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Can I Refinance My Car Loan?

When you purchased your car, you were most likely feeling tremendous excitement. After all, who doesn’t like upgrading to a newer vehicle? However, this excitement often makes it hard for you to consider the long-term financial impact this purchase will have on your monthly finances. Cars are becoming more expensive every year, and it’s rare to be able to afford one without taking out a car loan. Unfortunately, many people soon find that their car loan is a financial albatross.

According to a 2021 Experian report focused on Q3 automotive financing:

Keep in mind that these are averages. Many individuals are paying well over $600 a month and have loan terms that extend even longer – upwards of 7 years! For many people, these long-term payments can be crippling.

So what are your options if you find yourself drowning from a monthly car payment that you simply can’t afford? One of the best solutions is often to refinance your car loan. Refinancing your car loan is a process where you replace your existing loan with a new one. This new loan will pay off your original one, and you’ll start making a new set of payments based on the terms of the new loan.

Benefits of Refinancing a Car Loan

There are a variety of financial benefits you can achieve when you refinance your car loan:

You can use our savings calculator to see how much you can expect to save when you refinance your car loan with iLending.

When Should I Consider Refinancing My Car Loan?

happy couple after refinancing their car loan Refinancing your car loan is an important decision that has a significant impact on your finances. Therefore, it’s crucial that you are thoughtful about the timing of your refinance. In general, refinancing your car loan is a good option when one or more of the following criteria are met:

iLending Makes Car Loan Refinancing Easy

If you’ve been saddled with an onerous car loan, you have options. At iLending, we can help you save a significant amount of money by refinancing your car loan. Our clients save an average of $145 a month after refinancing with us, freeing up important funds to allocate towards other areas of need. Read our savings stories to find out how others have been empowered after refinancing their car loan.

iLending is the only nationwide auto refinancing company providing a You First Approach™ to make car loan refinancing easy and hassle free. You’ll work with a loan consultant who will be your single point of contact during every phase of the process. Your loan consultant will take the time to get to know you and understand your specific goals. This ensures we’re able to target the specific loan options that best meet your needs.

Your loan consultant will then compare loan options from our vast network of local and national lenders for you. We’ll review your options with you in detail and guide you every step of the way to help you make the right decision. Our team will complete all paperwork for you, making the process as easy as possible.

Unlock the financial freedom that is possible when you get out of a burdensome car loan. iLending will handle everything for you to ensure your car loan refinancing experience is as easy as possible, and we’ll make sure your new loan truly meets your needs.

Apply now to start the refinancing process.

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