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What Is Refinancing and How Do I Refinance My Car?

iLendingDIRECT – What Do We Do?

Every month, iLendingDIRECT helps hundreds of people refinance their auto loans and lower their auto loan payments. Working with a loan consultant during the entire process, we narrow down the best option/s for you by working with our nationwide team of credit unions and lenders – but what is auto refinancing, and how can refinancing help me? On average, 70% of consumers are unaware they can refinance their auto loan, with less than 50% understanding the process of refinancing itself. In this article, we will discuss:

What is Refinancing, and Why Does it Matter?

When you refinance a car, you replace your current car loan with a new loan of different terms. In practice, auto refinancing is the process of paying off your current car loan with a new one, usually from a new lender. This process can have varying outcomes for car owners.

Most people refinance their car to save money, but this goal can take multiple forms. For example, some refinance to lower their monthly car payments, others want to reduce their interest rates or adjust the length of their loan term. And still, others have more personal reasons to refinance, such as removing co-signers from their loan.

How Do I Refinance My Car?

Refinancing your car loan takes only a few days but depends on how quickly you can get us the paperwork we need to assist you. Your loan consultant will help guide you through a very easy step-by-step process.

  1. We discuss your financial goals and collect basic information about you and your vehicle.
  2. We compare rates with lenders nationwide. Then, we help you decide which option is best for you.
  3. We gather detailed information from you and complete the required documents together in minutes.
  4. Your loan is submitted to the lender and can be completed in as little as a week.
  5. Congratulations! You have refinanced your car and can start saving immediately.

Take Away:

Refinance your vehicle can be a scary process, but with iLendingDIRECT, you are guided through with a loan consultant who fine toons your selections by working with our nationwide team of credit unions and lenders. iLendingDIRECT empowers consumers by providing financial freedom, saving each customer on average 145* per month – whether you are looking to lower your APR rate or lower your monthly payment, iLendingDIRECT is here to help.


What would you do with an extra $132* in your pocket?

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