Auto Refinancing: How It Works
This is where we get a little more detailed about the ins and outs of auto refinancing. We think it’s important that you have an understanding of the process. After all, it’s your money and it’s your car. You should never get involved in any financial transaction that you don’t feel comfortable with.
Auto refinancing is the process of lowering your interest rate to save you money on your car loan. An auto refinance loan is a loan used to pay the existing balance on a current, higher-rate car loan. The new, refinanced car loan has a lower fixed interest rate and fixed monthly payments for a set period of time. This gives you lower, predictable payments every month.
Refinancing your car loan can help you:
- Lower your monthly payment
- Lower your interest rate
- Lower the overall cost of your car
- Remove someone from the loan
- Get cash back
iLendingDIRECT partners with banks and credit unions all over the country to make sure we have multiple options to help you save money on your auto loan. Our financial institution partners work with us to find the very best rates available. We are constantly searching for new banks and credit unions to continue to give you a wide variety of financing options.
What makes iLendingDIRECT different is our dedication to building a personal relationship with our customers and the expert, in-depth training our loan consultants receive. When you work with iLendingDIRECT, you will have a personal loan consultant who cares about you and the right loan for you.
How long does it take?
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.