Every month, your car payment takes a big bite out of your bank account.
What if you could lower your monthly payment by $150 or so?
Would that be worth a few minutes of your time?
You should seriously consider refinancing your car loan.
Why pay more money to the bank than you have to?
Check out this handy auto loan aggregator by a company calledReFiJet.
And your auto loan is probably your second-biggest debt after your mortgage.
Right now, auto refinance rates are at their lowest in years, starting at just 2.49% APR.
No Interest Til Almost 2027?
And finally, applicants with poor or fair credit may qualify.
ReFiJet says it can help just about anybody who still owes money on their vehicle.
you could see for yourself how much you could save.
This is done with a soft credit check that wont affect your credit.
The offers (and each offers interest rate) are good for 30 days.
That person can give you one-on-one assistance during the process.
Reasons to Refinance
Should you replace your existing loan with a new one?
It depends on your situation.
Refinancing makes sense if any of the following things are true.
Having said that,ReFiJetinsists that it can help applicants who have poor or fair credit.
There are any number of ways to check your credit score for free.
Its fairly easy to get a copy of your credit report.
And interest rates are historically low right now.
Theyre at an all-time low these days.
What does that mean?
Basically, its never been cheaper for you to borrow money.
Theres no shame in it lots of buyers do this for convenience.
The problem is, you might not have gotten the best deal if you went through the dealership.
Whats the harm in looking elsewhere to see if you’re able to do better?
You have options, here.
it’s possible for you to extend your loan term the length of your loan.
This gives you more time to pay back the loan.
There are positives and negatives there.
Reasons Not to Refinance
So there are valid reasons to consider an auto loan refinance.
But fair warning: Refinancing isnt for every car owner.
Depending on your individual circumstances, there may be a reason not to proceed.
Here are those reasons:
Youre Behind on Your Payments
Loan payments can be a lot.
And youll certainly have trouble qualifying for a better loan.
Sorry, but thats just the way it is.
If you want to refinance your car loan, ensure to get paid up on your existing loan first.
Your car is collateral on your existing loan, and itll be collateral on your new loan too.
Your 2011 Ford Ranger or Hyundai Sonata or Volkswagen Jetta are out of luck.
You should probably check and see if your current auto loan has such a penalty.
(Your lender can tell you.)
That interest is how they make their money.
If your vehicle is worth more money that you owe on it, this is an option.
ReFiJetoffers cash-out refinancing for those who want it.
Be careful, though.
Final Thoughts
Auto loans shouldnt ruin our lives.
You deserve a new loan with a better interest rate and lower loan payments.
Dont let your monthly payment get you down!
You should know that ReFiJet charges a loan origination fee of $395.
But it gets rolled into your new loan, so youll barely notice it.
Also, its competitors generally charge higher fees.
So think about it: You already have the car.
Youre still paying for it, even though youre already driving it every day.
Wouldnt you like to pay less money to the bank?
It costs you nothing tosee if you have better options.
Mike Brassfield ([email protected]) is a senior writer at The Penny Hoarder.
(Can you sense my millennial sarcasm there?)
You know which ones were talking about: rent, utilities, cell phone bill, insurance, groceries…
