Ways to cut your expenses: Refinance your Car Loan!

By | January 11, 2007

Well, recently, I’ve been in a belt-tightening mode, with the cutting of my salary and my business not doing as well as it was six months ago. Naturally, ALL expenses are under the microscope. Since I have a car, I’d like to reexamine the car refinancing.

There were some very attractive loans, such as this:

Loan Amount – $30,000
Original Loan New Loan
Term 60 Months 60 Months
Interest 12.5% 7.5%
Payment $674.95 $601.14

That would be a net savings of $4,428.60 or nearly $74.00 per month. Of course, you could shorten the term as another way to save some money. But do be aware of your interest rate, you don’t want to end up paying more!
Now for an Investorblogger that would represent an extra $5450 if it were invested at a return of 7.5%. A nice little sum!

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Author: InvestorBlogger

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