Reluctancy to Spend
The holiday season is always a great time for family, friends, and getting in the spirit of giving. While COVID-19 will make it difficult to spend time in-person with our loved ones, many will try to make the most of it whether it is through social distancing or other methods. What may be tough for many families is the ability to spend money on presents and other holiday necessities this year. COVID-19 has put a strain on the finances of families, making an expensive time of year hard to participate in. Households are certainly worrying about their holiday savings after a tough year.
In fact, many families seem to be tightening their belts to prepare ahead of the holidays. 27% of consumers surveyed say that they will aim to spend less of their money during this holiday season. When you add in the other 7% who expect they won’t be spending any money on shopping or gifts, that is about a third of respondents who will be too constrained by their budgets to participate.
Nobody wants to be on the sidelines during the holidays. Refinancing your auto loan could be the perfect solution to free up room in the holiday budget this season. The process holds benefits for both your short-term and long-term financial health and can be completed in as little as a few days – Just in time to get your shopping done. See how refinancing can help gift you holiday savings:
Lower Monthly Payment
Refinancing can help you reduce your monthly payment. On average, we have saved customers $144/month. That is a good chunk of money to free up in your monthly budget. Right now, $144 could buy you multiple gifts for your family, decorations for your home, or even ingredients to enjoy a nice holiday meal.
Skip a Payment
Getting to skip a payment, even a few payments in some cases, is one of the best parts of refinancing. You aren’t just saving money on your overall payment – you have an opportunity to owe $0 for the holidays. Gaining the extra income can mean having a full wallet to spend on what you want. At the very least, you gain some peace of mind and a moment to breathe.
Lower Interest Rate
It is great to be able to save a bit of extra cash for the weeks ahead, but refinancing also saves you money down the road. Locking in a lower interest rate will help you to pay more off your loan principle; in turn helping you spend less on interest over the life of the loan. When you look at the numbers, in many cases you can save thousands in interest over the life of the loan.
Don’t settle for less this holiday season. You can speak with one of our experienced loan consultants today!