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Auto Refinancing During Life-Changing Events

2024

Life changes fast. In a moment’s time, you could be facing a financially difficult situation. Sometimes they are not necessarily sudden, but you find yourself struggling to manage the budget. You wish you could tweak your loans to get a bit of relief. For many of our clients at RefiJet, that is exactly what can happen. If you are facing life-changing events, take a moment to connect with our team to find out if refinancing your auto loan could improve your financial health.

When Life Happens, Reach Out for Solutions

Many factors change our lives each year. You may get married. Some people may find themselves facing a divorce. Others are struggling to manage their credit issues. You may have just had a baby or have one on the way. or moving can also change up your financial health. When you are sending a child off to college, that’s another good time to consider the value of refinancing your auto loan.

During these times, your income changes. Or, it may just be a time when you need to update your budget to reflect a different living arrangement. Here are a few examples.

You’re thinking about retiring in a few years. You want to put more money into your savings now to take advantage of the potential tax savings. Refinancing your auto loan could help by lowering your monthly payment, giving you more money to tuck into savings.
Refinancing auto loans is common when your marital status changes. You may qualify for a better interest rate by adding someone with better credit to the loan or you may need to remove a borrower if you and your spouse decided to split ways. During either a marriage or divorce, your financial lives will change significantly. That doesn’t mean you can’t pay your bills but having a lower monthly payment for your auto loan may make things a bit easier to manage.
You may be having a baby in a few months. It’s an exciting time, but you really want to free up some money to help you to manage these new expenses while also keeping your monthly budget lower. That may be possible with an auto loan refinance, as well.

What’s happening in your life? What did happen that has you left wondering what your options are? At RefiJet, we can help you every step of the way to find the best loan terms for your needs, reducing at least some of that financial burden.

Is It Wise to Refinance Now?

Life changes like this help to shed light on your budget and your risks. You may no longer want to be in a loan long term and hope to refinance to a shorter loan. Others may want to save as much money on their loan by refinancing to a lower interest rate. When you are facing new changes to your life, take a few minutes to consider what auto loan refinancing can offer. Could it save you money overall? These are instances when you want to take a closer look at your options. Learn more about Reasons to Refinance an auto loan.

Changing Your Loan: Key Aspects to Consider When Auto Refinancing During Life–Changing Events

There are various reasons to refinance an auto loan during life-changing circumstances. Here are a few key reasons why you should take a closer look at your options now.

Adding and Removing Someone: When you are getting married or divorced, you may want to change the ownership of your vehicles. This can be done through a title change and a new auto loan. For example, during divorce, you may need to sell the vehicle or refinance it into your name to split the property legally. We may be able to help you with adding or removing a co-borrower from an auto loan.

Adjusting Your Monthly Payment: From retirement to changes in your job, whenever anything occurs, that creates a change to your monthly budget, consider the advantages of updating your auto loan as well. A new loan can help to adjust the length of time you have to repay, giving you some leeway within your monthly budget.

Add Extended Service Contract: Preparing for the unexpected is always important when it comes to vehicle ownership. With the help of an extended service contract, major repairs require less worry. This is an opportunity to reduce the amount you spend when you have repairs, such as engine and transmission problems.

GAP Coverage: You may be able to minimize some risk with Guaranteed Asset Protection. It helps to cover the difference in the value of your loan and the value of your car should you be in an accident that results in the vehicle being totaled. It may also help when the vehicle is totaled, and you owe more than what it’s worth. Refinancing allows you to add this protection to minimize your risks.

Adjust Your Loan Amount: You may want to adjust your loan amount, which can directly impact the amount you pay in monthly payments. If you have a valuable vehicle, you may be able to use the equity in your vehicle to pay down other debt you have that’s more costly.

The outcome of refinancing your auto loan can benefit you in various ways:

Keep more money in your pocket each month.
Secure better loan terms.
Pay off your loan faster.
Take care of other needs.

How to Do Auto Refinancing During Life-Changing Events

At RefiJet, the #1 rated auto lender in customer satisfaction for four consecutive quarters on LendingTree, you gain the key advantage that’s right for you. Various factors apply, including the value of your car, your credit strength, and your existing loan terms. Yet, on average, we help clients who are looking to reduce their monthly payment by $150. How can we help you? Work with our team to get a better level of control on your auto loan as life changes. Get Started Now.

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