There are several reasons to refinance an auto loan, all of which lead to a good financial benefit for the people with auto loans to pursue. It’s actually an easier process than most people imagine it is and can save someone hundreds of dollar a year in interest.
The main reason to look into refinancing a car loan is because your credit score has substantially improved since you took out the loan. with a better credit score, you can be approved for a better interest rate which can save you hundreds if not thousands of dollars on your car loan. Another benefit is refinancing to a shorter term loan which offers even better interest rates and the ability to own your car outright after a shorter period of time. Another good reason to refinance is if interest rates have dropped since you purchased the vehicle as you may qualify for better interest rates even though you already own the car. Another option is if you want to extend the length of the loan in order to reduce your monthly car bill which will free up room in your budget for other expenditures or savings. It’s also possible to do a cash-out option where your car is worth more than what you owe, where the lender will pay off your old loan and give you cash for the amount above this that the car is worth.
One provider of car loan refinancing is Ignition Financial and their website slashmypayments.com. Slash My Payments offers users of the site te ability to drastically cut their monthly auto payments which free up money for other expenses or savings. The company, based in Texas, specializes in giving existing car owners an interest rate and payment schedule that fits with their lifestyle. Ignition Financial has won a lot of compliments from clients including how easy they are to work with and how much money they have saved over the original terms and interest rate that car buyers were offered when they purchased their vehicles. Ignition Financial has also been featured on many national radio shows such as The Blitz With Fred & AJ, The Russ Martin Show, The Jeff Ward Show, and The Horn on Austin’s #1 sports radio show on 104.9.