Is Refinancing a Car Worth It?

If you are considering refinancing your car, you might wonder whether it’s worth the trouble. You’ve got so many things to do every day, and getting your car refinanced can seem like just another chore to add to the list. This can make you wonder whether the process is going to reward your efforts.

The truth is that for many people, refinancing a car can be worth it. Here are a few situations where refinancing a car is likely to be worth your trouble.

You Want to Save Money on Your Car Loan

One of the best reasons to refinance your car loan is to reduce the overall cost of the loan. This can definitely make refinancing your car loan worth it.

For some people, refinancing a car can cut the overall cost of their loan by thousands of dollars. An initial refinancing application can take just a couple of minutes to complete. This will give you a good idea of the amount of money you’re likely to save. The full process of applying for a loan might take up to a few hours (usually it’s less than an hour), but if you can save thousands of dollars as a result, it’ll be the easiest money you’ll ever make.

With the low time investment of a pre-application for car refinancing, it’s always worth it to at least look.

You’re Having Trouble Making Payments

If you’re having trouble making your loan payments, it’s worth it to refinance to a more affordable payment.

Failure to make loan payments will have many negative consequences. First, you’ll be hit with late fees and additional interest. Your credit rating will also suffer, which will make it hard to get good loans in the future. Finally, if you continue being unable to make payments, you might get your car repossessed. This can be disastrous.  You depend on your car for getting to work, picking up the kids, getting groceries, and more.

When people refinance their car with iLending, their monthly payments go down by an average of $145 a month. For many people, that can make all the difference in fitting loan payments into your budget. Plus, you’ll likely be able to skip a payment altogether, which gives you more money to keep up with payments long-term.

You Have Other Things to Do with That Money

Maybe you are able to make your car loan payments, but you’d rather be spending some of that money in other ways. With an average savings of $145 a month, there are many things you can do with money.

If you have higher-interest debt in other places, such as on credit cards, you can use loan savings from refinancing your car to pay it down. You can also use savings from refinancing to invest in training for skills that will help you get a better, higher-paying job. You can even use your car refinance savings to invest in a business that might help you break out on your own.

Many people have used car refinancing savings to follow their dreams and achieve things they never could manage before. Check out our savings stories for some of the inspirational ways people have spent the money they saved with car refinancing.

Why Refinance with iLending

If you are considering refinancing your car, iLending is a great choice. First, it only takes a couple of minutes to complete the initial application. Then, you’ll see the benefit of our You First Approach™ to car refinancing. You’ll work with a loan consultant. They will talk to you about your refinancing needs so they can understand whether it matters most to save money overall, lower your monthly payment, or meet other specific needs.

They’ll also talk to you about what sets you apart so that they can match you with the right lender. Then your loan consultant will search for the best loans available for you. Together, you can talk about which loan is likely the best fit. Then they’ll help you complete your application. With their help, you’ll be able to make sure the application is complete and accurate so that you will have the best odds of acceptance.

It’s easy to get started refinancing your car with iLending. Apply now. It takes just a couple of minutes to complete this pre-application.

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