Archive for March, 2014

Three Scenarios When Refinancing Your Auto Loan Makes Sense

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Let’s face it: we live in a credit-based society. You need credit to do just about anything from purchasing an appliance to buying a house. We also live in a society where in many places owning a car is almost a necessity. Since the economy is so difficult these days and it can be so hard to keep a solid credit rating, many folks obtain financing for a vehicle at less-than-ideal interest rates. There are, however, situations in which it can be advantageous to seek a refinance deal for your auto loan.

Lowering Interest Rates

The economy is in flux right now, with interest rates on a trampoline of up and down. If you can catch it at just the right time, when rates are at a low point or down swing, you could save significant money on your monthly payments. This works in a few ways. Firstly, the obvious: rates have gone down. If you financed at 11% and rates have dropped by 4 points, you could refinance at 8% or less, saving at least 3% on your overall payments.  Remember, though, that refinancing your auto loan generally counts as used car loans rather than new, so even if you purchased your car new, it will now be financed otherwise, which means slightly higher rates overall.

Improvement on Your Credit Score

It’s possible that when you purchased your car your credit score was less than ideal. Perhaps it was your first big purchase and you had no credit score to speak of. Perhaps, like many folks, you simply had a few black marks on your credit rating—a missed bill here, a late payment there. Now, however, several years have passed and you’ve gotten your credit score in top shape. It might be an ideal time to refinance, as with a higher credit score you’ll most definitely score a more advantageous loan rate.

Lease-to-Own

Perhaps you’ve taken on a lease agreement, to take advantage of lower monthly payments, but now your lease is up and you want to buy the car outright. This is almost always an option, but standard agreements continue the payment structure as it was, which may not always be the best interest rate. You might want to look at other options for refinancing—the dealer may not renegotiate the rate, but third-party lenders can often be a source of lower-interest loans that can be used to buy your vehicle at the end of a lease.

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Keep More of Your Money in Your Pocket with Car Refinancing

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Do you find yourself in a situation where you are struggling to make the monthly payments on your auto loan? Are you looking for a way to save cash every month? If so, there is a simple solution that can end all of your financial woes. Car refinancing allows you to keep more of your money in your pocket every month just by renegotiating your loan terms. Since interest rates can change from one day to the next, just like your credit score, you want to make sure you take advantage of any changes that occurred and maximize your savings. Consider some of the following ways refinancing your loan can help you save.

Flexible Payment Terms

Many people have found that refinancing their auto loan provides them with more flexible payment terms. As an example, let’s say you purchased a new car under a short-term loan of maybe two to three years. You might find that the payments can be somewhat expensive and difficult to make. In this situation, refinancing your loan will allow you to reduce your monthly payments and keep more of your money in your pocket.

Save Money on Interest

For some individuals, they purchased their vehicle when there credit wasn’t at its best. As a result, the interest rate and payment terms weren’t exactly ideal. By making timely payments and building your credit, you are eligible to refinance the loan and get new payment terms that are more in line with your situation. Reducing the interest rate on your loan can save you more than what you might realize when it comes to your auto loan.

Renegotiating Your Lease

If you found yourself in a lease that is less than what you expected, refinancing might be the best way for you to get out of it. You can use refinancing to actually buy the lease out. In turn, you are going to make all of your payments to the actual lender instead of the leasing company. In addition, when the payment cycle ends, you are actually going to own your vehicle. Not only are you saving money by renegotiating your terms, but you are actually working towards a final goal of owning something.

If you are worried about getting approved for car refinancing, don’t be. The process is extremely simple and quick. All you have to do is submit the application through RefiPayment and you can be approved in a matter of just a few minutes. At RefiPayment, the process is simple, convenient and quick. We work hard to get you the auto refinancing you need so you can keep more of your money.

Our team of specialists will walk you through the process from start to finish, so you don’t ever have to feel confused or unsure of what you should be doing. The process is straightforward. We don’t complicate things for our customers. Knowing what you are going to get ahead of time is important, which is why we have an auto refinance calculator that allows you to see what you are going to get when you refinance your loan with us. In a matter of seconds, you can see just how much money you are going to save on your auto loan. It doesn’t get any easier than that.

You have nothing to lose and everything to gain. Apply now, or give our team of experts a call today and let us go to work for you.

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