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A couple of years ago, as that new car smell wafted through the air and its shimmering wax reflected your proud smile, the car payment seemed worth it. Now, as the scent of luxury gives way to the scent of french fries, the allure has worn off. And yet the car payment remains.
News flash: it doesn't have to. A rarely discussed lending option is getting new attention in the age of record-high hardship and record-low interest rates: car loan refinancing.
Yes it’s real. And yes, it’s a steal.
The refinancing option typically reserved for homes is an option for auto loans, too. The interest rate you secured when your ride was fresh isn’t one you’re stuck with. Today’s record-low interest rates are still available to you. Tapping into them simply requires transferring your loan to another lender -- and choosing one that knows what they’re doing.
Meet Auto Approve, the car loan refinance pros.
Auto Approve is a fully online lender that specializes in the budget-sparing world of car loan refinancing. With an A+ rating from the Better Business Bureau and a “Great” rating on Trustpilot, car owners can rest assured that their applications are in competent hands. Their pros take care of all the red tape, including loan paperwork and even DMV communications.
No SSN + a few minutes = thousands in potential savings.
As for the process, it’s a snap. Getting a quote requires little more than a description of you, your car, and your work. No social security number is required, and the Auto Approve process provides real options in a matter of minutes. As for the savings? A typical $20,000 car loan taken out when interest rates were around 10% could today be refinanced an unbelievably low 5%. And that simple switch would save a whopping $2,850 in interest.