How to Knock 5 Months Off Your Car Payment - Call the Refinance department at 425-774-4141

You might very well be able to save thousands or reduce the number of months on your current car loan. Interest rates have dropped in the last couple of years and if your credit score has also improved - by as little as 50 points - since you originally financed your vehicle, we may be able to refinance your loan and save you a lot in the process.

Let me give you an example.

Say you bought a new car two years ago and there were a few dings on your credit. You might have been charged 9 percent on a five-year loan for a $23,000 car. Your payments are probably about $525 a month.

Now let's say your credit has improved, and so have interest rates on car loans. You could now refinance the balance of your car loan at 3 percent and lower your payments to about $445 a month for the remaining three years. That's a savings of $80 a month and $2,880 over the life of the loan.

Let's say you financed $25,000 in January of 2012 at 6.99% APR for 72 months. Your payment would be roughly $430 per month. After two years of payments you would owe $17,475.25.

If you re-financed $17,475.25 for 48 months at 2.99% APR your new payment would be $387 a month a savings of $2064 over the next 48 months with nothing out of pocket.

Or, you could keep your original monthly payment of $430 and with your new interest rate, you would pay off your loan in only 43 months at the same payment of $430 per month. Effectively, just by refinancing your loan to a lower payment could save you 5-6 months of interest.

A $25,000 loan at 6.99% APR for 72 months has a finance charge of $5800. That same $25,000 loan for 72 months at 2.99% has only a finance charge of $2400. That is the difference between a $430 a month payment and a $380 payment.

Refinancing a car loan is fast, easy and painless.

Would you like more information on how this might work for your specific loan? Please give us a call at 425-774-4141 and we would be happy to go over the details with you.

Please note, this is only available to customers that originated their car loan with us.


*All offers are subject to credit approval.