car savingsRefinancing your Auto Loan is typically easier than buying a new/used vehicle. There are several reasons for refinancing your car loan, however, the primary reason is to lower your monthly payments. This can be done by either securing a lower interest rate, adjusting the term of the loan, and ideally both. Another reason for refinancing may be to remove or add a co-signer to the loan.

Many people fear the extension of a loan, but in fact it is a blessing to be able to do so. With the lowest payment possible, you ensure that the least amount of interest per payment goes to the bank. With a simple interest loan, anything you pay over the minimum goes directly to the principal so you can pay down the actual balance of the loan specifically. So, you actually pay the loan off in a shorter amount of time. Example:

If your current loan is $400/mo and you have 36 months remaining and you refinance at 60 months but it gets your payments down to $200/mo – you can make that exact same $400 payment that you would be making in your old loan – BUT you would be making double payments, essentially paying the new loan off in 30 months saving you $2,400 in payments! AND you always have the security and comfort of the lower payment if you ever have a tight month or need the money elsewhere.

motorcycle awarenessWarmer weather is here, and soon more motorcycles will be out and about on our nation’s roadways. May is National Motorcycle Awareness Month, and we at iLendingDIRECT support all efforts to make motorists more aware of the motorcycles they share the road with. At the same time, we would like to encourage bikers to be aware of their surroundings, as well.
According to the National Highway Traffic Safety Administration (NHTSA), motorcyclist deaths occurred 27 times more frequently than fatalities in other vehicles based on 2014 fatal crash data. Distracted driving is the source of far too many fatalities on our highways, and it is a problem we can control.

Avoiding texting while driving can help greatly reduce car accidents, which is currently the number one killer of teen drivers. Putting your phone away in a purse or glove compartment while you drive is one way to keep from being tempted to pick it up when you are behind the wheel. If you have a passenger, ask them to hold your phone for you while you are driving. If there is an emergency, they can let you know. If any non-emergency messages or calls come in, they can make you aware, or you can simply deal with them once you reach your destination safely.

Drivers can also help reduce car accidents by checking their vehicle’s blind spots, side view and rear view mirrors, and remembering to use turn signals when changing lanes and passing. A motorcycle is a motor vehicle, with all the rights and privileges of any other vehicle on the road. Drivers should give motorcyclists a full lane to travel in, look for them on the highway, at intersections and any time you are preparing to change lanes. Do not follow a motorcycle too closely; they should be given as much room as any other vehicle.

distrated drivingApril is Distracted Driving Awareness Month. An important topic to be aware of all year round, driving while distracted for any reason significantly increases the chance of a motor vehicle crash. The National Highway Traffic Safety Administration (NHTSA), a division of the United States Department of Transportation (DOT), notes that distracted driving claimed the lives of at least 3,477 people in 2015 alone. Approximately 391,000 were injured in motor vehicle crashes involving distracted drivers the same year. These alarming figures have created a call for drivers to pay more attention to their actions while driving, urging them to keep their eyes and mind on the road, and their hands on the steering wheel while driving.

Distracted driving is any activity that diverts a person’s attention away from the task of driving. There are three main types of distraction:

  • Visual: taking your eyes off the road
  • Manual: taking your hands off the wheel
  • Cognitive: taking your mind off driving

divorceDivorce carries with it a lot of hard decisions, and can wreak havoc on your finances. At iLendingDIRECT, we want to help you experience a little less financial chaos during this time. One of the toughest areas of negotiations can be the division of marital assets. If both parties are on the auto loan or lease, both are responsible for the payments, no matter who has the vehicle in their possession. If you separate and are living in different locations, that has no bearing on the burden of responsibility, either. If one party misses a loan payment, both are affected. This could be bad news for your credit score, and is not a happy situation to find yourself in if you can help it.

If both names are still on the paperwork and the vehicle becomes damaged or totaled in an accident, both people are still held responsible for paying the deductible. Bottom line? If your name is on the vehicle title, you are equally responsible for that vehicle and anything associated with it, including taxes and registration fees. This is why iLendingDIRECT recommends that our customers refinance any vehicles they possess during the divorce process, and make sure that the name on the loan is that of the person who will maintain possession of that vehicle after the divorce is final.

A verbal agreement is simply not enough to protect you in these circumstances. By talking with an iLendingDIRECT loan professional, you can protect your credit and your vehicle. If there are two vehicles involved, each party can refinance the one they will be keeping, and become solely responsible for that vehicle. Our refinance process is simple and convenient. There is no need to spend the day at the DMV standing in line and sorting through paperwork. iLendingDIRECT can handle all of the details for you, including switching the vehicle title over to your name, and correcting the registration.

In addition to the peace of mind you will gain once this task is completed, we may be able to save you money, as well. Like 95% of our customers, it is possible that your loan payment can be reduced, and even possible that you may be able to skip a payment, freeing up some much-needed cash during a difficult time. We save our customers an average of $112 per month, and $5,000 in interest over the life of the average loan.

Why not give us a call today at (844) 790-9001, or Get Started Here and let us help you have one less thing to worry about.