Paying off your auto loan does not necessarily have to take as long as you might think, and your payment does not have to stay at its original amount. There are a number of ways to chip away at your auto payment until it is small enough to be manageable, and refinancing your auto loan is one great way to accomplish that goal. Not only can refinancing your auto loan lower the monthly payment, it can reduce the amount of interest you are paying, thus allowing you to pay off your vehicle sooner.
Cars depreciate rapidly, making it imperative that you pay off your auto loan quickly, especially if you plan to trade it in or resell it and want to retain as much of the resale value as possible. By refinancing your current auto loan, you can achieve a new, lower interest rate or longer loan term, making your monthly payment smaller. This strategy will save you money every month – money you can use to pay your loan off sooner.
Contrary to popular belief, you do not need to wait a specified amount of time to refinance an auto loan. You can refinance almost immediately if you discover a lender who will give you a better loan, even if you’ve only had your new car for a couple of weeks. Car dealerships will not shop around to find you the best interest rate or loan term; they only have a specified number of lenders with whom they do business. This is true whether you are purchasing a new or used car. This means even if you have stellar credit you may not be getting the loan or interest rate you deserve.
At iLendingDIRECT, we will work with you to find the absolute best deal out there for your situation. Why not fill out our credit application today to learn more about refinancing your auto loan at a lower interest rate? This does not obligate you to do business with us, but it will allow us to see what we can do for you. Also, try our car loan calculator to see the difference a drop in interest rate can make on your monthly payments
If you prefer to speak to someone first, give us a call at (866) 683-5505. Ask us how you can SKIP ONE MONTH’S payment, putting even more money in your pocket, in addition to reducing the cost of your monthly payment. Contact us today; the sooner we get started on refinancing your car payment, the sooner you can start saving money.