Is It Hard to Refinance a Car Loan?

If you are paying too much interest and/or have a monthly payment on your car loan that’s too high, you might be considering refinancing. However, you don’t want to do it if it’s too much trouble. Is it hard to refinance a car loan?

It can be hard, but it doesn’t have to be. If you want to try the hard way to get your car refinanced, you can, but if you want to do it the easy way, just click this link, and iLending can help you refinance your car now. The initial application only takes a couple of minutes, and we’ll match you with dozens of loan options based on your specific needs and goals. At iLending, we make refinancing a car loan easy and hassle free.

Refinancing the Hard Way

If you want to try refinancing your car loan the hard way, you can stop by the loan desk of your personal bank. This isn’t too difficult if you’re still banking in person. Bring the documentation for your loan, including the initial paperwork and your most recent statement. If you’re lucky, they’ll be free to help you with the issue. If not, you can make an appointment for another time.

When you talk to your bank’s loan officer, they’ll put in your information, then they’ll give you one or a few options for car loan refinancing. You might think that having an account at the bank (or being a member of the credit union) will get you a better deal, but the truth is that they’ll probably give you the same offers they give to anyone else. The options are determined by their loan policies, and whether you have an account at the bank or not rarely makes a difference.

Don’t assume that the offer you got from your bank is the best you’ll get. Instead, it’s important to shop around, so you should visit a few more banks and repeat the process. In addition, you should call a few out-of-state banks, because sometimes they might offer better terms.

How many banks should you shop? Ideally, all of them. However, we understand that you might get tired after a few, so what’s a reasonable number? You should call at least three. However, track the different options on a spreadsheet, and you should keep calling as long as you get offers with new or different terms.

Refinancing the Easy Way

Does that sound like a lot of work? We thought so – most people check out at the mention of a spreadsheet. At iLending, we knew there should be an easy way to refinance a car loan while still being sure that you’re getting the best possible terms. That’s why we designed our exclusive You First Approach™. Here’s how it works.

Complete a quick pre-application on our website using this link. It takes just a minute or two to fill out the simple form. Then you’ll work with one of our loan consultants who will discuss your goals for refinancing to understand your specific needs. Your loan consultant will compare your information with our network of over 50 nationwide lenders who are ready to compete for your business. You don’t have to call around to get the best terms: we’re already doing the hard work of comparison shopping for you.

Your loan consultant will review the best options with you and help you make the decision about which offer best aligns with your goals. You’ll have multiple good choices, but you might need to decide between, for example, lower monthly payments, lower cost overall, and which option lets you skip the most payments right now.

Once you decide on the best loan for you, your loan consultant will direct you through filing out the paperwork so it’s fast and easy for you to get it all filed properly. Our team will also follow up with your existing lender to make sure your current loan is paid off properly. This gives you peace of mind that the entire process is handled correctly and you’re getting the best possible car loan refinancing terms.

Why Choose Easy Refinancing with iLending?

There are many benefits to an easier car loan refinancing process. You’ll save valuable time, which you can either put to work earning money at a side gig or spend with family and friends. You’ll also avoid the stress of having to talk to multiple banks. Plus, you’ll have peace of mind that you’re getting a good offer by comparison shopping – we compare offers from more lenders than you’re likely to contact on your own.

In addition, with our You First Approach™, you get the best benefits of an automated process combined with a personalized approach working with an individual loan consultant. The automated process can match you with loan options in a matter of minutes. The personal loan consultant can then answer any questions you have and help you decide between all the good options to find the one that best fits your needs. Then your loan consultant will walk you through the process of finalizing the loan – you won’t be left to figure it out on your own without any help.

You also can’t argue with the results. People who refinance with iLending see their payments decrease by an average of $148 per month. In addition, they typically skip one or more payments, infusing some much-needed cash into your budget right away. Every experience is different, but check out some of our Savings Stories to see what might be possible in your case.

When you’re tired of your old car loan, take the easy way out. At iLending, we make the refinancing process easy and hassle free, while ensuring you get the best possible terms.

Apply now to get the car loan refinance process started.

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