Home > FAQs > Is auto loan refinancing worth it?

Is auto loan refinancing worth it?

Asking yourself 'is auto loan refinancing worth it?' is just like asking yourself 'is getting free money worth it?'
Refinancing your auto loan is 100% worth it. There are no feed associated to refinancing, you will lower your APR, you will lower your monthly payments and you will save money.

On a daily basis, we see customers saving thousands of dollars through refinancing!Take a look at our auto loan refinance calculator and you're able to quantity exactly how much money you could be saving.To give you an example: imagine your current loan has an APR of 15%, your initial balance was $20,000 and you made 12 out of 60 months payments already. Your monthly payment would be $475. After 12 payments, your remaining balance will be $17,096.

Now imagine you improved your credit score and qualify for a rate of 9%. Even if you decide to not lengthen your term but stay with the original term, your monthly payment will drop to $425, i.e. you're saving $50 per month. Sounds little? Do the math: you will be saving $50 for the next 48 payments, which ends up being a total of $2,400 in savings. Totally worth it if you ask me!


Haven't explored refinancing yet?
WithClutch.com is a fully digital platform that lets car owners like you do so from the comfort of their own home. No need to set a foot in a bank or credit union. You can lower your rate or get cash in as little as 20 seconds.

Follow three simple steps to refinance your auto loan, get approved in seconds and save thousands in minutes.

ADDRESS

CONTACT

WithClutch, LLC

2120 E El Parque Dr

Tempe, AZ 85282