A lot of people believe consolidating high interest rate debt in a loan at a lower rate of interest is saving money. However, getting a low rate mortgage or loan is not saving money. Saving money is the only way to save money! That said reducing the cost of your debt by getting a lower rate of interest should allow you to pay off the debt quicker and leave you in a position to start saving.

If you have a low credit score your chance of getting a lower rate of interest when you refinance are slim. You should try to settle any past due or collection accounts and reduce any unnecessary debt. This could improve your credit score thus improving your chances of being offered a better rate of interest.

When re-mortgaging you may wish to reduce your loan to 15 years. This will often allow you to be eligible for lower rates. If you are looking to protect yourself against increases in interest rates then it is best to get a fixed rate or capped mortgage. You should aim to get the lowest rate you can. You may be able to get a lower rate still be paying additional closing fees.

Getting a low rate on your car loan helps reduce your monthly payment and save money in a tight situation. If you have been on time with most of your payments you have a better chance of finding a better rate. If you cannot get a lower rate elsewhere why not ask your loan provider whether they can help. If they will not give you a lower rate now ask them what you need to do to enable them to change your rate.

You could try getting a credit card advance to finance your car. If you have a high enough limit and a low enough interest rate then you may get a lower rate of interest by financing your car in this way. This is only worthwhile doing if your credit card has a lower rate than your car loan.

Lots of loan providers offer refinancing. However, most of the time if you are looking for a lower rate you will need to apply to a new lender. You should shop around and contact auto loan providers as well as credit unions and banks to see whether you can get a lower rate.

You can refinance your mortgage to get a lower rate. If you want to reduce your monthly commitments then you can extend your repayment period in addition to getting better rate of interest. Capping the interest or getting a fixed rate mortgage is a good way of avoiding unforeseen interest rate increases. Remember, interest rates on a variable mortgage can go up as well as down so you may be able to get a lower rate of interest now but it may not be lower in the future.