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5 Ways to Use Car Loan Refinance to Make Your Life Easier

At iLending, we’re committed to saving our clients money. Frankly, it isn’t really about the money. What we really love is the way that saving money can improve our clients’ lives.

We save our clients an average of $145 a month when they refinance with us. Here are just a few ways you can take advantage of those savings to make your life easier. You can also check out Savings Stories from real customers to see the difference refinancing can make.

Work Fewer Hours

One of the best ways to take advantage of these savings is to work fewer hours. Whether you have a second job, are pulling extra shifts, or just want to find more time in your day, car loan refinancing can help.

Our average monthly savings translates to nearly 13 hours a month of take-home pay for someone working for $15 an hour. I’m sure everyone can find ways to spend that extra time that will make life easier. Even if it’s just catching some extra shuteye, those hours can make life feel a lot easier.

Pay Off Other Debt

Life can feel a lot harder when you have debt that’s piling up and you can’t ever get ahead. Refinancing your car loan can help you turn the corner on other debt.

Let’s look at an example where you have a credit card with a balance of $5000 and an interest rate of 19%. If you only make a $100 payment each month, it will take you 100 months to pay it off, and it would cost you about $10,000. If you paid $245 a month (the normal $100 plus the $145 you might save when refinancing), you would pay that same card off in 25 months and save yourself nearly $4000.

Eat Out Once in a While

eating out with the money saved from refinancing a car loanComing home from a long day’s work and having to make dinner then clean up from cooking can be hard. With your savings from refinancing your car loan, you’ll be able to afford eating out every once in a while. That can make life a lot easier for everyone.

Save for a New Appliance

Having your own appliances can make life easier. A dishwasher can make a big difference in the amount of time you spend washing dishes each day, but perhaps the biggest contributor to ease in life might be a washing machine. Trips to the laundromat are time-consuming and boring. They make laundry seem like a much more difficult chore than washing clothes at home.

You could afford a washing machine with just four months of savings at our average rate. Buying it at the beginning of summer, you could hang clothes out and save enough for a dryer by the time winter rolled around to make hanging clothes out to dry impractical. Then there are no more trips to the laundromat, just the relative ease of doing laundry at home.

Buy a Home

Renting can be hard. You pay more and get less for your money when you’re renting. It can be hard to switch from renting to owning, however, when you have high debt. Refinancing your car loan can reduce your expenses, making you seem like a better candidate for a loan. Many of our clients have found that refinancing their car loan made it possible for them to buy a home.

iLending Makes Car Loan Refinancing Easy

Now that you know how car loan refinancing can make your life easier, it’s time to get started. At iLending, we make that easy. It takes only minutes to get pre-qualified, and then we’ll use our unique You First Approach™ to help you get the best loan for your situation.

A personal loan consultant will get to know you and understand your specific situation, including your goals and any limitations you might have. Your personal loan consultant will compare loan rates from local community and nationwide lenders to find the one that’s best for you. We’ll find lenders who want to work with borrowers like you so you can find the most favorable terms to help you achieve your goals. We’ll help you complete your forms to make the process as smooth as possible.

Now’s the time to get started by completing our application form. It takes just a few minutes to find out if you can get refinancing with iLending.

What would you do with an extra $145* in your pocket?

Start Saving Now