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Drivers Taking Advantage Of Refinancing

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May 19, 2009 5:35 pm US/Eastern

Drivers Taking Advantage Of Refinancing

MORE: Greater Pittsburgh Federal Credit Union

PITTSBURGH (KDKA) ― Chrysler dealers who have been jilted by the company and are facing a June 9th divorce have asked a federal judge in New York to delay the deadline.

The dealers say they need more time to fight Chrysler's cancellation of their contracts.

They also say they want more time to try to sell off their remaining cars and reports of unbelievable deals are beginning to run rampant.

All this talk about - cars, car companies in trouble and deals to be had - may have you thinking about what you're driving or how much you are paying per month.

"Our loan demand has started to grow over the last several weeks," said Patty Juliano, president and CEO of the Greater Pittsburgh FCU.

While credit union members are dusting off their membership numbers and inquiring about loans, it's not all about taking advantage of Chrysler's misfortune.

"Both in new car interest, used car interest and refinancing," said Juliano. "We can refinance a car loan."

The refinancing boom is driven by the economy. As you look for ways to save money by, perhaps, refinancing your mortgage or cutting back on expenses, don't forget to check the interest rate you are paying on your car.

The current rates are some of the lowest in years.

However, there are a couple of things to keep in mind like, refinancing means you're getting the used car rate, which may be lower than what you're paying. But experts say be careful about the term.

"We recommend that you not extend it out and we do have limits on the term… not extend it out beyond what the car is going to be worth at the end of the period," Juliano added.

Another word of caution when looking into refinancing is to make sure the interest rate difference is enough and your savings is enough to justify the effort to change.

Also, experts say ask questions about any fees or down payments required to get the new loan.


More:  Greater Pittsburgh Federal Credit Union |  Consumer Loan Rates |  Omega FCU

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