Monthly payments on large loan amounts, like mortgages upwards of $300,000 can be significantly reduced from as little as a half point reduction in rates.Smaller loans like an auto loan will need only see substantial benefits from a reduction of 2 points or more. A rate calculator is a valuable tool that will help you see what you can expect to save from reducing your loan rate. Rates don’t change dramatically by themselves too often so check going interest rates regularly to see if rates have changed.
Saving money on your auto loan is a matter of time. The longer you are repaying the loan the more it will cost you. Most loans have terms of 60+ months and average payments of $550. If you can save just 3 months of payments that is an extra $1,650 that you can use for something else. Here are some tips to pay off your loan early and save those dollars.
Keep the term as short as you can afford. The longer the term the more you pay in interest so keep this as short as you can. Don’t be fooled by low monthly payments that last years longer.
Don’t buy more car than you can afford. Make a budget and know what a comfortable monthly payment is for you and don’t stretch your budget. Leave room for unforeseen expenses.
There are a lot of things to consider when going through the process of getting a new auto loan or refinancing an existing one. It can get overwhelming trying to make a decision and understand the process, let alone understand all of the terms and acronyms that get thrown around. To help with that, we created this list of common auto finance terms, their definitions, and how they fit into the overall auto finance process...
AUTOPAY, a marketplace lender that provides automotive purchase finance and refinancing services, announced it has recently started financing purchases for Shift, an online peer-to-peer marketplace for private party car buying and selling.
UTOPAY, a marketplace lender that provides automotive purchase finance and refinancing services, announced it has recently partnered with Instamotor, a free marketplace for private-party car buying and selling, to provide instant access to financing through Instamotor’s mobile application.
AUTOPAY Direct, Inc., (“AUTOPAY”), the Denver-based company that has been building tools and services to help consumer-facing platforms automate the lending process, announced that it has completed a Series A financing round. The round was led by Fraser McCombs Capital (“FMC”) and includes other strategic investment from limited partners that encompass technology, banking, and traditional automotive sectors.
AUTOPAY, a marketplace lender that provides automotive purchase finance and refinancing services, announced it has recently partnered with TRED, an online peer-to-peer vehicle marketplace, to streamline the online car buying process by providing shoppers with instant access to financing.