Reasons to Refinance Your Auto Loan

There are many reasons for refinancing your auto loan.  Auto refinancing can save you money on your monthly payment and thousands of dollars over the course of your car’s loan. You may have not qualified for as good of an auto loan as you can now. By refinancing your car, you pay off your existing auto loan with a better one. Typically, the goal of auto refinancing is to save money on either your monthly payment or by getting a better interest rate.  Sometimes obtaining a loan with more favorable terms for the borrower is the goal.  There are plenty of reasons to refinance your auto loan, if you’re wondering whether it’s a good decision for your financial situation, explore our Auto Refinance Solutions.

Interest rates are now lower than when you bought your vehicle

As market conditions and the economy change, the U.S. Federal Reserves change its rates to lenders. Lenders then change their lending programs and rates. Rates are now lower than they have been in a decade. Your interest rate is such an important factor in how much you pay for your auto loan.  Lowering your auto loan’s interest rate can save you money on your monthly payments and over the life of your loan. You may qualify for a lower rate now than you could have gotten when you got your current loan.

You want to save money on your auto loan

Auto loans can take up a sizeable portion of your budget.  Refinancing your auto loan can be a smart financial decision. If you want to allocate more money to something other than your car payment in your budget or pay less interest over the lifetime of your auto loan, refinancing can help achieve your personal financial goals.

You want to free your self of debt and pay off your auto loan more quickly

If you are able to qualify for a low interest rate, refinancing your current auto loan may save you money over the life of the loan.  When you have a lower monthly loan payment you may be able to pay off other debt, make timely monthly loan payments, or have more in your bank account.

Your credit score has increased since you bought your vehicle

Your credit score is a major factor in determining if you can get approved for an auto loan, as well as the terms and rates you qualify for.  If you believe your credit score has increased since you obtained your current auto loan, you may be able to save money if you qualify for a new loan with a lower interest rate.

Your current auto loan doesn’t have a great interest rate

Sometimes you get a bad auto loan even if you have excellent credit. This tends to happen to people when they are buying a new car and are more focused on shopping for the car rather than shopping for the best auto loan. Maybe you didn’t know an auto dealer doesn’t always give you the best loan or rate for which you qualify.

You have paid at least your last 6 months of auto loan payment on-time

Paying your auto loan consistently on-time shows lenders that you are able to pay your debts. This may help you qualify for a better loan and save money. If you have not paid your loan on-time in the last 6 months, you may have a more challenging time qualifying for a new auto loan.

You would like to take a vacation from your auto loan payment

Typically, there is a gap between your auto loan payment due dates when you refinance your auto loan to a new one. Usually, there are 30-to-45 days until when the new loan’s first payment is due. Borrowers can put the money for their auto loan payment to something else until their new car payment begins. This can be a nice break for your wallet and can give you the chance to catch up if you are in a financial pinch.

 

Important Disclosures and Requirements

Customer Consent to Receive Account Information Electronically

The Electronic Signatures in Global and National Commerce Act requires your consent to receive certain disclosures electronically. Please read this section carefully and retain a copy of this document for your records.

ELECTRONIC RECORDS

Some communications and disclosures with and by RefiJet.com on its behalf and on behalf of participating banks, finance companies, and credit unions (hereinafter called “Lenders”) are conducted electronically. However, if you wish to obtain a paper copy of any disclosure to your offer and/or loan/finance offer request, you may write to Yield Solutions Group, LLC (dba RefiJet.com) at 7555 E. Hampden Ave., Ste. 500, Denver, CO 80231. We will not charge you a fee for a paper copy of the Disclosures you request. RefiJet does not provide any Lenders’ disclosures.

RefiJet.com reserves the right, in its sole discretion, to stop providing Disclosures electronically. RefiJet.com will provide you with notice of any such termination as required by applicable law. If RefiJet.com chooses to stop providing Disclosures electronically, RefiJet.com will send any future Disclosures to you in paper form.

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The applicant and any co‐applicant (collectively, “you”) must consent to receive Disclosures electronically in order to complete the loan/finance offer request process with RefiJet.com on behalf of its participating Lenders (as defined above). Your consent will apply to Disclosures you receive from RefiJet.com, its successors and assignees, and any Lenders. You may withdraw your consent for receiving electronic Disclosures by notifying RefiJet.com at Info@RefiJet.com. Since RefiJet.com is structured to provide some loan/finance offer request related information electronically, not consenting, or withdrawing your consent to receive electronic Disclosures may terminate your loan/finance offer request process. You may withdraw your consent to do business electronically with our participating Lenders at no cost to you. You may do so by contacting the Lender at the mailing address, e‐mail address or telephone number they provide to you separately for such purpose.

CONSENT TO RECEIVE DISCLOSURES ELECTRONICALLY

In order to use this service, you must consent to receive disclosures including but not limited to the Terms of Service and Privacy Notice electronically and you agree that these electronic disclosures will be sufficient as a “writing” under applicable law.

If you have access to this website, you have suitable hardware/software to access and retain electronic documents.

This consent is valid until revoked by either party.

Please notify us at 1.800.260.5355 if your contact information changes at any point in the refinance process.

MONTHLY PAYMENT REDUCTION CLAIM**

This average monthly auto loan payment savings reflects loans where the borrower chose to lower their monthly payment. Not every auto refinance is intended to lower monthly payment. These savings are not guaranteed. Individual savings and rates may differ.

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