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Buying a car is one of the largest purchases you will make in your life. As with any large purchase, the price tag may cause some hesitation, even after finding a great deal. Thankfully, an auto loan will make your vehicle more affordable by breaking the cost into monthly payments that work with your budget.
Whether you’re shopping for a new or used car, or looking to refinance to lower your payments on your current vehicle, we’ve got you covered. Apply for an auto loan in Pennsylvania or Maryland with PeoplesBank today!
When you get your auto loan from PeoplesBank, you can be confident you will receive excellent service. You can use our auto loans to:
Refinancing isn’t just for mortgages! Lots of people have refinanced their mortgage recently, but have you ever considered refinancing your auto loan? There could be a surprising amount of savings available to you.
Refinancing an auto loan involves taking out a new loan to pay your current auto loan. When you refinance a secured loan, you receive a new loan agreement that includes a new interest rate and an adjusted repayment period. Generally, refinancing helps decrease costs, as the new loan may have a lower interest rate.
Although refinancing could potentially save you money, it is still a major decision you should carefully consider. You may want to consider refinancing your secured car loan if:
Offering competitive car loan rates in Pennsylvania and Maryland, PeoplesBank is an excellent choice for refinancing your auto loan. Use our car loan calculator to estimate your potential new or used car loan rates and let us help you put some extra cash in your pocket.
Use our refinance calculator to estimate how much you could save in your monthly payment.
Refinancing an auto loan can be a great financial decision for many people. Some benefits of refinancing include:
If interest rates have dropped since you borrowed your original loan, then refinancing may be a beneficial option for you. Even if the difference seems very small, a loan with a lower interest rate will generate savings over time. If your credit score has improved since the initial loan, you may also be eligible for a lower rate.
If you can’t find a lower interest rate, it may still be beneficial to refinance for a longer repayment period. Finding a loan with an extended repayment period will not save you money in the long run, but it will reduce your monthly payment amounts.
if your car is worth more than your current loan, you could get approval for a Cash-Out Refinance loan. This loan will refinance your auto loan and allow you to borrow extra money based on your car’s equity. You can use these additional funds to pay off other debts, such as credit card bills.
If you’re looking to borrow or refinance an auto loan in Pennsylvania, PeoplesBank has competitive rates to fit your budget. Apply now for an Auto Loan with PeoplesBank.
Explore different steps you can take to apply for a car loan through an interactive playlist in our Financial Learning Center.
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