Auto Loan Refinancing

Written by Liza Hartung
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Are you finding that you have too much month at the end of the money? People all across America find themselves in this kind of a jam all the time. Just when you think you have all your monthly bills paid off, you check your mail and there's one more that you forgot about. This leads to feelings of unease and irritation. It's simply the cause of not being financially responsible in your life.

There are some immediate steps you can take, however, to feel some financial stress relief. If you have a loan out on your car and your payments are becoming difficult to make, you might want to consider refinancing. You don't have to refinance with the same lender you used for the initial loan. Refinancing allows you to adjust your current loan to either achieve a lower interest rate or lower monthly payments.

Taking this action alone will help with your money situation. You should know, though, that if you lower your monthly payments, you are extending your loan for a longer period of time. The longer you take to repay your loan, the more you will have to pay in the form of interest. If you can, try moving your loan balance to a zero interest credit card.

Balance Transfers

For this, you will want to find a credit card that has zero interest for up to a year. Make sure the credit card company allows for free balance transfers. Transfer as much of your balance as you can, if not the whole thing. Then, mark on your calendar when the year is close to being up. Make the biggest payments that you can. Change to another zero interest card when 10 or 11 months have gone by.


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