This in turn helps you gain financial stability.
Say for example you bought a new car one year ago and the dealer told you that your auto loan would be 12 percent on a five year loan for a $ 25,000 car. You end up paying $ 556.11 as your monthly payments.

However once you opt for auto loan refinancing you can lower your payments to about $ 400 per month. That’s a saving of more than $ 7200 over the life of the loan. That’s a substantial amount of saving. Isn’t it?

“To gain maximum benefit from auto loan refinancing you should refinance your auto loan early. You can save much more amount of money by refinancing your auto loan in the initial stages of the loan period than in the later stages. But it is very important to choose a lender who refinances your auto loan with lower interest rate on the loan amount”, says Anthony Tribunella, Expert and Director of Operations at Auto Relief Group.

For the past fifteen years, the Modification Specialists of the Auto Relief Group have been helping consumers in all aspects of the car and financing business, and due to the current recession, have decided to dedicate themselves to assisting consumers renegotiate their car loan or lease, avoid repossession and maintain ownership of their vehicle by working directly with lenders to restructure loans, extend terms or reduce payments.

About Auto Relief Group
Auto Relief Group offers Car Loan Modification service, we assist car owners in renegotiating their car loan or lease, avoid repossession and maintain ownership of their vehicle by working directly with lenders to restructure loans, extend terms or reduce payments.

We provide our clients with customized reports, expert advice and negotiation assistance when restructuring their car loans.

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