Costs You Can Incur While Refinancing Your Car

After buying a new car, you may start to consider refinancing your car loan to get a lower interest rate or better terms. However, you may wonder if it costs money to refinance your car or how much it will be.

At RefiJet, we make it easy to refinance your loan with our personalized loan process. Our certified experts will walk you through each step so there are no surprises and you can start saving faster.

Does It Cost Money to Refinance a Car?

It does cost money to refinance your car loan. Typically the fees add up to several hundred dollars. However, RefiJet charges a processing fee that is the lowest in the industry.

How Much Does It Cost to Refinance a Car?

While refinancing can save you money, you should determine if you have to pay any additional fees first. Some lenders may charge transfer, exit or upfront fees that may reduce your savings. Other potential charges to keep in mind include:

• Early termination fees: Some lenders may charge a fee if you pay off your loan early.
• Transaction fees: Your current and new lenders may charge a fee to process your application.
• Late payment fees: If you make a late payment, you may be subject to a late payment fee.
• Registration fees: Some states may require you to re-register your car after refinancing.
• Title transfer fees: When moving your title to your new lender, you may pay a title transfer fee.

Why Refinance Your Auto Loan?

Refinancing your auto loan is a big decision and will depend on numerous factors. Consider refinancing if:

• Interest rates are lower than when you applied for your original loan: Refinancing your loan for a better interest rate can create significant savings.
• You have improved your financial health: Increasing your credit score and decreasing your debt-to-income ratio (DTI) can create better terms on your refinanced loan.
• You didn’t get the best offer the first time you applied: Even if interest rates or your financial health are the same, you may wish to refinance your loan for a better offer.
• You have difficulty paying bills: Finding a loan with a longer repayment period will reduce your monthly payments.

See If Refinancing Is Right for You Today

Whether you’ve improved your financial situation since applying for your original auto loan or didn’t get the best deal the first time you applied, ReFiJet is here to help. Fill out our online form to get started today!

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