Car loan payments are a significant part of most people’s monthly finances: many individuals pay hundreds of dollars per month to continue to pay off their loan for years and years. Paying off your car is an expensive process to begin with - and having a bad car loan with a higher-than-average monthly payment can be a major source of stress and frustration.
Because of how long most auto loan payment plans are, your financial situation may change at any given time, leaving you unable to meet your current monthly auto payments. Or, you may be stuck with a bad car loan that requires you to pay extremely high monthly payments, or meet a significant interest rate.
If you are stuck with a bad car loan, or wish to reevaluate your monthly auto payments, you may consider refinancing your auto loan with a lender.
There are many reasons to consider refinancing your loan, including:
Better Loan Agreement
Many people who refinance their car loans do so in search of a lower monthly auto payment. Different lenders - most often, car dealerships - are likely to give a higher overall monthly payment. In some cases, they may start individuals off with a higher monthly rate with the intention of lowering in the future. Refinancing your auto loan after paying off your car for a period of time can help you to lower your monthly payments to a more comfortable rate.
Lower Interest Rates
Interest rates change constantly, and may be higher or lower on average when you first apply for your auto loan. Depending on the rates at the time of your vehicle purchase, you may be eligible for lower overall interest rates on your car payments if you refinance your loan.
More Reasonable Payment Plan
Personal financial situations change throughout your life - whether you get a new job, buy a home, or any other event that alters your financial obligations, you may want to look into refinancing your auto loan to change your monthly payment plan.
Refinancing Can Be Difficult On Your Own
In many cases, the auto loan refinancing process is similar to the process of getting your initial car loan. Most lenders will require you to meet a list of qualifications ahead of refinancing. To qualify for loan refinancing, your auto loan lender will ensure you meet the proper criteria, similar to those met to initially be approved for your car loan. This will require you to provide proof of income, an appropriate debt-to-service ratio, and proof of address. Additionally, you will need to meet specific credit score and credit history expectations. You can expect to receive a credit inquiry throughout this process, which can even negatively affect your score. From here, your car loan would be refinanced with the remaining amount you owe on your car.
For many, refinancing a bad auto loan can be a long and arduous process. Various lenders have different requirements when it comes to qualifications for refinancing, and can make it difficult to qualify for a lower rate altogether. In most situations, you are required to visit a dealership, bank or other lender location to get started on your refinancing process. This can take up a significant amount of time in your day, lengthening the amount of time you’re stuck with your poor auto loan.
Finally, refinancing situations may only benefit you if you are willing to get a new car to fix your auto loan rates. If you are looking to keep your vehicle, you will likely not be eligible for a car loan refinancing option.
These details make auto loan refinancing on your own intimidating. Many people experience problems in the process: whether they fail to meet qualifications, or find a lender that is willing to give them a monthly rate that meets their needs, it can be tough to refinance your auto loan on the terms you are looking for.
Refinancing Your Auto Loan With SafeLend
Refinancing your bad auto loan does not have to be a difficult process - with SafeLend, you can secure a lower monthly auto loan rate that you are comfortable with. SafeLend will work with you throughout your entire auto loan refinancing process to ensure you have a good experience.
SafeLend is one of the first providers in Canada that will work with you in your auto loan refinancing process to get you the rate you are looking for without requiring you to trade in your vehicle. You get to keep your current vehicle while paying a rate that meets your unique financial needs.
Finding the Right Lender
At SafeLend, we will match you with the right auto loan lender to secure the lower monthly rate you are looking for. Our relationship with various available lenders allow us to expedite the approval process, and ensure a higher overall approval rate for our customers. Each of our unique lender options have different requirements we can compare to your current auto loan details and financial situation to determine the best match for you.
Refinance From the Comfort of Home
No more having to go to your dealer or bank for hours on end - with SafeLend, the refinancing process is simple and straightforward. You can apply online and have your new rate within 30 minutes overall. Our completely online process allows you to send your information online through our virtual portal, and be approved for refinancing in a matter of minutes.
Qualify for Refinancing Easily
At SafeLend, we understand each person’s financial situation is different. Sometimes, life gets in the way - you may be out of work for a period of time, have declared bankruptcy in the past, or have experienced other financial hardships making it hard to meet your monthly loan payments.
These situations may make it more difficult to qualify for auto loan refinancing. Many lenders have strict qualification processes that exclude individuals that have filed for bankruptcy, are currently unemployed, or have poor credit history.
Through our Prequalify Matrix, you can qualify for auto-refinance pre-approval without having to step foot in a bank or dealership, and avoid the process of multiple credit checks ahead of qualifying for loan refinancing. Rather than simply relying on your credit score and history to determine your loan refinancing eligibility, we leverage our Prequalifying Matrix to help you determine whether you meet auto refinancing pre qualifications and ensure you get the rate you need through one of our approved lenders. This gives us the opportunity to review your current qualifications with no credit check auto refinance process.
Safe & Secure Process
Refinancing your auto loan requires you to share private financial information to determine whether you qualify for the refinancing process. This can be a nerve-wracking process for many, and discourage them from moving forward in the auto loan refinancing process.
With SafeLend, you can ensure all your financial details are safely and securely shared without having to leave your house. You can speak with one of our trusted advisors throughout the process to support you during the application and approval process.
Protection Plans Available
SafeLend prioritizes customers’ needs above all else. We understand additional protection for mechanical breakdowns, and loan protection programs are a necessity for many people.
Should you be looking for more strategic auto coverage, SafeLend has you covered: plans for modified vehicle coverage, flexible deductions, roadside assistance services, and much more are available to add on to your refinancing plan. Additionally, in the event of a loss of income, our loan protection plan options are available to help in these more difficult situations.
Each of the plans we offer have been vetted and approved by SafeLend to ensure you are protected for the unexpected.
Contact SafeLend Today
SafeLend is a premier provider of auto loan refinancing services in Canada. Through SafeLend, you can qualify for the cheapest auto refinancing rates to secure the payments you need to live comfortably. Our car refinancing pre approval process will help you qualify for the rate you need, while allowing you to keep your current vehicle for your new auto loan.
SafeLend will work with you to determine your eligibility through one of our trusted lenders without impacting your credit history. We will ensure you are matched with the right lender to get you the refinancing rate you are looking for!
Contact us today to get your estimated refinancing rate so you can reduce your high auto loan rate.