Car interest rates are a funny thing. There is a new survey in town from Capital One Financial Corporation (NYSE: COF), which is showing that a very surprising number (61%) of Americans who currently have auto loans, do not know the interest rate they are actually paying on those loans. In a challenging economy, when saving money is particularly important, many consumers may be paying more than necessary on their car interest rates and could benefit from a lower interest rate and a lower monthly loan payment by refinancing.

To put it simply, by using a car payment calculator and seeing if lowering your rate could mean lower monthly payments that could mean a significant savings in the long term. When you reduce the interest rate on your car loan by even one percentage point or two, you can save money on your monthly payments that can add up to more than you may realize. Were talking hundreds or maybe even thousands of dollars over the life of your car loan. By Knowing current car interest rates you can determine if refinancing that loan is an option you need to consider.

My Car Payment Calculator has calculators you can use right here on this site so what are you waiting for? Get busy and crunch some numbers and maybe you too will find that just a few changes right now will finance Christmas!

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