If you’re tired of paying high car payments, there’s good news! You have the option to refinance your car loan to lower your interest rate and monthly payments, giving you some much-needed financial relief. But to maximize the benefits, it’s crucial to secure the best interest rate possible.
While it may feel like lenders have all the power, you can actually take an active role in negotiating a better interest rate. Here are some tips to help you get the best deal on your auto refinance:
Know Your Credit Score
Understanding your credit score is essential, as it will play a major role in determining the interest rates you qualify for. The better your credit score, the more likely you are to secure the lowest interest rates. Knowing where your credit score stands can help you evaluate whether a lender is making a competitive offer.
Know Your Budget
Before comparing auto refinance options, take a look at your monthly budget. Knowing exactly how much you can afford to pay towards a car loan payment each month will put you in a stronger position to negotiate with lenders.
Shop Around for Auto Refinance Rates
It’s important to talk to several different lenders to ensure you’re receiving competitive offers. Local and national banks, credit unions, and online banks all offer different rates, so it’s best to get quotes from each.
Make Lenders Compete for Your Business
Lenders will be more inclined to offer you their best rates if they know you’re shopping around with other lenders. Let them know you’re getting multiple quotes, and leverage these offers to try and get each lender to quote you an even lower rate. Or, let iLending handle this negotiating process for you by comparing loan options across their nationwide network of over 50 lenders.
iLending Makes Auto Refinance Easy and Hassle Free
iLending’s exclusive You First Approach™ makes auto refinance simple. Their team will negotiate with lenders on your behalf and review the most competitive options with you before recommending the right solution. On average, iLending customers save $143 per month when they refinance, giving them the financial freedom they deserve.
Ready to start saving on your car loan? Apply now with iLending to get started on the auto refinance process today!
What would you do with an extra $133* in your pocket?
