Find thousands of dollars with this easy tip! Interest rates are at all time lows. That is a both good and bad. The good news is that any new debts you take on will most likely have very low interest rates. The bad news is that your savings interest rates have plummeted. Those of you, like me, that took out new debts in the past few years when the economy was booming are probably feeling buyers remorse.
We bought a truck last year. The interest rate was almost 6% which we where thrilled with at the time. You see 5 years ago we had horrible credit scores. We did the whole pay off your debts, cut up your credit cards, and pay cash thing about 10 years ago. For a few years we worked really hard to build back up our credit. That is a story for another time!
I wanted to get in on the low interest rates. That lead me to talk to my bank and see if they would be willing to refinance our truck at a lower rate. I had to fill out about 4 pages of paper work, submit our income information, and just wait to see what they said. A few days after I submitted the paperwork, I got a call from my bank offering me a little under 3% interest on the truck loan. I gladly took that offer! The whole process took me about an hour and will save me about $4020.00 off the loan or $60.00 a month.