Want a Lower Car Payment? It is Easier than You Might Think!

If you are like most people, you want a lower car payment. The loan you choose is a big decision because it determines the amount of your monthly payments, your interest rate, and the term–which is how long you have to pay off the loan.


But, is it permanent?


It doesn’t have to be!


Did you know that, just like a home loan, an auto loan can be refinanced to improve terms such as monthly payment amount, interest rate, and/or length of loan?


Reasons to Consider Refinancing Your Auto Loan:


1. You want or need to lower your monthly payments


2. Your ability to make your payment has changed.

For example:

  • You’ve had a salary or job loss or change.
  • Your rent or other expenses have increased
  • You made an additional large purchase like a home or an additional vehicle that makes it difficult to pay your monthly payment.
  • Your financial obligations have changed, ex: having a baby, a change in your marital status, or an unexpected expense


DON’T DEFAULT! If you’re finding it really hard to make your monthly payments and you’re afraid you might default, this is the time to act. No matter your circumstances or current credit, defaulting is the worst-case scenario. You credit could be irrevocably damaged and take years to recover.


3. Your credit score has improved.

Check your score! If it has improved, you are much more likely to get a new loan with a lower payment and better terms, including a lower interest rate!


4. You want to switch from leasing to owning your car

If you want to go from leasing to owning the car, refinancing is an easy way to make the transition and could lower your payment at the same time.


5. You want to pull some cash out of your equity

Unexpected expenses, whether they are personal, home, family, auto, major and minor, etc., come whether you can afford them or not. If you want to take cash out against your vehicle’s equity to meet unexpected expenses, refinancing your loan is something to seriously consider.


6. The market has stalled because the economy is bad

You can use this to your benefit. You see, when the economy is bad, fewer people take out loans. When this happens, lenders are anxious to get new customers and willing to offer better deals on new loans. This includes people with bad credit.


What if you have bad credit?


If you are struggling to make your payments and end up missing payments or paying them late, it could make your credit score even worse.


And, defaulting on your loan could be a disaster! If you already have a low credit score, it can take many years to recover.


If you have bad credit, it is a really smart idea and a great time to look at refinancing! It is really simple:

  • If you can lower your payment, it will be easier for you to make the payments.
  • If you have more time to pay the loan off, it is more likely you will not have to miss payments, make late payments, or default on your loan.
  • And, if you get a lower payment, more time to pay and, make your new payment regularly, your credit score could start to go UP!
  • It is also a win for the lender because having a more manageable monthly payment could make you less likely to default on your loan. This is the last thing they want to happen because they don’t want to lose money.


Your ability to qualify for a loan and the interest rate will take into account factors such as your previous payment history and your credit score. But, even with bad credit, there’s a good chance of getting approved for a new loan. Find out more information about refinancing with bad credit here.


Your credit score is used by lenders to evaluate the risk involved in lending money to you. Your credit score tells them your payment history for any loans and credit cards, and if you have been reported as delinquent by any businesses like your cable, phone, electricity, etc. Your score is a key factor in the type of deal for which you qualify, so you want to make sure your credit report is accurate. If you see an incorrect late payment or other entry, get in touch with both your bank and the business or lender. The bank can give you the right documents you will need to provide as well as clarifying the error with the credit bureau to get it corrected.


If you check your credit report and find that you have a low credit score, there are still loans available and it is worth it to see what loans you might qualify for that can lower your monthly payment.


Three Ways to Use Refinancing if you want a lower car payment:


1. Refinance Your Current Auto Loan to Get Better Terms

Refinancing is actually very simple! You transfer your current outstanding amount to a new loan with better payment terms which can include better terms, such as:

  • a lower monthly payment
  • more time to pay off your loan
  • a lower interest rate.


2. Merge Your Current Loan with Other Debt

If you have multiple payments each month and have trouble managing them, then this could be a great option for you. This method allows you to merge multiple loans and debts into a single, consolidated loan and, usually, with a lower monthly payment.


If you are able to get a lower interest rate or longer terms, you could have

  • ONE loan and
  • ONE payment that is lower than what you are currently paying.


Consolidating your debt can potentially save you money each month AND simplify your finances by having only a single payment.


3. Refinance with a Payment Towards the Principal

If you are able to make a significant payment towards your principal, your new loan amount will be smaller and the amount of interest you will pay will decrease because the loan will be paid off sooner. When you refinance this way, you can reduce the amount of your monthly payment and, you might even be able to get a lower interest rate for the remainder of the loan! If you can get a lower rate, it just brings your costs down that much more.


4. Take a Little Break from Your Car Payments

When you refinance your loan, it takes awhile for your application to be processed and your new loan to go into effect (up to 60 days in some cases). Since your first payment is not due until then, you very well could end up not having to make a car payment for one or even two months!


What Now?


The best news is that:

You are the customer!

You have choices!

And, YOU are in the drivers’ seat!

If you want a lower car payment but are not sure where to start or not sure what the best choice is for you, Contact RefiJet for assistance from your very own Financial Service Representative who’ll guide you through the entire process and get you the best deal, for FREE. There is absolutely no RefiJet fee charged to the customer for this service.

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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 Noticeloan documents and disclosures that we provide to you on behalf of any Lenderand 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 5775 DTC Blvd Suite 400, Greenwood Village, CO 80111 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.  

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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.  


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

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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.  

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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. 

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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 contaithe PDF loan documentsYou 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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