Auto Refinance 101

How To Refinance a Car Loan

There’s no point in spending extra dollars each month for a car loan when you don’t have to.  Over time the monthly savings add up to a much larger amount.  Plus, many borrowers are finding that with online lending, auto refinance has become easy!  What will you do with your savings?

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  1. Lower monthly payments.  Refinancing into a new loan may mean lower monthly payments. Those dollar savings add up! However, don’t  over-extend your loan term just to reduce payments.  That will cost you more over time – and often furthers the gap between the amount you owe versus your vehicle’s market value.
  2. Shorten your loan term. Let’s say you have five years left on your current loan.  That’s a long time! You could auto refinance to a shorter term loan (e.g. 36 months).  Although you will likely be paying more each month, as long as you can afford it, you’ll be paying off that loan sooner!
  3. Lower your interest rate.  Maybe your current loan has a high rate of interest – and now your credit has improved.  By auto refinancing, you might qualify for a lower rate of interest and thus reduce your monthly payment as well.
  4. All of the above.  Sometimes an auto refinance can result in your accomplishing all of the above reasons in one transaction!  So why wait?

Consider Refinancing Your Car

Maybe your credit has improved since you bought your car, or your current loan is too long, or maybe you just want to pay less each month for your car loan.  Any of these are great reasons to look into what refinancing your current car loan will save you!

How to Refinance Your Car Loan

Start the process with FiWize now!  Every day that goes by – without contacting us – you may be missing out on savings. You don’t need to go back to the same lender that holds your current car loan. In fact, when you submit a quote request through FiWize, we’ll canvas our network of lenders to find you the best deal. Here’s how financing a car with FiWize works:

  1. First request a quote and we’ll let you know just how much lower your payments can go. There is no impact to your credit score if requesting a quote through FiWize.
  2. We’ll quickly send you a refinancing offer in your email. If you have questions, call us or even chat. We’ll take you through the details.
  3. You then decide if you want those payment savings! There is no obligation to continue of course.
  4. If you decide to pursue the offer, we’ll make it as easy and pain free as possible. We’ll walk you through each step. Refinancing a car is so much easier than refinancing a home. We’ll simply manage the contract paperwork process for your new loan and we’ll even handle the funds transfers to pay off your current loan. This is just the way FiWize rolls! You can continue to drive your car the entire time… and you’ll want to start planning what you will do with your payment savings.

Don’t miss out on possible refinance savings! It’s worth it just to check to see what yours might be.  Have more questions?  Call us, we’ll be happy to explain the details.