Use Auto Refinancing to Ease the Family Budget

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Updated: 11/11/2008 4:00:22 PM

(ARA) - With gas prices at an all-time high and no relief in site, families are finding it necessary to cut back their spending on other items in order to fill up the car's tank. It's reported that gas prices could exceed $4 per gallon this summer.

With prices in the stratosphere, cutting out little luxuries like a morning latte or dinner at a restaurant only goes so far, especially if you own an SUV or family minivan. If you need to find ways to save meaningful amounts of cash every month, consider refinancing your car.

By refinancing, you could get a lower interest rate, and therefore, a lower monthly payment. Customers who apply for auto refinancing through companies such as RateGenius Loan Services can potentially see a great savings in their monthly budget. RateGenius customers, on average, reduce their interest rate an average of 3.67 percent from their previous interest rate, and an average of $65 off their existing monthly auto payment. This type of savings frees up money for you to pay for the extra gas prices.
Web sites like rateGenius.com make this process quick and simple.

"Many people don't realize that you can refinance your auto loan just like you can refinance your mortgage," says company CEO Chris Brown. In fact, auto loan refinancing works very much like home refinancing, with one big difference - with the exception of a title transfer fee required by law, there are no costs for the consumer.

It only takes a few minutes to apply for auto refinancing by visiting rateGenius.com, or over the phone via the company's toll free number. A loan adviser then compares offers from the company's network of lenders to find the best deal for your individual situation. rateGenius has partnered with numerous lending institutions that provide customers with one of the most financially stable and diverse lending networks in the industry. The entire process can be completed in 24 to 48 hours.

In some cases, the company is able to arrange loans that allow up to 90 days with no payments. You may also be able to extend your payment term, add or remove a co-applicant and add products (such as GAP insurance and extended warranties). The savings consumers will see vary, but can be substantial. For example, if you have a $30,000 loan payable over 60 months at 12.5 percent interest, your monthly payment will be $674.95. By refinancing with rateGenius at a new interest rate of 7.5 percent, your monthly payment will drop to $601.14.

The company has been in business since 1999 and has brokered over 27,000 loans. To find out how much you can save, visit www.rategenius.com.

Copyright © 2007, ARAnet, inc.

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