The following post originally appeared on our RoadLoans blog, The Open Road.
Most people know they can refinance their home to save money on interest or to lower their monthly payment, but did you know you can refinance your auto loan also?
Interest rates and loan terms offered by lenders are constantly changing, so make sure your rate and payment are in line with current market offers by inquiring about a refinance. When you refinance your vehicle, you typically can reduce the interest rate and lower your monthly payments.
I tell my customers that RoadLoans offers Cash Back Refinance. Cash Back Refinance is an auto loan for customers who are making payments on a vehicle, with the option to receive up to $5,000 cash back.
And it is possible to save up to $100 per month on your car payment. Who wouldn’t want to save $1,200 a year and receive cash back?
Here are some advantages of refinancing your vehicle with RoadLoans:
• Cash back up to $5,000*
• Skip a car payment in the process**
• Rebuild your credit (your loan is reported to all three credit bureaus)
• Chance to lower interest rate
• Reduce your payment up to $100 per month***
The process is very easy because everything is done online. It’s a simple one-page application that takes only a few minutes to fill out, and you will receive a decision within 30 seconds after you apply. The post-approval screens also are very easy to navigate: Simply download your loan package and provide the necessary documents to receive your cash back and start saving money.
Refinancing your vehicle with RoadLoans allows you to pay less interest and skip a payment, get cash back to spend as desired, build or re-build credit, or simply have more money in the budget.
Visit www.roadloans.com now to refinance your existing vehicle and receive cash back!
– Jace Wegge
* Granting of cash-back is subject to credit requirements on the loan to value of the vehicle. The cash-back amount will be made available to you via check or electronic transfer, and will be added to your loan amount. Interest will accrue on your cash-back amount. Noncommercial vehicles up to 8 years old may be eligible for up to $5,000 cash-back.
** Because the first monthly payment on your new auto loan will be due up to 30 days after the closing date, and the closing date will be 0 to 30 days after the most recent monthly due date of your existing loan, you will not have a scheduled monthly payment due for 30 to 60 days after the most recent monthly due date of your existing loan. The actual number of days you will not have a scheduled monthly payment due will vary depending on the terms of your existing loan, your payments on the existing loan, and applicable state law. Interest will accrue on your existing loan until it is paid in full. Interest will accrue on your new loan beginning on the date the loan is funded.
*** Average savings is about $79 per month, or nearly $1,000 a year.