Automotive Journal

(ARA) – It is not uncommon for car owners to find themselves in a situation where their car payments become a bigger financial drain than they anticipated. This can happen for many different reasons: job loss, sudden unexpected expenses, or simply because the car payments aren’t in line with income.

But rather than risk having your car repossessed, or missing a few car payments and ruining your credit rating, consider refinancing your auto loan at a lower interest rate.

By refinancing, you could get a lower interest rate, and therefore, a lower monthly payment. Customers who apply for auto refinancing through companies such as RateGenius Loan Services can potentially see a great savings in their monthly budget. RateGenius customers, on average, reduce their interest rate an average of 3.67 percent from their previous interest rate, and an average of $65 off their existing monthly auto payment. This type of savings frees up money for you to pay off the extra gas prices.

“Many people don’t realize that you can refinance your auto loan just like you can refinance your mortgage,” says Chris Brown, CEO of rateGenius, an online resource for doing just that. “Auto loan refinancing works very much like home refinancing, with one big difference — with the exception of a title transfer fee required by law, there are no costs for the consumer.”

When you refinance, you will get a new lender for an existing loan, often for a better rate. You can also extend the payment term, skip a few payments, add or remove a co-applicant and add products (such as GAP insurance and extended warranties) to a loan.

Take a few minutes to apply for auto refinancing by visiting rateGenius.com, or over the phone via the company’s toll free number. A loan adviser then compares offers from the company’s network of lenders to find the best deal for your individual situation. rateGenius has partnered with numerous lending institutions that provide customers with one of the most financially stable and diverse lending networks in the industry. The entire process can be completed in 24 to 48 hours.

In some cases, the company is able to arrange loans that allow up to 90 days with no payments. The savings consumers will see vary, but can be substantial. For example, if you have a $30,000 loan payable over 60 months at 12.5 percent interest, your monthly payment will be $674.95. By refinancing with rateGenius at a new interest rate of 7.5 percent, your monthly payment will drop to $601.14.

The company has been in business since 1999 and has brokered over 45,000 loans. To find out how much you can save, visit www.rategenius.com or call (866) 728-3436.

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