How do you find the best car refinance opportunities? If you dread making your car loan payment each month because it is so high or your balance does not seem to go down, it’s important to consider the value of refinancing. Think about continuing to pay that amount for the life of the loan. Will it take you a long time? How much will it cost you? If you qualify for a lower interest rate, that could save you money and heartache each month.

Interested in finding out more? It’s easy to determine what your options may be and who may offer you the best car refinance loan out there. Fill out the form at the bottom of the page now. Provide some basic information. We’ll do a soft credit pull that does not impact your credit score. Then, we’ll provide you with custom loan offers from our leading nationwide network of lenders. You can then decide which may work for you. It’s that simple.

What Makes for the Best Car Refinance Option?

A financial institution may offer to refinance your existing loan into a new one. Refinancing allows you to obtain a new loan that pays off the current loan. When it does that, it may apply new terms and conditions. If those terms and interest rates are better than what you are paying now, it may make sense to you to refinance. Here are some reasons why you may want to consider refinancing.

Lower your interest rate

Refinancing may allow you to secure a lower interest rate. The interest rate you pay is the cost of borrowing money to purchase the car. The higher the interest rate is, the more expensive it is to do so. If you can obtain a lower loan interest rate than what you are paying now, it may help you in several ways.

• It may help to reduce your monthly payment.
• A lower interest rate may help you to save money on the overall cost you pay to purchase the car.

If you are paying too much every month because you have a high interest rate, refinancing your car loan may make sense to you.

Extend your term

The term of a car loan is the length of time you will make payments until the vehicle is paid off in full. Auto refinance loans may be able to extend (or sometimes shorten) your term length. That may mean you have more time to repay your debt. In this way, you may pay more interest over the long term because there is more time to build and compound the interest. However, extending the term may offer some benefits to consumers.

• It may help to reduce your monthly payment.
• It may make it easier for you to pay down your loan because you have more time to do so.

Buy out your lease

Another potential reason to consider the loan offers from online lenders is to get out from under a lease. If you currently have a lease on your car, you could be facing significant fines if you are over your mileage. You may have to pay a significant amount of money, and you still may not own your car. You can refinance your lease into a car loan. That means you will continue to make payments, but eventually, you will own your car. This may help you if:

• You like your car and want to own it rather than give it back to the dealership.
• You have sizable fees from being over the mileage that you don’t want to have to pay back to the leasing company.

Get cash back from the car

Some people have a valuable car that does not have a large loan on it. Depending on what your car is worth, you may be able to refinance your auto loan into a new one. That may mean you’ll pay more in interest overall, but you may be able to pull some of the cash value out of your car to use for anything else you need. This may also mean longer terms for repayment, but for many, that is worthwhile.

How do you know if you can get any of these benefits? You may be unsure what your qualify for. Here’s a look at what it takes to get the best car refinance offers for you.

Various factors play a role in determining if you can obtain a better interest rate or terms if you refinance. Lenders consider many things to make the decision to lend to someone. They also factor in various things to determine if you may be eligible to borrow to purchase a car. Here are some things you may need to take into consideration.

Credit reports and scores

Lenders need to know how much of a risk a borrower is before lending. To do this, they need to see what type of credit history a person has (found on their credit report) and what their credit score is. These show your history with credit. Did you make payments on time? Do you have a good track record of paying down your debt? If so, the lender may offer you the best rates.

If your credit score has improved since you obtained your car loan, it may be worth taking a closer look at refinancing. Many times, consumers obtain loans from dealerships that have a high interest rate, making it very difficult for consumers to repay the loan and make monthly payments. If your credit score warrants it, refinancing may help you get out from under an expensive loan.

What your car is worth

Some lenders take a closer look at the value of the car to determine if they can lend to you and what interest rate they may offer. Loans that are upside down – which means you own more on them than the vehicle is worth- may be difficult to obtain a loan refinance for because there is too much risk to the lender. If you are unsure how much your car is worth, that’s okay. Lenders can determine this with a few questions for you.

The loan amount lenders can offer to you is often based on the car’s value. Keep that in mind when you are considering a cash-out refinance as well.

Debt-to-income ratio

Another important component to making their decision is your debt-to-income ratio. This is the amount of money you owe to lenders compared to the income you have coming in. The lower your debt-to-income ratio is, the more money you have to use to pay down your debts and meet your other financial obligations. Lenders may offer a lower interest rate to those with a better ratio, which means less risk to the lender.

Income has improved

Another factor to keep in mind is your income. From the time you obtained your original loan, has your income increased? If so, that may help you to qualify for a lower interest rate on your new loan. Like with credit cards, lenders often set the amount of money they are willing to lend to someone based on their income – it factors right into your debt-to-income ratio. If your income has improved, be sure to provide that information. It may help you get the lowest rate available to you.

How to Find the Best Car Refinance Offer for You

Now that you have an idea of what your options may be, it’s time to consider how to find the best car refinance for your needs. To do that, turn to RefiJet and our process. Here’s a simple overview of what you can expect.

First, know that our team is here to help you. If you have any questions, reach out to us for direct support. Our auto refinancing experts are just a phone call away from providing you with any info you may need.

Once you are ready to learn about our products and services, the next step is to start the refinance process. Don’t worry. We have made it as simple and straightforward as possible to help ensure you don’t have to spend a lot of time applying for loans (or even going to multiple bank to do so). Rather, just complete the form at the bottom of the page now. It takes a few minutes to do in total.

We collect some basic information from you at this point. Don’t worry. We keep all of your personal information safe throughout the process. With the information you provide, we will do a soft credit pull. That’s a way to gather information about your credit history without hurting your credit score in the process. There is no damage to your credit score when inquring to refinance a car loan through RefiJet.

Once that information is available, our technology then provides you with a list of loan offers. These are from one or more lenders who want to work with you if any are available to help you. Many times, there are numerous loan options to choose from. In all of these situations, you can review the offers to determine what your next step is.

You can decide to use one of these loan offers if you think the terms and interest rate work for your goals. You may see some that offer a very low interest rate or those that offer longer terms to help you stretch out and lower payments. You may decide not to use any of these loan offers. That’s okay as there is no obligation to work with any lender.

If you decide to go forward with the process, the rest is super easy and straightforward. We’ll walk you through the process of refinancing.

Why Trust RefiJet with Your Search for the Best Car Refinance Offer?

RefiJet has worked hard to provide our customers with the options they want and need with our nationwide network of lenders. That includes providing you with outstanding customer service. We’re here to answer your questions and help you learn your options without pressure. It’s a simple and straightforward process.

In addition to this, RefiJet has a proven history of providing superior customer service. We take every step possible to protect your privacy, too. You can trust our team to be there for you.

RefiJet is available to help you today. All you have to do is to complete the form at the bottom of this page to get the process moving. Once you do that, you’ll learn a great deal about the benefits our partner lenders may be able to offer to you.