Frequently Asked Questions - iLendingDIRECT

Q: What is auto refinancing?

Auto refinancing is the process of lowering your interest rate to save you money on your car loan. An auto refinance loan is a secured loan used to pay the existing balance on a current car loan. The car is used as collateral for the new refinanced loan. The refinanced car loan has a fixed interest rate and fixed monthly payments for a set period of time.

Q: Why should I refinance my car loan?

  • To lower your monthly payment
  • To lower your interest rate
  • To lower the overall cost of your car
  • To remove someone from the loan
  • To get cash back

Q: Do I need good credit in order to refinance?

Many of our customers have credit scores they feel could be much higher. Part of the reason we work with so many banks and credit unions is to do our homework and find a financial partner to get you qualified for a refinance. If you can’t get qualified, iLendingDIRECT will work with you to help you get qualified. There are many ways we can teach you to begin to improve your credit immediately.

Q: What is the process for refinancing an auto loan?

This simple graphic walks you through the 7 Steps to Refinancing your Auto Loan. A personalized loan consultant will help you every step of the way.

Q: How long does refinancing an auto loan take?

Refinancing your car loan takes only a few days, but depends on how quickly you can get us the paperwork we need to assist you. Your loan consultant will help guide you through a very easy step-by-step process.

Q: Why should I choose iLendingDIRECT over other auto refinancing companies?

What makes iLendingDIRECT different is our dedication to building a personal relationship with our customers and the expert, in-depth training our loan consultants receive. When you work with iLendingDIRECT, you will have a personal loan consultant who cares about you and the right loan for you. Just listen to what a couple of our satisfied customers have to say about their experiences.

Our loan consultants go through an extensive 6-week training program to learn the best ways to assist our customers.

Q: How does iLendingDIRECT get such low-interest rates?

We partner with banks and credit unions all over the country to make sure we have multiple options to help you save money on your auto loan. Our financial institution partners work with us to find the very best rates available. We are constantly searching for new banks and credit unions to continue to give you a wide variety of financing options.

Q: Can I refinance my motorcycle?

Yes! Anything you drive or ride that you have a loan on can be refinanced:

  • Car
  • Truck
  • SUV
  • Van
  • RV
  • ATV
  • Motorcycle
  • Boat

Q: Why is it important to remove my spouse or significant other from my car loan during a break-up or divorce?

If your significant other is on your car loan and you break up or go through a divorce, it is important to remove that person from the loan. If they remain on the loan, anything they do to affect their credit will affect the loan, which can have a significant impact on you financially.

Q: What is Guaranteed Asset Protection (GAP)?

Guaranteed Asset Protection (GAP) is coverage offered as a supplement to automobile insurance policies. It provides financial protection from certain types of loss that are not covered by standard automobile insurance. It covers the difference between your outstanding automobile loan balance and the depreciated actual cash value of your vehicle in case of a total loss. Guaranteed Asset Protection pays off your loan in full when you have an unexpected vehicle total loss.

iLendingDIRECT may be able to find more affordable Guaranteed Asset Protection for you through our negotiated relationships with providers that offer rates much lower than a car dealership.

Q: Why do I need a Vehicle Service Contract and how can you save me money on my Vehicle Service Contract?

A Vehicle Service Contract can be purchased by a consumer to cover the costs associated with vehicle repair, including parts, labor, and/or sales tax, for certain repairs or replacements that may be required after a manufacturer’s warranty expires.

It used to be that only car dealerships offered Vehicle Service Contracts when you purchased your vehicle. Today, there are many, competitive resources to help you save money when it comes to financing a Vehicle Service Contract.

The well-trained, experienced loan consultants at iLendingDIRECT can find an affordable VSC solution for you. They have access to the best prices and rates available and can help find the best plan for your individual financial situation.