The auto refinance loans, the way that it works is if you have already purchased your vehicle, and if you want to save any money or reduce your monthly payments, you have the option to refinance your existing loan. If you want to, you could also refinance your existing loan and borrow additional funds to cover any other unexpected expenses. The process is super fast and easy, unlike mortgage refinancing.
Reasons To Refinance
So, when someone wants to refinance their auto, let’s say, what are the reasons they’re giving you? They want to keep some cash? They want to lower the payments? What are the reasons? Many of our customers come to us because they want to lower their monthly payments. In some cases their credit risk might have improved, in some other cases they might have some financial situation decrease. One of our customers, for example, was able to refinance his auto and we were able to reduce his payment by about $283 a month. $283 a month, that’s a good chunk of change.
If you think about it, that amount is about $3400 a year, which you could use for any other things, like a vacation, or maybe you know, cover some unexpected expenses. Maybe put the money in the bank, so you know, that’s some of the reasons that you could use the refinancing for. So, let’s say I want to do this Margarita, what do I need to do to make this decision?
The process is super fast and easy. If you are interested, you can go to Spring Leaf website. You can put in your application online. All you need is your personal information, and your employment information, and basic information about your vehicle, which you can get from your insurance or your registration card, and then we take care of the rest. The process is super fast and we can give you an answer within 30 minutes, from the time that you complete your application.
Now that was a good case scenario, the $283 a month. What’s the reasonable one? I’m sure it varies. Yes, many of our customers come to us, like I said before, because they want to also borrow additional cash, so one of our customers, we had another customer also that we were able to consolidate three credit cards into one bill and also give him about $3700 that he wanted for his vacation, and we were able to reduce his total monthly payments, by about $150.
So, it varies from customer to customer. But a big benefit there as well. Absolutely. Now this is, I think, easier than refinancing a home. I mean, most people do that, but this one sounds so easy. It’s much easier. You could also get the money the same day, and we don’t have any hidden costs or hidden fees.