CONTACT: For your local media contact visit www.AAA.com/Media
Angie LaPlant, director, Media Relations, AAA Auto Club South, (813) 289-5982 office, (813) 728-7188 cell, ALaPlant@AAASouth.com
AAA: CONSUMERS NOT STUCK WITH HIGH INTEREST RATES; NOW IS THE TIME TO REFINANCE AUTO LOAN
Interest rates provided through dealership are typically marked up 2 to 3 points and provide additional profit to the dealer
The survey also showed a high percentage of motorists (42%) financed their auto loan through the dealership. Moreover, 37 percent of respondents said they have an interest rate of five percent or higher.
The easiest way to save money is to refinance an auto loan to reduce the monthly payment and save thousands on total interest paid. The majority of respondents (55%) said they have another 13 months to three years of auto loan payments, and 92 percent have not refinanced their vehicle since 2008. Now is a key time for consumers in this situation to refinance their vehicle and save.
Refinancing an Auto Loan
- One of the simplest loans to refinance is an auto loan
- Consumers can refinance an auto loan before the first payment is due in order to start the savings process immediately
- The application process can be done online and in many cases the entire transaction completed in as little as one day
- Typically, there are little to no fees involved in auto loan refinancing and in most cases no appraisal required
- There is no cost to apply for an auto loan refinance
AAA Auto Club South has 79 branch offices serving more than 4.1 million members in Florida, Georgia, West and Middle Tennessee and Puerto Rico. Since its founding in 1938, AAA Auto Club South has worked to protect and advance freedom of mobility and improve travel safety.
AAA Auto Club South, 1515 N West Shore Blvd, Tampa, FL33607-4505United States