SAN ANTONIO – With car prices at record highs and inflation worries looming, local families are finding new ways to save money and adjust their budgets by refinancing car loans.
RefiJet is an auto loan refinancing company that has doubled in size as Americans increasingly focus on refinancing their existing auto loans rather than dealing with rising auto costs.
Rising vehicle costs and inflation concerns are forcing Americans to stick to their monthly budgets, starting with their biggest non-home debt, their auto loans.
Refinancing auto loans to lower a monthly payment or lower interest rate can make budgets much more manageable even as vehicles become more expensive. Companies like RefiJet make it easy to:
- Lower Your Monthly Payments: Refinancing can do wonders for your monthly budget if it is focused on reducing the amount you owe each month. RefiJet customers see an average savings of $ 150 per month through refinancing.
- Lower your interest rate: For those who can shorten the term of their loan, the interest rates can be reduced to save a large chunk of the money you would otherwise pay as the loan has been around for a long time.
- Lease buy-out: Some drivers who lease their vehicles may be wiser to buy their car, which could save money on end-of-contract expenses and avoid the risk and cost of buying a car. other new or used car when the prices are so high.
Borrowers are now in a much better position than in the last financial crisis, as the average credit score was 25 points higher in 2020 than in 2009.
This improvement, along with the low interest rates, now makes the perfect time to refinance a car loan.