Refinancing your Auto Loan – when to do it
When asking yourself if you should refinance your car, it may help to know that we save our customers an average of $112 per month on their monthly car payment. Did you know that refinancing your auto loan for a lower interest rate can help you save money in more ways than one? First, it can lower your monthly car payment, second, it can reduce your interest rate, and third, it can shorten the length of your loan term. If this sounds good to you, and you are interested in learning more about how to refinance your car, iLendingDIRECT is here to help.
When you set up a car loan, the majority of interest on the loan is paid at the beginning. Therefore, the earlier you refinance your loan, the more money you can save over the life of the loan. There is a “sweet spot” when it comes to timing, however. You should wait to look at refinancing your vehicle loan until you can lower your interest rate by at least 1%. This is where you will see the most significant difference in the size of your monthly payment.
If you are worried that you don’t have enough credit to qualify for a loan refinance, or if your credit is a little less than stellar, rest assured that others with bad credit or no credit history at all have been able to refinance their vehicle loan and get a lower interest rate with iLendingDIRECT working on their behalf. We will help you come up with the best plan for getting the largest rate reduction possible.
A new loan can help you establish credit, improve your credit score, or remove a cosigner from your loan, and our application process is free, simple, and easy to complete. Use our online car loan calculator to see the difference a reduction in your interest rate can make. Fill out our online credit application today to learn more about refinancing your auto loan at a lower interest rate. If you prefer to speak to someone, feel free to give us a call at (866) 683-5505.
Ask us how you can SKIP A MONTHLY payment, and put even more money in your pocket, in addition to reducing the cost of your monthly loan payment. Contact us today; the sooner we get started on refinancing your car payment, the sooner you can start putting more money back in your pocket. And that’s always a good thing!