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How to Lock in a New Monthly Loan Payment on a 2019 Chevy Blazer By Refinancing
How to Lock in a New Monthly Loan Payment on a 2019 Chevy Blazer By Refinancing
If you currently drive a 2019 Chevy Blazer, you may be able to lower your monthly car payment, possibly by hundreds of dollars, by refinancing your auto loan. Is refinancing your 2019 Chevy Blazer loan right for you? Let’s look at the numbers.
Updated on Oct 2023
On average, drivers typically save $101* per month — adding up to $1,212* annually — when they refinance an auto loan through RateGenius, regardless of the vehicle make and model.
RateGenius estimates that the monthly payment on a 2019 Chevy Blazer could be in the range of $256 based on interest rates as low as 8.1% APR when the auto loan on the vehicle is refinanced.
What is the monthly payment estimate of $256 listed above based on? There are a few assumptions built into this calculation.
- We considered the market value of the 2019 Chevy Blazer of $20,750 and discounted a hypothetical down payment of $2,000 and 20% equity in the car.
- We assumed an odometer reading of 65,000 miles driven based on typical usage given the age of your 2019 Chevy Blazer.
- To determine the 8.1% APR of the refinanced auto loan, we assumed a borrower credit score of 750 and the common loan term of 72 months. The rate was derived from real-time data from the 150+ financial institutions making up the RateGenius auto loan marketplace**.
Does this monthly payment estimate represent a savings for you compared to your current auto loan payment? Even if it does not, there is still good reason to believe that you can lower your payment by refinancing. Here’s why.
Reasons you can expect bigger savings by refinancing the auto loan on your 2019 Chevy Blazer
- Your loan amount may be less. If you have paid down the principal of your existing auto loan on your 2019 Chevy Blazer, then your refinanced loan amount is likely to be below the market value of your car. This is because you have increased equity or ownership of the vehicle. If the amount you would need to borrow when refinancing is less than what we used in our estimate, it’s likely that your refinanced monthly payment will be lower.
- Your refinanced APR may be lower. We based the interest rate in our payment estimate on a borrower credit score of 750, which is considered within the “very good” range. Credit scores indicate a borrower’s creditworthiness and are expressed as a three-digit number between 300 and 850. Credit scores impact the rate lenders offer on vehicle loans; generally, a higher credit score means a borrower is eligible for lower rates on financial products like auto loans. If your score is above 750, then it’s possible you could access a monthly payment below our estimate. For those with lower credit scores, the rate and monthly payment may be higher.
- A longer loan term may lower your monthly payment by more. In our payment estimate, we assumed a new loan lasting 72 months. Some borrowers opt extend their auto loans to longer durations, such as 84 months, which generally leads to a smaller monthly payment.
** Other factors — like a vehicle’s age and mileage, a borrower’s income, and the down payment (if any) being made — also can affect the terms of an auto loan.
If you want to get an even better sense of what you could potentially save by refinancing the loan on your 2019 Chevy Blazer, use the auto refinance calculator below.
2019 Chevy Blazer Auto Refinance Calculator
Enter current auto loan details
Select new loan details
You would save
by refinancing
by refinancing
Find out how much you could reduce monthly payments with a
new rate or an extended term. Enter your current and desired
loan details to see estimated payment and savings.
Current monthly payment
New monthly payment
Annual savings
You would save
by refinancing
by refinancing
This calculation is an estimate only. It is intended to show
hypothetical loan terms based on the provided information.
It is not an offer of credit or a personalized
pre-qualification. No potentially personal information you
enter is being transmitted or stored.
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Original loan amount
is what you borrowed at the outset of your auto loan. It
includes the purchase price of the car, and possibly other
fees due when you bought it.
Remaining loan balance
is the amount you still owe on your loan since it began.
This information should appear on your loan statement.
Current interest rate
is rate you pay on your auto loan, expressed as a
percentage. A fixed rate loan’s interest stays the same
throughout the life of the loan. If your interest rate is
5%, enter 5, not .05.
Original loan term
is the duration of your loan from its inception.
Typically auto loan terms are 3 years (36 months), 4 years
(48 months), 5 years (60 months), or 6 years (72 months).
Credit score range
helps tell us the rate you may be eligible for, based on
your credit profile. Well-qualified borrowers are
typically those eligible for the lowest available rates.
Length of new loan
refers to the duration (in months) of a potential new auto
loan. When you refinance, you reset the clock on your loan
term.
Advantages of refinancing the auto loan on your 2019 Chevy Blazer
Whether you have held an auto loan on your 2019 Chevy Blazer for a few years or even just a few days, there are potential benefits to refinancing that loan that you should consider.
An auto loan can be refinanced multiple times over the course of owning a car. Whether you are still with the original loan carrier or replaced your original loan by refinancing before, you can still opt to explore other loan providers that may be able to offer more competitive pricing that saves you money.
Key reasons to refinance
- Lock in a lower interest rate. Refinancing may allow you to take advantage of a lower interest rate, particularly when prevailing interest rates have declined since your loan was first created. By accessing a lower interest rate, borrowers may be able to reduce their monthly payments and save money over the life of the loan.
- Access loan terms that reflect your financial situation. If your financial position has improved since taking out the original loan — for example your credit score has improved, and/or your income is now greater — you may qualify for better loan terms. This could include a lower interest rate, extended loan term, or reduced monthly payments, affording you a repayment schedule that works better for your budget and is more attractive over the life of the loan.
- Free up cash in your budget. Refinancing an auto loan can also be a strategic move to improve cash flow. By extending the loan term, borrowers can reduce their monthly payment amounts, freeing up more money for other financial obligations or to use as disposable income.
- Change lenders. You may consider refinancing your auto loan to switch to a lender for a variety of reasons. You may want a better customer service experience, more flexible repayment options, or additional benefits. Switching lenders gives you the opportunity to work with a financial institution that better aligns with your needs and preferences.
- Add or remove a co-borrower. For a range of financial or personal reasons, you may find yourself wishing to change who is listed as a borrower on your auto loan. One common scenario: a parent initially serves as a co-borrower on their child’s car loan because the child has limited credit history on their own, but then later wishes to come off the loan because the child has built a sufficient credit profile to hold a loan independently. It won’t be possible to add or remove borrowers listed on your current auto loan, you’ll have to refinance the loan to make a change like that.
How to take action to lower your monthly auto loan payment
To jumpstart your auto loan refinance, consult providers you’re interested in. RateGenius is a loan marketplace that connects drivers with 150+ lenders across the country. RateGenius lets you explore offers easily with one application that reaches multiple institutions. Applying takes just a few minutes, and experienced RateGenius loan specialists are available to help guide you through the loan process, every step of the way.
Ready to get going?
We help people save money on their auto loans with a network of 150+ lenders nationwide.
* This value was calculated by using the average monthly payment savings for our customers from June 1, 2024 to Nov 30, 2024.
We help people save money on their auto loans with a network of 150+ lenders nationwide.
* This value was calculated by using the average monthly payment savings for our customers from June 1, 2024 to Nov 30, 2024.