*This post is written for RateGenius*
I found another way to save money over interest payment.
This time it’s for car loan. I think when I bought my car more than 3 years ago, the interest rate was quite high but since I have no choice and in need of the car urgently, we resorted to take whatever the first choice that came our way.
Now that the interest rate has gone down we are looking for ways to fix the situation.
The available alternative for me to save on the interest is to refinance used car loan.
This means that I obtain loan from another bank or credit institutions that offer the lowest interest rate and pay off the existing loan.
By doing that I could reduce my monthly car payment, acquire a lower interest rate and shorten the term of the loan – which in the end helps me save on the bulky interest amount. I can’t wait to try this.