Saving money is always worth a closer look. At RefiJet, we may be able to help lower your auto loan interest rate. A lower interest rate can translate into more affordable monthly payments and less paid over time.
It’s not uncommon for borrowers to have higher interest rates – and that’s costing you money. In some cases, a lower interest rate on your auto loan could help you save thousands of dollars over your auto loan lifetime. That’s money in your pocket to spend your way. Check out how much you could save by lowering your interest rate with our auto refinance calculator.
Lender’s loan program changes over time due to key lending rates and economic changes. However, it’s very common for borrowers to be overpaying on their auto loan for several key reasons. Take a look to see if these impact your situation.
Has your credit score improved over the last few months or years? If it is higher now than it was when you first bought your vehicle, chances are good you qualify for a lower rate now than you did then. Credit score improvement is very common, especially over the time of your loan as you make payments on time.
If you’re unsure, check your credit report. Make sure it is accurate. Then, request a credit score. When you use our services here at RefiJet, we can help you determine the best rate available to you right now. Look back at your existing loan. If it is significantly higher, refinancing your auto loan may save you money.
It’s not uncommon for dealerships and other lenders to charge interest rates that are higher than what you could have obtained from others. For example, the local dealership may not have had the lowest interest rates available at the time. You didn’t know that. Unless you are confident you compared interest rates yourself with multiple lenders, chances are good you didn’t get the best available rate then. You can now!
In some situations, you may need a lower interest rate, but you haven’t qualified for one from other lenders. RefiJet will help you determine the best rate for which you qualify.
One way you may be able to reduce your interest rate further is to get a co-borrower for your loan. If you add a co-borrower who has strong credit, that can help you qualify for an interest rate that’s significantly less.
Our team can also help you find the right loan structure for cost-savings. Most borrowers don’t know there are various term options available to them when they buy a car. A longer-term (or a shorter one, in some cases) can help to reduce your interest rate.
Some borrowers end up paying too much for their auto loan because they don’t have all of the options in front of them to choose from at the time of buying their car. Our tools and resources make it possible for you to determine which is the best rate for which you qualify for. We can look at various scenarios and provide numerous recommendations, all personalized to meet your unique needs.
Why pay more for your car than you have to? A higher interest rate means you’re paying significantly more to buy the same car. With a lower rate, you may be able to qualify for several key benefits, including:
Lower Monthly Payments: Reduce your loan payment each month. If you hate having to write that big check every month, now you don’t have to. With more affordable interest rates, your monthly payment may also fall. On average, our clients who are looking to lower their monthly auto loan payment save an average of $150.
Lower Overall Finance Charges: Payless to buy your car overall. The sticker price on the windshield of your vehicle wasn’t all you pay when you buy it. You also pay for all of the interest that adds up over time. With a lower rate – even one that is only a fraction of a percentage point different – you could save thousands over the lifetime of your loan.
Get Better Lending Terms: When you refinance your auto loan to get a lower rate, you may also qualify for a shorter-term (or a longer one in some cases).
RefiJet has set out to make auto loan refinancing available to consumers throughout the U.S. We’ve recognized the simple fact that most people don’t know this is an option available to them.
As LendingTree’s #1-rated auto lender in customer satisfaction for four consecutive quarters, we’re a respected, dedicated company. We also have an A+ Rating with the BBB.
Use the tools on this page to determine if you qualify for a lower interest rate on your auto loan. If you do, our team will help you to secure that savings in no time. Contact RefiJet and get started on refinancing your auto loan today!
The vehicle title is the legal document that is the state’s record of who owns the vehicle.
