How To Refinance Your Car Loan and Save
Wondering if iLending is the right company to help you lower your car payment? This iLending Review will explain how it works, how much you could save, and whether refinancing your car loan even makes sense for you. Most people don’t realize that you can refinance a car loan. It’s one of those money-saving options…
Wondering if iLending is the right company to help you lower your car payment? This iLending Review will explain how it works, how much you could save, and whether refinancing your car loan even makes sense for you.
Most people don’t realize that you can refinance a car loan. It’s one of those money-saving options that usually gets overlooked. Many people think refinancing is just for mortgages – but refinancing your car loan can also be an easy way to lower your monthly payments and save money every month.
If you’re paying too much on your car loan or your credit score has improved since you first got your loan, refinancing might be something to think about. That’s where iLending comes in.
On average, iLending customers save around $145 per month – that’s $1,740 each year!
Some success stories from people who have refinanced through iLending include:
Today, I want to talk about what iLending does, why car loan refinancing is worth looking into, and how much money it can actually save you. I’ll also walk you through the steps and answer the most common questions people have about auto loan refinancing.
Want to see how much you could save? Get your free quote from iLending here.
Below is my iLending review.
It’s a company that helps people refinance their auto loans. Instead of being a direct lender, iLending acts as a broker. That means they connect you with their network of lenders (usually local credit unions) to help you find a better interest rate or lower monthly payment.
With iLending, you can refinance a car, truck, van, motorcycle, boat, or RV.
The average estimated APR they can get you ranges from 5.49% to 19.24% (it depends on many factors such as your credit history, the vehicle, and current rates).
Refinancing with iLending starts with a quick application (the application process is easy!) that won’t impact your credit (note: if you decide to go through with the car refinance, you may see a decrease in your credit score once they do pull your credit history, though). After that, you’ll work with a real person who guides you through the process and helps you find the right loan for your needs.
More than 170,000 families have gotten help refinancing through iLending, with the average household saving around $145 per month on their car payments. The average refinance sees over a 5% reduction in the interest rate, which is pretty amazing!
There are a lot of refinancing companies out there, but iLending stands out for a few important reasons:
Please click here to see how much iLending can save you each month.
There are many reasons why people choose to refinance their car loans:
Here’s a common situation: You bought a car a few years ago when your credit wasn’t great, and you accepted a higher interest rate than you really wanted. Now, your credit has improved, and you could qualify for a much better rate. That means lower monthly payments and less interest paid overall. Refinancing gives you the chance to reset the terms of your loan to something more manageable.
And sometimes people just want to start fresh. Maybe you went through a divorce and need to remove someone from the loan.
On average, iLending clients save around $145 per month – that’s $1,740 a year! Some even get to skip one, two, or even three car payments when they refinance. This can provide immediate financial relief, especially if you’re living paycheck to paycheck or trying to get ahead.
To put that savings into perspective, saving $145 each month could:
When you think about it over the course of a year or even the full loan term, refinancing can save you thousands of dollars – money that you could use toward other financial goals.
You can also use the car loan refinance calculator at iLending to get an estimate of how much you might save. It’s quick and easy to use. You can use the calculator by clicking here (below is what it looks like).
Below are what I think are the pros and cons of refinancing with iLending.
Pros:
Cons:
Here’s how the refinancing process works:
One of the best parts of this whole process is that there’s no pressure. So, you can check your rate but you don’t have to move forward if you don’t want to.
Below are answers to common questions about iLending and car refinancing.
A minimum credit score of 560 is required by iLending; however, the higher it is, the better the chances for an approval. They also require a minimum of 6 months of credit history, as well as a minimum income of $1,500 per month. They can do loan amounts from $5,000 to $150,000.
One of the best auto refinancing companies is iLending due to their easy application process, good customer service, and the ability to lower interest rates all from home (you don’t have to do anything in person, it’s all online or over the phone!).
Getting a quote through iLending doesn’t affect your credit. But, if you move forward and decide to refinance your car, there may be a decrease in your credit score from a credit inquiry. So, if you are in the process of buying a house or need your credit score for some other reason, make sure you talk to your mortgage lender or whoever else is looking at your credit to make sure you’re not doing something that you shouldn’t be doing.
The average iLending customer saves $145 per month or $1,740 per year. Your savings will depend on your current loan terms and what interest rates are available.
The process is usually quick to refinance a car. Many people complete it in just a few days, especially if all documents are ready. Some of the documents that you will need include your driver’s license, proof of car insurance, vehicle title and registration, a picture of your odometer reading, and proof of income and employment.
If you’re near the end of your loan, already have a low rate, or the fees outweigh the savings, it might not be worth it. Always run the numbers first. Also, if you’re about to buy a house, then you should contact your mortgage lender before refinancing as this may cause your credit score to go down (it’s usually temporary, but you still don’t want that to impact your mortgage approval).
Yes, cash-out refinancing is possible with some lenders. This lets you use your car’s equity to get extra cash. Now, there are some risks of cash-out refinancing, such as possibly becoming upside down on your car loan and increasing your debt.
Refinancing is one of the easiest ways to remove a cosigner. When you refinance, the new loan can be in your name only. The other way to remove a cosigner from your car loan is to pay off your car loan in full.
Yes, sometimes you can refinance an older car. In fact, I know someone who has recently done this. It depends on the vehicle’s age, mileage (most lenders have mileage limits of between 100,000 and 150,000 miles on a car), and your credit score. You may also be able to refinance a classic car too, but it is harder than refinancing a newer car. iLending does help with refinancing an older car, so you may want to reach out to them to see if they have any options for you.
It can, but it doesn’t have to. You can choose a term that fits your goals – whether that’s a lower monthly payment or paying off the loan faster.
There is an admin/doc fee, which includes title transfer and state fees (if applicable), which is $499. This may vary by state – your loan consultant at iLending will review this with you in detail during the application process.
I hope you enjoyed my iLending Review.
Car loan refinancing isn’t something most people think about, but it can be one of those quick-win strategies that make a real difference. It doesn’t take long to check your rate and look at your options, and even if you decide not to move forward, at least you’ll have the information you need to make a smart decision.
Here are a few signs that refinancing your car loan could be a good move:
Please click here to see how much money iLending can save you.
How much are you currently paying for your car each month? Do you think refinancing could help you lower that?
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