7 Reasons to Refinance a Car Loan in the Summer

Does your monthly car payment make it hard for you to fit fun in your budget? If you want to find some money to let yourself splurge this summer, you can refinance a car loan. Not only will you enjoy a lower monthly payment, but you will be able to skip one or more car payments. You might go up to two months without a car payment!

So what can you do with all that money? Here are seven great ways you can spend all the extra money you’ll save with car loan refinancing.

Fly Somewhere Cool

This summer promises to be a hot one. With most of the country sweltering under a heat dome throughout the month of June, we can only guess what July has in store for us. It’s not likely to be pleasant, though. So why spend your time baking when the thermometer climbs? Take some of your savings and buy yourself a ticket to someplace cooler. Head north to Alaska, Canada, or Norway.

Or you can go to someplace even cooler, like the southern hemisphere where it’s winter. The average high temperature in Johannesburg in July is just 63° F. That’d be a pleasant change, for sure.

Go on a Road Trip

Maybe you don’t mind the heat. Maybe you’d rather spend your summer here than travel abroad. Why not go on a road trip? Being without a car payment for a few months will make it easier to enjoy your car. You’ll remember all the wonderful things that made you fall in love with it in the first place.

Although gas is less expensive this summer than last year (by an average of 14 cents per gallon), that’s not saying it’s cheap. You’ll appreciate the extra cash in your pocket when it comes time to fill up your tank, not to mention stocking up on road snacks (which are not cheaper than last year).

Go to a Music Festival

Have you always wanted to see a music festival, but couldn’t quite fit it in your budget? Refinancing your auto loan can let you skip one or more car payments, which will give you hundreds of dollars right now that isn’t budgeted for anything. Just pick a music festival and go!

Pick one that matches your taste. Whether you like the lineup at the FairWell Festival, Project Pabst, the Broccoli City Festival, or the classic Lollapalooza, there’s no shortage of great tickets out there that you can afford thanks to refinancing your auto loan.

Host a Big Barbecue

If you’d rather have the world come to you than go traveling, consider hosting a big barbecue. When you host an event, you get to choose both the guests and the menu.

Want to get to know your neighbors? Throw a block party. Feel the need to reconnect with your family? Have a reunion. Or maybe you just want to get together with a few of your closest friends.

Choose your menu, too. The money you save will buy a lot of ribs and even more burgers and brats. Or if you are a vegetarian, you can grill some marinated mushrooms or eggplant. It’s your choice when you’re buying, which you can do if you refinance your car loan this summer.

See All the Summer Blockbusters

The summer release season is full of fun flicks you’ll be able to enjoy thanks to all the money from refinancing your car loan. There’s something for everyone coming out this summer, with the release of Despicable Me 4, Twisters, Deadpool & Wolverine, Borderlands, and Alien: Romulus coming up in July and August. Or maybe you’re intrigued by the Scarlet Johansson comedy Fly Me to the Moon or the Zoë Kravitz directorial debut Blink Twice, formerly titled Pussy Island.

Go ahead and invest in the collectible popcorn buckets, too. You’ve got the extra cash to enjoy it.

Bump up Your Down Payment

Let us be serious here for a moment. While many people are focused on having fun in the summer, we know that some people are engaged in the serious task of trying to buy a new house. With house prices up, it can be hard to save for your down payment.

Refinancing a car loan can help with this. You can put all the money you’re not paying in car payments this summer into your down payment. Even if you’re not looking to buy a house this summer, there’s no better time than now to refinance a car loan. Not only will you be able to put away some extra money now, but every month you can increase your savings by the difference between your old car payment and your new one, an average savings of $148 per month when you refinance with iLending.

Stay Inside and Run Your AC

Sometimes, it’s the simple things that make life enjoyable. Maybe you prefer to stay at home with your cat or dog. Even then, you can enjoy the budget boost that refinancing will give you. Instead of penny pinching at the thermometer, you can go ahead and turn it down a few degrees. Enjoy the chill. Maybe even have a cup of hot cocoa in the evening.

Skipping car payments and having a lower payment can give you a lot more money to spend on your energy bills, so you can enjoy it.

iLending Makes Car Loan Refinance Easy and Hassle Free

At iLending, we’ve made it easier than ever to save money by refinancing your car loan. You can start the application process in just one or two minutes. Our You First Approach™ makes car loan refinance easy and hassle free.

Our system will match you with numerous loan options. Then you’ll connect with one of our loan consultants to find the perfect loan to meet your needs. Once you decide on the right refinancing option for you, the savings start right away. You’ll be able to skip payments – some people go two months without making a car payment.

On average, customers save $148/month when they refinance a car loan with iLending. You’ll be free to spend it however you want. Look forward to enjoying all the seasons with a bigger budget, instead of being burdened with a high car payment.

Apply now to get the car loan refinance process started.

What would you do with an extra $148* in your pocket?