Money Matters: Refinancing a car loan

Money Matters: Refinancing a car loan

 

With interest rates still historically low, refinancing a mortgage can be a smart move: it can save you hundreds a month, or thousands over the life of the loan.

But does that same logic apply to your car loan? It certainly could. In fact refinancing your car is cheaper and involves less hassle than refinancing your house. But there are a few things you need to watch for.

Step one: do a web search for current rates. Make sure you look at refinancing rates, though, not new car loan rates. You'll probably find your best rates at a credit union or small, local bank. But is your credit good? Keep in mind the rates you're quoted will be for the best borrowers.

Step two: Compare rates you find with the rate you're paying now. There are online calculators that will quickly show you the savings.

But before you greenlight that new loan, be sure and talk to your existing lender. They may refinance you cheaper because they want to keep your business. Also, while you've got them on the phone, ask about prepayment penalties and see what your loan payoff is.

Savings still there? You're ready to roll. But before you get going, some additional considerations: First, resist the temptation to extend the life of the loan for lower payments. In fact, if you can, shorten it. Also, understand that most interest is paid in the first half of a car loan. So the younger the loan, the more you'll save.

Bottom line? Refinancing a car loan could be a good idea, especially if you don't end up paying more interest over the long run. Certainly, it's something worth checking out.

Shop Talk

What's new in the business community!

If you know of local business openings or closings, please notify us here.

·Toys R Awesome, a new retro store in the Village West Shopping Center, has opened on 3022 West Tilghman Street.

The Carbon Chamber & Economic Development Corp.  will welcome Panther Creek Pharmacy in Nesquehoning to Carbon County. The Grand Opening & Ribbon Cutting Celebration will take place on Friday, Oct. 25 from 4 p.m. to 5:30 p.m. at the pharmacy at 74 W. Catawissa Street.

ShopRite will open a full-service supermarket on Friday, Nov. 1, with a 10 a.m. ribbon cutting at the ShopRite of Stroudsburg in the Stroud Mall. 

Foundational Health, a holistic wellness center, opened in Bethlehem at 1403 Center Street.  Foundational Health offers personalized nutritional coaching, weight loss plans, group coaching, infrared sauna with halo-therapy (salt therapy) and chromotherapy (color therapy).

Taco Bell to open at site of former Wind Gap Professional Center off Route 33 in Plainfield Township.

· Dr. Joseph Patruno named chief wellness officer of Lehigh Valley Health Network, to address and promote the well-being of healthcare professionals and caregivers at LVHN.

· Big Lots will hold a ribbon-cutting ceremony at 8:30 a.m. on Oct. 12. It will celebrate the grand opening of five newly remodeled stores throughout the Allentown area.

· The Peppermint Stick Candy Store of Boyertown is opening a second location in the High Street Terminal on 300 E. High Street in Pottstown. The grand opening is scheduled for 10 a.m. on Friday, Oct. 11.

· Madona Antiques Gallery will open in about a month at 283 Fifth Street in Whitehall Township. It will sell antique English, French and American furniture and lighting.

· Mealey's Furniture going out of business and closing all stores

· Green Earth Marketplace to celebrate renovations and new ownership with a ribbon-cutting event on Saturday, Oct. 5 at 9:45 a.m. at 1328 Chestnut Street in Emmaus

· Lehigh Fine Foods to hold grand opening celebration Saturday, Oct. 5 from 12-2 p.m. at 1301 Chestnut Street in Emmaus

· Grand View Health announces 5-year, $210M expansion plan. The most significant investment is the construction of a 5-floor expansion next to the Sellersville hospital, which will include a new emergency department and more.

· Roosevelt's 21st in Bethlehem to close on September 28

· 1847 Financial Lehigh Valley is hosting an Open House Celebration in recognition of the grand opening of their new space in Allentown. The event will take place on Sept. 26 at 6 p.m. at 1550 Pond Road Suite 140 in Allentown.

· CBRE has arranged a lease for Venture X, a workspace community for entrepreneurs and businesses, at Gateway at Greenway Park in Bethlehem, Pennsylvania. This will be Venture X’s first location in Pennsylvania. 

· A ribbon-cutting ceremony is set for You've Got Maids and The Gathering Place at 351 W. Broad Street in Quakertown on Sept. 26 at noon.

· Fischer's Tuxedo is celebrating 100 years in Quakertown. A ribbon-cutting on their next 100 years is set for Tuesday, Sept. 17 at noon.

· Multisport Fitness will host a grand opening celebration on Sept. 26 from 5-8 p.m. at the gym, located at 2016 South Delaware Drive in Upper Mount Bethel.

· The Vibe: Connect and Thrive fitness studio had a grand opening Sunday, Sept. 8 at 202 S. 3rd Street, Suite C, in Hamburg. 

· Pediatric Cancer Foundation of the Lehigh Valley has relocated to 2132 South 12th Street, Suite 401, in Allentown.

· LVHN ExpressCare to open in Lehighton on Sept. 3. The urgent care facility at 363 North First Street will be open from 8 a.m. to 8 p.m.

· Dog grooming service to open along North Sixth Street in Allentown

· NY Gyro opened their second location at 129 E. Third Street in Bethlehem.

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