Lower Your GMAC Auto Loan Payments: Refinancing and Consolidation Options

If you are looking to lower the payments from your gmac auto loan, refinancing and/or consolidating your loan(s) may be the right option for you.

Refinance and Save
You can refinance your GMAC auto loan by locating a loan at a better rate from a third party. The third party could be a bank or a dedicated lender. The third party will pay off your loan, and you will begin payments to the new party. If interest rates are lower than when you originated the loan, you could see substantial savings. Beware of penalties to paying off your existing loan early as this can take a bite out of your potential savings.

Consolidate and Save
If you have more than one auto loan, consider consolidating. GMAC will not usually provide options to consolidate without penalties. Seek a third party lender who is willing to pay off both loans with one loan. This will streamline your payments and also may give you a lower interest rate. Again, be aware of penalties to paying off the loans early.

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