People are refinancing auto loans at an all-time high | Call 4 action

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NASHVILLE, TN (WSMV) – Given the economic struggles caused by the pandemic, many people are trying to save money and consumer experts said people should consider refinancing their car loans.

There are costs associated with caring for your vehicle, including gasoline, maintenance, and car loans.

“I was the only one who worked in the house,” said Elizabeth Castillo.

Castillo said having a car loan came down to anything during the pandemic.

“I took care of the house, the food, the children, all the bills, the car loan and the insurance on my own. That’s why I was looking. Because it was difficult for me, ”said Castillo.

So she decided to look into refinancing her car loan.

“To be honest, I saved $ 300, to be honest,” said Castillo.

The same goes for Sue Petty from Colombia.

“I saved $ 200 a month,” said Sue Petty.

Americans saved an average of nearly $ 1,000.00 per year, the highest amount since 2016, according to a 2021 report by Rate Genius.

Likely driven by the pandemic, 16% more Americans applied for auto loan refinance in 2020 than in 2019.

“Everyone needs to think more about it,” said Chris Speltz, CEO of Rate Genius.

Speltz said definitely consider refinancing if you need to make any financial adjustments.

“People should think about it more, but especially those who have recently upgraded their credit ratings. Made payments on time or reduced outstanding debts, ”Speltz said.

Americans saved an average of nearly $ 1,000 a year, the highest amount since 2016, according to a 2021 report by Rategenius.

Likely driven by the pandemic, 16% more Americans applied for auto loan refinance in 2020 than in 2019.

“Everyone needs to think more about it,” said Chris Speltz, CEO of Rate Genius.

Speltz said definitely consider refinancing if you need to make any financial adjustments.

“People should think about it more often, but especially those who recently upgraded their credit ratings. Made payments on time or reduced outstanding debts, ”Speltz said.

It’s a decision Petty and Castillo have no regrets.

“Right now we never know how times are going and if you can save we can even put it aside for any other need you might have,” Petty said.

Speltz also said that auto loans are the third highest consumer debt after residential mortgages and student loans. According to Rate Genius, people refinance their loans an average of about 14 months after their original loan last year. And the lender looks for about six months of payments.

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