Save Over $5,000 on Your Car Loan with MoneyAisle

These days, people are looking into new and easy ways to save money. Whether it is a coupon for groceries or cutting back on eating out, gas consumption, usage of electricity – you name it, people are doing it. Americans are becoming savvier shoppers, interested in living their lives, but in a more responsible way. These saving efforts don’t have to be limited to material items or the obvious cuts around bills. Another way people are saving is by refinancing, which saves quite a lot of money for only a little bit of work.

When most people consider the option to refinance, they think mortgage, and getting a lower rate than what they are currently paying. What they don’t know is that there is a second option to refinance, but with their auto loan. Refinancing an auto loan and getting a lower APR% on monthly payments has proven to be a much simpler process than with a mortgage and have significant savings. Only 1 in 20 people are aware of the option to refinance their vehicle or the potential savings involved.

Save $117 a Month

The MoneyAisle refinance product has saved consumers an average of $117 per month by refinancing their auto loan at a lower APR. That’s an average savings of almost $1,412 per year – over a 2-5 year loan, which means thousands of dollars in savings! That’s enough to pay your insurance premiums, put towards your short term savings, or upgrade some of your home appliances for energy efficiency. In fact, MoneyAisle saved one of their customers, Brent, $5,736 over the life of the loan.

How it Works

I’m sure you are wondering how refinancing can save you so much money and what MoneyAisle has to do with it. APRs across varying financial institutions can range anywhere from 6-8%, and there’s typically a dealer markup of at least 2-4% to boot. MoneyAisle provides its customers with a tool that enables over 200 financial institutions to bid on the customer in a reverse auction.

Lenders bid for your specific loan based on the information you’ve given, so you will qualify for all of the options presented to the customer. The service then connects the applicant directly to the financial institutions with the lowest rates to get the best deal. Not only would your monthly payments be less, but you might even lower your term length. So, if you’re one of the many trying to stretch a dollar, try this little known way to take your money off the street and back in your pocket.

MoneyAisle is an online resource where consumers find great rates on auto loans and refinancing. MoneyAisleBlog is a knowledge share between trusted partners to help advise people on how to save money.

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Posted in Debt Consolidation