The holiday season is almost here. Many people are looking forward to taking time over the holidays to connect with family and close friends. While spending time with loved ones is always a source of joy, the holiday season can also be a source of stress and anxiety for many individuals who are wondering how they will be able to afford the costs associated with travel and gifts.
These stressors exist every year, but they will be particularly pronounced during this holiday season due to rampant inflation and concerns over a recession that may be potentially looming on the horizon. For some people, financial concerns may force them to make the tough decision to skip gift exchanges with their loved ones or cancel travel plans to spend the holidays with their family. These outcomes are far from ideal, as everyone deserves the opportunity to celebrate with those they love.
Others will choose to take on significant debt in order to pay for holiday travel and gifts. This debt often comes in the form of:
This holiday debt can carry significant financial repercussions that will impact you in both the short- and long-term. It often creates a crippling cycle that leads to future debt:
As a result, many individuals come to find that the $1,249 they financed to enjoy their holiday season mushroomed into significantly larger amounts of debt in the early months of the following year. With inflation being at its highest rate in decades, we could see even greater financial hardships this year as holiday debt makes it more challenging to afford the rising price of goods and services that are already stretching your monthly budget thin.
One way to avoid taking on additional debt to afford holiday purchases is to lower your expenses in other areas of your monthly budget. For many individuals, their car loan represents one of their highest monthly expenses – and it’s also one of the easiest expenses to lower.
For a variety of reasons, many people become saddled with car loans associated with high interest rates and large monthly payments. Refinancing your car loan can help you lower both your interest rate and your monthly payment. This will not only save you money each month, but also reduce the cost of your vehicle over the lifetime of your loan.
In addition, you can often skip a month or two of payments when you refinance, making it the perfect time to refinance your car loan. If you don’t have to resume car payments until after the holiday season, you can apply those monthly payments to your holiday purchases to avoid taking on additional debt. Not only will you save money on your car payments, but you’ll avoid the pitfalls associated with a crippling cycle of debt kicked off over the holidays.
At iLending, we understand that refinancing your car loan can be a stressful process. That’s why we’ve developed our exclusive You First Approach™ focused on creating a great experience for you. With our unique approach, you’ll find that refinancing your car loan is easy and hassle free.
As part of our You First Approach™, you’ll work with a loan consultant who will discuss your refinancing goals with you in detail. Based on this information, your loan consultant will compare rates from our network of over 50 nationwide lenders in order to identify the best options that will address your specific needs. The best solutions will be presented to you, you’ll have an opportunity to ask any questions about your options, and your loan consultant will guide you to a decision on the right loan for you. Your loan consultant will also assist with the application process and all necessary follow-up steps to ensure everything goes smoothly.
On average, individuals save over $145 per month when they refinance their car loan with iLending. This can help infuse much needed cash into your budget this holiday season, helping you avoid the crippling cycle of debt impacting many holiday borrowers.
Apply now to get the car loan refinance process started.