Take a Vacation from Your Next Auto Loan Payment
Month in and month out, you make your auto loan payment. Every time you take money out of your account to pay your loan, you think it’s really a big chunk of your monthly budget. You may find yourself wondering what you could do with those funds if you could take a vacation from your next auto loan payment. That may be an option for you.
Your next loan payment is likely due within the next 30 days. However, if you decide to refinance your auto loan today, you may qualify for a bit of a break.
This could give you a month when you do not have to make a loan payment. However, it’s important for you to recognize there are limitations to this. At RefiJet, we want to give you a solution that fits your needs and resolves at least some of your concerns. While pushing out the date of your next payment is a good reason to consider refinancing your auto loan, there are plenty of other factors to consider, too.
What Are the Benefits of Refinancing Your Auto Loan?
As a vehicle owner, you are probably putting a lot into your current vehicle. You are paying for your loan and insurance on the car. You may also be paying for things like repairs and maintenance. All of this adds up very quickly. With an auto loan refinance, you may be able to accomplish some of your other goals – reducing how much you pay each month, too.
Consider a few of the potential benefits of refinancing your auto loan with our team at RefiJet. You may be able to see a few significant improvements in your current situation when you are able to:
Lower Your Monthly Payment: Perhaps the biggest reason many people choose to refinance their auto loan is that it allows them to secure a lower monthly payment. Though it depends on various factors associated with the loan, such as how much you owe, many times, our clients see a substantial reduction in what they pay. On average, we help our clients who want to reduce their monthly auto payment, see a savings of about $150 per month. That’s extra money you can use each month, too!
Reduced Interest: If you are currently paying a high-interest rate on your auto loan, refinancing could help you to reduce that rate. Even an interest rate that is a fraction higher than what you could be paying otherwise can be very costly to you in the long term. Perhaps your credit was not as good previously, or you now have a co-borrower that can help you qualify for a lower rate.
Extended Term: Extending the term of your auto loan can help you in various ways. In this process, you are agreeing to pay back the loan in a longer period of time than what you are paying towards right now. This can further reduce your monthly payment. Your refinance loan is a simple interest loan, so you can always pay it off earlier if you choose to.
Can Refinancing Your Auto Loan Really Allow to You Take a Vacation from Your Next Auto Loan Payment
When you refinance your auto loan, you are using a new loan to pay off what you owe to your existing lender. The process of closing one loan and opening another takes time. Most often, there’s a gap of 30-to- 45 days between payments to your old lender and your new lender. That gap can give you a bit of a breathing room with that month’s budget.
RefiJet can make the entire process very easy for you from start to finish, too. When you are considering a loan refinance for your vehicle, contact us. We can then help you to find the best loan for the term, interest rates, and features you need. You’ll learn everything you need to know about the factors involved in your new refinance loan, including:
- Availability of lower interest rates
- Term options ranging from 24 months to as long as 84 months.
- When your next payment is due
- How much you’ll pay if you refinance the auto loan in total
There’s no pressure to make the decision. You can choose not to refinance if you would like to. Yet, as you look at the budget for this month and wonder how you are going to make it all come together, taking action right now may help give you a vacation from your monthly car payment.
Keep in mind that you are not skipping a monthly payment with auto refinance. That amount is just being included in the new loan, so you get to pay it later. Rather, you are just starting a new loan with a new term. The closing of the loan process takes time, which is why there is that 30-to-45-day gap. More so, when you refinance with us, we will help you to see exactly how much of a break you will have during this process.
Is Refinancing Your Auto Loan Right for You?
To find out, connect with our auto loan specialists at RefiJet. Let us figure out what the best option is for you. It’s a fast and easy way to see just how much you could be saving each month.