The economy is looking rosy, and Federal Reserve officials showed their optimism by raising the benchmark interest rate by a quarter of a percentage point Wednesday for the sixth time since December 2015. The central bank lifted the federal funds rate to a range of 1.5% to 1.75%. This latest Fed rate hike is the first under new Fed Chairman Jerome Powell, who replaced Janet Yellen.
Learning — and understanding — all there is to know about auto loans can drive you up a wall. Things like interest rates and credit scores can be mental roadblocks when you’re in the market for a car.
Maybe you were a first-time buyer with poor credit. Maybe you focused only on the monthly payment instead of the overall price of your vehicle. Whatever your situation, if you think you’re paying too much, you may want to refinance your auto loan.
Having a reliable vehicle is indispensable in helping you manage your personal and professional life. But if you’re monthly payments are higher than you’d like, and your APR is making the vehicle more expensive – an auto refinance is a great way to manage the overall cost of your car.