With interest rates at record lows, it may make sense for you to investigate whether or not refinancing your auto loan could save you some money. Adjusting the term of your existing auto loan may also make a big difference in your monthly loan payment. Use our auto refinance calculator to help you decide if it would be worth it for you to refinance your auto loan.
How much can I lower my monthly payment with a new auto loan?
Reduce your Monthly Vehicle Payment
This example shows how LMCN can lower your payment and save you thousands over the life of your loan. Through the LMCN Automotive Refinancing process this customer saved over $81.37 per month and $4,882.20 over the life of the loan.
- Loan Amount – $30,000
- Original Loan New Loan
- Term 60 Months 60 Monthss
- Simple Interest Rate 9.75% 3.99%
- Payment $633.73 $552.36
- TOTAL SAVINGS $4,882.20
Shorten the term of your loan
In this example we shortened the term of the loan by 6 months and reduced this customer’s interest rate. Even though there wasn’t much payment savings, LMCN was able to save this customer $3090.13 in finance charges over the life of the loan. We also shortened the time until their vehicle was paid in full. By doing this, the customer has a better opportunity to build equity faster in their vehicle.
- Loan Amount – $20,000
- Original Loan New Loan
- Term 66 Months 60 Months
- Simple Interest Rate 7.99% 3.24%
- Payment $375.47 $361.51
- TOTAL SAVINGS $3,090.13
Take advantage of this great savings opportunity yourself, Apply Today!
