Student loan refinancings are a great way to reduce your monthly payment and reduce your debt load.
But if you want to be the first to know when refinancing your car loan, we recommend you check out our Student Loan Calculator.
What you need:Student loan refinanced car loanWhat to do:Apply for a loan using a Direct Loan or Federal Direct Loan and your income is below $35,000.
You’ll need to pay a $10,000 down payment, a monthly interest rate of 2.5%, and be able to pay the balance in full in 30 months.
Your monthly payments should be in the range of $200 to $300 per month.
Your payment is guaranteed.
You’re also eligible for a $200 loan forgiveness bonus, up to $100,000 in income, and other financial assistance.
You will need to show proof of income.
If you don’t have enough income to pay off the loan in full, you can choose to defer payments, which can save you thousands of dollars in interest.
Your car loan will get refinance within 60 days, or you’ll pay the full amount of the loan, minus the cost of the refinancing, whichever is more.
Once your loan is refinance, you’ll be eligible for the full loan amount at a lower interest rate, with the same monthly payments, interest, and deferral bonuses.