When Should You Consider Refinancing Your Vehicle?

Refinancing can be a great financial management strategy, but a lot of people think it isn’t an option. RefiJet is here to help you answer the question, when should you consider refinancing your vehicle?

It’s a common misconception that refinancing is only worth doing if your credit score has gone up a lot since you first got the loan. Although an improved credit score (and potentially lowering your interest rate) is one really good reason to refinance, there are many other reasons to refinance that can help you get a loan that is a better fit for your current needs.

Here’s a shortlist of some good reasons to answer the question, when should you consider refinancing your vehicle? – and credit score is only one of them!

Your credit score has increased

You’ve been doing all the right things to improve your credit and you are seeing the results. A higher credit rating can lead to lower interest rates and potentially even lower monthly payments.


You’ve been making your car payments consistently on-time

Even if your credit rating hasn’t improved, if you are making your car payments on time, there are lenders that will try to work with you to meet your end goals for a refinance. This can be in the form of lower interest rates, lower monthly payments or even extending the term to take some immediate financial pressure off of you.


You want to reduce your monthly payments

There are different ways to reduce you monthly car payments. You can lower your interest rates or extend the term of your loan. If you have a lower mileage car (for its age), you might be able to reduce your payments purely based on the condition of your vehicle.


You want to get cash back from your current loan

If you’ve already paid a decent portion of the value of the vehicle, you could be eligible to refinance the car for more than the amount remaining on the loan. That “extra” amount would be cash back to you that could help pay for other large expenses.


You want protection for your loan or your vehicle

When it comes to your vehicle, you don’t want surprises. Adding an Extended Service Contract (ESC) to take care of unexpected repairs or Guaranteed Asset Protection (GAP) to minimize your financial risk if your vehicle is in an accident or stolen is a great reason to refinance your vehicle.


You want to add or remove a borrower

You might have an ex-spouse as a co-borrower that you want to remove. You could have someone you want to add that could improve the way the loan looks to the lender, potentially giving the lender a reason to lower your rates or payments. The point is that life changes quickly.


You think you got a bad deal when you got your loan

Purchasing your car can be a very stressful situation. Having walked out of the dealership with a loan that might not be the best you could have gotten is not unusual. Sometimes you just don’t have a choice if you want to leave the dealership with the car. It’s ok. You may be able to refinance your loan and get out of your bad deal.


You have a feeling that it would be fun to talk with a RefiJet concierge

We completely agree.


So, what should you do?

Assuming the timing seems right for refinancing, you can contact RefiJet to see what your choices are. We can identify various options for which you qualify, then you get to choose the option that works best for you.

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. 


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.  

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”).   


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.  


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.  


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

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 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 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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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