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6 Reasons To Refinance Your Auto Loan

Updated: January 2023

Refinancing your high rate auto loan can save you big! According to RateGenius’s annual study, Americans saved an average of $1,151 per year when refinancing their car in 2021. This is a 16% increase compared to 2020 and the highest amount since their records began in 2013. If you’re looking to refinance for a lower rate then check out these 6 reasons to refinance your auto loan.

1.) Lower Monthly Payments

One of the best benefits to refinancing your auto loan is the possibility of a lower monthly payment. This could mean extra cash in your pocket to use on additional bills and savings. 
jar of coins sitting on table labeled with car | Lower Monthly Payments

2.) Increase/Decrease Your Term

Chalkboard with bar graph and arrow going up | Increase/Decrease Your Term

Refinancing your auto loan opens up the possibility for different terms or re-payment options that better suite your current needs.

3.) Lower Interest Rate

Refinancing your vehicle loan to Launch could lower your Annual Percentage Rate (APR). This means that you will pay less overall interest if the repayment term remains the same, or decreases.

Person writing with pen and car keys setting next to him | Low Interest Rate

4.) Consistent Monthly Payments With A Fixed Rate

rows of stacked coins with miniature red car on top | Consistent Monthly Payments With A Fixed Rate

A fixed rate means that you pay the same amount each month and with Launch you will never get penalized for paying off your loan early.

5.) Easy Payment Options Through Digital Banking

When you refinance with Launch, paying your monthly car payment becomes easier! You can connect your preferred payment method to your loan account through digital banking.

hand typing on computer with sun shining in window | Easy Payment Options

6.) In-House Refinancing

woman holding keys outside of car window | In-House Refinancing

Launch offers in-house financing and refinancing. If you have questions about your loan, call Launch for answers.

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