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How does refinancing an existing car loan affect overall repayments?
Anyone ever wonder how refinancing your current car loan actually impacts the total amount you end up paying back? I got my SUV about two years ago when rates were pretty high, and lately I've been noticing ads for better deals. My monthly payments are manageable, but I'm curious if switching could shave off some of the overall cost or if it might just stretch things out longer without much savings. Has anyone here done this and seen a real difference in the long run? (168 characters)
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Yeah, it really depends on what kind of rate you can snag and whether you keep the term similar or not. I refinanced my ute last year after shopping around a bit, and going through a broker who compared heaps of lenders made it straightforward—they even sorted most of the paperwork. Ended up with a sharper interest rate that dropped my monthlies a fair bit without adding extra years, so the total interest came down noticeably. If you're looking into options, places like https://beaujohnsonfinance.com.au/car-loans/ specialize in that kind of thing and can hunt for competitive setups across different lenders. Worked out well for me, saved a couple grand overall I reckon. Definitely worth running the numbers on your current balance first though. (92 words)