Drive off into the sunset after learning how to refinance your auto loan (and when to keep your existing loan)
According to recent data, nearly 84% of new cars and over 40% of used cars purchased today are financed with the help of an auto loan. These auto loans typically come with terms as short as 12 months or as long as 108 months, depending on the lender and the type of vehicle purchased.
Due to the ever-increasing prices of both new and used cars, the vast majority of drivers today will find themselves financing their vehicle purchase. This is especially true with new cars, which were financed a whopping 81.2% of the time in 2021.
These days, the majority of car buyers take out an auto loan to help pay for their new or used vehicle purchase. These loans can range from as few as one or two years in length, all the way up to eight years or more.
Many adults today rely on a personal vehicle for transportation, leading to the nearly 276 million cars that are currently registered in the United States. Car ownership can be an expensive venture, though, with the cost of both new and used cars skyrocketing in recent years.
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