How can I beat interest on a car loan?

How do I lower my interest rate on a car loan? I feel my current rate is too high, and I am tired of paying so much for my loan every month.

Answer
Paying off a loan with a high interest rate can certainly be challenging. Thankfully, an easy way to beat the interest on your car loan is by refinancing.
Refinancing is a great way to save money on your car loan’s interest rate and lower your monthly payments. On average, refinancing a car loan can lower your APR by 2.4%. While this may not sound like a lot, this percentage can save you hundreds, if not thousands, of dollars in interest and make a big impact on your monthly budget.
That said, finding the right refinancing lender can be a huge pain. Jerry removes the hassle by giving you one app that instantly connects you with top companies to meet your financial needs. Whether you’re looking to shorten or extend your loan term, make sure you have a loan that fits your budget, so you’re only paying what you have to.
Phoebe Mah
Answered on Nov 22, 2021
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