Episode 1~ SAVE MORE: How To Save Thousands of Dollars by Refinancing Your Car Loan

Save more money with The Easy Money Show

A FEW YEARS AGO I WROTE A BOOK CALLED SAVE BIG ABOUT HOW TO SAVE LOTS OF MONEY AND IT HAS MORE THAN A HUNDRED STRATEGIES IN IT, BUT… NOOOO… NOT THIS ONE! THE BOOK WAS LITERALLY AT THE PUBLISHER BEING PRINTED WHEN I FOUND OUT ABOUT THIS STRATEGY THAT CAN SAVE YOU THOUSANDS OF DOLLARS.
THE STRATEGY IS REFINANCING YOUR CAR LOAN! YES! YOUR CAR LOAN! I’M SURE , YOU’VE HEARD OF REFINANCING YOUR MORTGAGE. IF YOU’RE A HOMEOWNER, YOU’VE PROBABLY DONE IT. BUT HARDLY ANYBODY HAS EVER HEARD OF REFINANCING A CAR LOAN! HERE ARE THE KEYS:
•FIRST: YOUR VEHICLE NEEDS TO BE ON THE NEWER SIDE, SO THERE’S ENOUGH VALUE IN IT FOR LENDERS TO BE INTERESTED. NOT BRAND NEW, BUT DECENT.
•NUMBER 2: MANY BANKS REFINANCE CAR LOANS. BUT KEEP IN MIND THAT CREDIT UNIONS HAVE TURNED THIS INTO SORT OF A SPECIALTY, SO BE SURE TO CHECK WITH A CREDIT UNION TOO. NOT A MEMBER? ANYONE CAN JOIN A CREDIT UNION. IT DOESN’T MATTER WHERE YOU WORK. JUST GO TO FINDACREDITUNION.COM AND THERE WILL BE ONE YOU QUALIFY FOR, SOMETIMES JUST BECAUSE OF WHERE YOU LIVE!.
•NUMBER 3: TRY TO REDUCE NOT JUST YOUR INTEREST RATE, BUT THE LENGTH OF YOUR LOAN, SO YOU HAVE TWO DIFFERENT WAYS TO SAVE. NEARLY A THIRD OF AMERICANS NOW TAKE OUT 6 AND 7 YEAR CAR LOANS AND IT’S AWFUL TO PAY INTEREST FOR SO LONG ON SOMETHING THAT DEPRECIATES SO FAST.
•AND 4TH AND BEST OF ALL: AUTO REFINANCES DO NOT HAVE COMPLICATED PAPERWORK OR CLOSING COSTS THE WAY MORTGAGE REFIS DO. THEY’RE QUICK, SIMPLE AND CAN SAY YOU BIG MONEY!
IN FACT, WHEN I WAS AT GOOD MORNING AMERICA, I DID A SAVINGS MAKEOVER ON A NEW JERSEY FAMILY AND HELPED THEM REFINANCE THEIR CAR LOAN. THEIR INTEREST RATE WENT FROM 10% DOWN TO 7.5 % AND THEY SAVED $1,995! NEARLY 2-THOUSAND DOLLARS IN SAVINGS FROM A STRATEGY THAT TAKES ALMOST NO EFFORT.

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