It is estimated that consumers spend almost around $20 billion against excessive interest rate per year. Such a high amount is lost from consumer’s pockets only because they enter into a contract with car dealers who offer a high interest rate to avail high profits. Usually car dealers borrow loan at wholesale interest rates and then lend to borrowers at a higher interest rate.

A borrower must always do proper researching before opting for an auto loan. Some people usually get trapped by auto dealers and end up paying high interest rates. The burden of paying a higher monthly payment leads the borrowers to go for an auto refinancing option.  This helps them lower their interest rate and monthly payments.

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