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Find A LenderSafeLend: Overview
SafeLend is a Canadian lending platform that provides unique auto loan refinancing solutions to consumers. Ultimately, SafeLend’s goal is to help Canadians lower their car loan amounts by reducing their interest rates without the need to trade in their car.
Headquartered in Mississauga, ON, SafeLend believes that consumers should be well-informed about all the options available to them when it comes to vehicle financing.
Key Points
- SafeLend helps Canadians refinance their auto loans to make them more affordable and manageable.
- SafeLend partners with lenders across Canada and connects them to consumers looking to refinance their auto loans.
- Programs are customized to suit each individual borrower, and the entire process can be done online.
How Does SafeLend Help Canadian Consumers?
In many cases, consumers looking to buy a vehicle may not have all the information needed to make an informed decision when it comes to their auto loans. In turn, this can lead to a much higher price for a car loan than necessary.
SafeLend aims to help Canadians avoid this situation by trading in their high-interest car loan rather than trading in their vehicle. Instead, consumers are left with a new auto loan with more cost-effective terms and rates.
The process to refinance auto loans through SafeLend is easy, safe, and can be done from the comfort of home. Clients are ultimately left with a more affordable auto loan and get to keep their car.
What Products Does SafeLend Offer?
SafeLend offers vehicle refinancing programs to Canadian consumers looking for more affordable loan options.
Vehicle Refinancing
SafeLend Canada offers a vehicle refinance and auto loan optimization program designed to help Canadians secure more affordable financing terms.
Vehicle refinancing involves taking out a new loan to pay off your existing car loan. Your vehicle collateralizes the new loan, which you pay off through installments until the end of the term, much like your old car loan.
The idea behind vehicle refinancing is to secure a lower interest rate compared to the rate you’re currently paying. That way, you’ll owe considerably less over the life of the loan because you’ll be paying less interest.
Once you’re approved, you’ll be issued a new loan contract for the outstanding balance of what you still owe. The lender will pay off the remaining balance on your existing car loan and will issue you a new loan and accompanying balance with new terms.
Benefits Of Refinancing Your Vehicle With SafeLend
Refinancing your current car loan with SafeLend could be the solution you’ve been looking for. To help you make an informed decision, here are the main benefits that SafeLend has to offer.
Keep Your Car
Without the option to refinance your loan, you’d have to sell or trade-in your car for another one in order to enter into a new financing arrangement. But with SafeLend’s vehicle refinancing and loan optimization program, you can swap your existing high-rate car loan for a new loan with better terms and a lower interest rate while keeping your car.
Multiple Options
SafeLend works with a network of lenders to facilitate the auto loan refinance process by connecting you to a lender that can best accommodate your situation. That way, you can be confident that you’re getting the best loan product, rate, and terms based on your financial profile.
Reduce Negative Equity
Negative equity refers to the difference between the outstanding balance on your auto loan and the current market value of your car. If your car is worth less than what you still owe on your car loan, you have negative equity. SafeLend aims to help reduce or even eliminate your negative equity by helping you refinance your existing loan with a new one at a much lower rate.
Affordable Rates
SafeLend’s main goal is to help consumers refinance their car loan to a lower-rate loan. In turn, this will significantly reduce monthly car loan payments and the overall cost of the loan.
Convenient
SafeLend’s application process is quick and easy. Within minutes, you can complete and submit your application and expect notification of approval within hours. The funds will then be deposited into your account within 24 to 48 hours after loan approval.
Safe And Secure
Applying to refinance your car loan with SafeLend is safe, secure, and discreet, so you can rest easy knowing that your sensitive information is always kept confidential.
High Approval Rate
Thanks to SafeLend’s large network of lenders, they’re able to find lenders who are willing to work with just about every borrower. Even if you have bad credit, SafeLend may find a lender that specializes in working with poor credit borrowers.
Requirements For A Car Refinancing Loan
You can pre-qualify for a car refinancing loan from SafeLend without a credit check. All you need to do is answer a few questions about yourself and your vehicle to find out what type of loan you may be able to get approved for. Some of the info you’ll need to provide includes the following:
- Copies of Ownership
- Insurance slip
- Driver’s license
- Void cheque
- Copy of current payout
You may be required to provide additional documentation depending on the province/territory you live in. Further, the specific lender you work with may require further documentation.
All documentation can be uploaded online, and verbal communication over the telephone is required.
Final Thoughts
If you are currently paying a car loan and are finding it difficult to keep up with your monthly payments, perhaps refinancing your loan can help. SafeLend can help facilitate the auto loan refinancing process so you wind up with a lower rate without having to sell your car, potentially saving you thousands over the long run.
