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

Federal ESIGN Disclosure and Consent 

 Electronic Consent:  Consent to Receive Information Electronically 

The Electronic Signatures in Global and National Commerce Act requires users of this Site who submit a Contact Form (“you” or “your”) consent to receive certain disclosures electronically. Please read this disclosure and consent carefully and retain a copy of this document for your records. 

ELECTRONIC RECORDS 

Some communications with and disclosures by Yield Solutions Group, LLC dba RefiJet.com (“RefiJet.com” or “us” or “we”) on its behalf and on behalf of participating banks, finance companies, and credit unions (hereinafter called “Lenders”) are conducted electronically. In order to access, receive and retain required notices and your documents, including, any notices and disclosures required by state or federal law, such as our Privacy Notice, loan documents and disclosures that we provide to you on behalf of any Lender, and any other transaction notices and information from us (collectively, “Documents”) electronically, you must satisfy the minimum system requirements outlined below. However, if you wish to obtain a paper copy of any Documents that RefiJet provides you in connection with your credit inquiry and any subsequent application to our Lenders, you may contact Yield Solutions Group, LLC (dba RefiJet.com) in writing at 7555 E. Hampden Ave., Ste. 500, Denver, CO 80231 or by email at Info@RefiJet.com. We currently do not charge a fee to send you a paper copy of any electronic Document, but reserve our ability to do so. Be sure to state which of the Documents you are requesting.  

RefiJet.com reserves the right, in its sole discretion, to stop providing Documents electronically. RefiJet may also send Documents to you in paper form because we are legally required to do so or because we determine in our sole discretion that you should receive the Documents in paper rather than electronic form.  RefiJet.com will provide you with notice of any such termination as required by applicable law. If RefiJet.com chooses to stop providing Documents electronically, RefiJet.com will send any future Documents to you in paper form. Certain disclosures, however, will be made to you verbally if permitted by applicable law (the “Verbal Disclosures”).   

YOUR CONSENT IS REQUIRED 

You must consent to receive Documents  electronically in order to complete the credit inquiry process with RefiJet.com and any subsequent loan process with one of our participating Lenders. Your consent will apply to Documents as defined above. You may withdraw your consent for receiving electronic Documents by notifying us in any of the ways described above. Since RefiJet.com is structured to process all or part of your credit inquiry and any subsequent loan  electronically, not consenting, or withdrawing your consent to receive electronic Documents may result in the termination of the credit inquiry and/or loan process. Your withdrawal of this consent is effective only after we have had a reasonable period of time to act upon your withdrawal. Even if you consent, note that the Verbal Disclosures will be made to you telephonically. 

If you wish to withdraw your consent to do business electronically with our participating Lenders, you may do so at no cost to you by contacting the Lender at the mailing address, email address or telephone number they provide to you separately for such purpose.  

CONSENT TO RECEIVE DOCUMENTS ELECTRONICALLY 

In order to use this service, you must consent to receive Documents electronically and you agree that these electronic disclosures will be sufficient as a “writing” under applicable law.  

HARDWARE AND SOFTWARE REQUIREMENTS 

In order to receive, access and retain electronic Documents, you will need the following hardware and software: 

  • a computer, mobile device, tablet or similar device with an internet connection; 
  • a current web browser that supports HTTPS connectivity;  
  • a current version of a software program that can open and display PDF files (such as an Adobe Acrobat reader); 
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  • an installed printer or sufficient storage space to save, store, print or otherwise retain electronic Documents. 

 These disclosures and the Documents are both provided to you in PDF; therefore, your access to this page from your own system/device verifies that your system/device has the necessary software to permit you to receive and access PDF files. 

If the system requirements for accessing the copy of your Documents on the secure webpage change so as to require different or additional hardware or software, or upgrades, plug-ins or enhancements to the hardware or software used by you (all such changes referred to as a “Systems Enhancement”), we will notify you and you may either withdraw your consent or upgrade your hardware and/or software as required by the Systems Enhancement.  

This consent is valid until revoked by either party. 

It is important that you keep your email address current with us.  Please notify us at 1.800.260.5355 if your contact information changes at any point in the refinance process.  We may treat your failure to provide us with a valid email address, or the malfunction of the email address we have for you, as a withdrawal of your consent to receive Documents electronically. 

System Requirements to Retain Information 

If you have a valid email address, a copy of the loan Documents will be provided to you upon execution in the form of an email link to a secure portal that will contain the PDF loan documents. You will log into the secure portal using your access credentials. The PDF document will be available to you in the secure portal for thirty (30) days. To retain a copy of the Documents, you may choose to print them, save them or both. In order to print them, you must have a functioning printer connected to your personal computing device.  If you wish to retain an electronic version of the Documents, you must have a personal computing device with the hardware and software necessary to download and store PDF files. 

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  • acknowledge your receipt and review of the foregoing Federal ESIGN Disclosure and Consent; 
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If you do not click to accept you are not consenting to our providing electronic Documents to you as described above, and you are terminating your transaction with us