Low interest rates attract consumers to used car loans

A recent article in the Lancaster Eagle Gazette states that it is a good time for consumers to apply for a used car loan.

The media outlet reports that many lenders are offering single-digit interest rates, which has prompted some Americans to consider refinancing their car loan. This is an attractive option to individuals who owe more on their car than it’s worth.

By exploring lower car loan rates, people can begin to consider chipping away at credit car debt or their mortgage. People who have previously struggled to pay their bills on time can catch a much-needed break by securing a bad credit car loan.

According to the news source, some Americans are refinancing their vehicles in order to save just a few dollars per month. In a sluggish economy and with rising gas prices, finding affordable car loan rates can make a big difference.

FOX Business reveals that most refinanced used car loans add approximately 36 to 48 months to an existing car loan. If a consumer is rejected by a lender, the news provider recommends that he or she keeps trying. Individuals may avert the disappointment of a rejection if they apply for a bad credit car loan.