Car Loan Refinancing: Lower Interest Rates, Faster Debt Payoff

New Jersey Car Salesman Offers Refinancing Advice New Jersey-based car salesman, Joseph Rodriguez (@jrodsellscars), recently shared valuable advice on refinancing car loans in a short video. The video addresses a common concern among car owners: high interest rates. Rodriguez explains a real-life scenario where a client was paying 24.93% interest for seven months. "25% is crazy," Rodriguez states, highlighting the burden of such a high rate. After improving their credit score by over 100 points, the client received offers as low as 9.31% APR. Rodriguez details the process, explaining how refinancing works by paying off the current loan with a new loan from a credit union or bank at a lower rate. This results in lower monthly payments and more of the payment going towards the principal balance of the loan. The video also addresses concerns about hard inquiries on credit reports, which are unavoidable when refinancing. Rodriguez advises that despite the hard inquiry, the benefits of a lower interest rate and faster loan repayment outweigh the minor credit score impact. His advice is particularly timely for those struggling with high auto loan payments and seeking ways to improve their financial situation. The video's popularity suggests a significant need for this type of financial guidance.