The Best Holiday Gift You Can Give – Auto Loan Refinancing!
November 28, 2011
It’s started. The influx of holiday gift-giving television (and radio) commercials. Over the long Thanksgiving weekend, I think I saw at least a dozen commercials where someone buys a brand new car for their spouse – red bow and all.
Really?
Most of us can’t afford to buy a loved one a new car for the holidays, let’s get real. Especially a Lexus, Mercedes, BMW… However – there is something you can do for a loved one that involves a vehicle this holiday season. If they already have a car they love, or simply can’t afford a new car, talk to them about refinancing their loan! If their car is, let’s say, two years old – chances are their rate is fairly high, by today’s standards. If they refinanced at a lower rate, they may be able to save hundreds of dollars each month on their payments. What a wonderful gift, especially in this economy!
I’ll give you an example: Billy Jones bought his Nissan Altima in 2009. His rate was 5% when he got the loan, with a 48-month term and an original balance of $25,000. He now owes $13,000 and his monthly payments are $576. If he refinanced his loan now, at a rate of 2.99% annual percentage rate for 48 months, his new payment would be $288, cutting his monthly payment in half!
So how is this a gift, you ask? Maybe your family and friends didn’t realize they could refinance their loan, or just need that little nudge to do it. Show them this example and how much money they could possibly save. I think Billy would be ecstatic to save almost $300 a month!
MCCU has GREAT, low rates on auto loans, PLUS there are no payments for the first 60 days! Give the gift of Refinancing this holiday season – you and your recipient will have a very joyous holiday!
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