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´╗┐We're in a position today where we almost always have to have loans for one reason or another, whether it's a mortgage loan or a consumer loan. The rising cost of living as well as the high cost of everything has made paying cash for something almost obsolete. In most cases, once we buy a home, it's a one time investment to last us all our lives. Unfortunately, the same can't be said about buying automobiles. Automobiles are so expensive that the majority of the population has to take out a loan to purchase one. Many new cars are almost half the price of a small new home. The major difference between a home and car, however, is that while a home increases in value a car depreciates in value. Another difference is that mortgage loans allow for payments extended for a long time, sometimes up to 30 years whereas automobile loans will go from 24 months to 72 months, but seldom any longer.


In many cases, by time the auto loan is paid off (after 5 or 6 years), the car doesn't have much value, especially if there are a lot of miles on it. The person then starts all over buying another car with the help of an auto loan. With the rate of interest, we often wind up paying $30,000 for a car that cost $20,000 off the car lot. Because cars depreciate so fast, auto dealer do not give very much for trade-ins. Many consumers find themselves trading their car in for a new model while they can still get some value out of the car. However, in many cases their original car loan is not paid yet so they get an auto refinance loan. With an auto refinance loan, the bank will release the lien on the first car and put it on the second car.

With an auto refinance loan, the remaining balance of the first loan is added on to the new loan for the second automobile. Many people are never without an automobile loan as part of their budget. Consumers will often use an auto refinance loan as an opportunity to take advantage of lower interest rates. When borrowers make their payments on time and build a good credit rating, banks are usually quite willing to offer them lower interest rates on an auto refinance loan.

An auto refinance loan is also used as an opportunity to consolidate other debts. If a borrower had a large down payment when they bought the car or has made large monthly payments on the loan, the value of the car will remain considerably higher than the loan balance. If this is the case, consumers will often borrow more money to pay off other debts and add this to the auto loan. Auto refinance loans are a great way to save some money on refinance charges or get caught up if you've fallen behind on your payments due to hard times.

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