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When to Refinance Your Loans + Debt Payoff Tracker Printable

Getting out of debt or lowering your total debt obligation is incredibly freeing! This year, consider making the New Year’s resolution to get your finances in order. Use our printable debt payoff tracker and learn how to refinance your loans to get motivated to take control of your finances this year!

Before you get started tackling your loan, you’ll want to consider if refinancing your car loan may be the first best step to help you save while you’re paying down your debt.

You should start with paying off your highest interest debts first, so if you can refinance your car and save at a lower rate, and then you can start by paying higher interest rate debt, like credit card debt or payday loan repayments.  

When to Refinance Your Loans + Debt Payoff Tracker Printable Refinance Car Loan Pin

This post is sponsored by All opinions are my own.

When Should I Refinance a Loan?

Refinancing a car loan, or other debts, isn’t the right step for everyone but, oftentimes, life changes can make it the right time to refinance! Consider the following:

Do you Need to lower payments? If you are in a financially tight spot, you might consider refinancing to lower your payment. You can lower your payment by any combination of these 3 factors:

  • Lower Interest Rate: Your interest rate makes an impact on both your monthly payment as well as your total interest paid throughout the life of the loan. If you can save a few interest points, you’ll likely more than cover any fees for refinancing.
  • Longer Loan Term: You can reset or extend your loan repayment term to spread out the total payments over a longer time frame.
  • Lower Loan Balance: Consider making an upfront payment during the closing to lower your total liability. Or, you can lower your loan balance by trading in a new and expensive vehicle for a quality used vehicle.

Has your Credit Score Improved? A better credit score can mean lower rates! You may have been locked into a high-interest rate due to poor credit or insufficient credit history. Now that you have a solid record of paying off your car loan, you may have a better credit score and can qualify for better interest rates. This could save you a lot of extra expenses over the term of your loan.

Are you Adding or Removing a Co-Borrower? If you recently got married, divorced or have a family member you need to add to or remove from your existing loan, you can take advantage of refinancing at the same time while removing or adding a co-borrower. This can also help you with improving your overall credit rating, helping you get the best rates possible.

Are you Working Towards Paying Off Debts? If you are ready to get serious about tackling outstanding debts, refinancing can be a helpful tool! Aggressively paying off the balance of a single loan may or may not benefit from refinancing, a good calculator can help you decide if it’s worth the upfront fees.

However if you have several debts, refinancing the highest interest rates lets you focus on paying off one debt first until it is eliminated, and then you can snowball those efforts towards the next debt payments.

Gravity Lending makes it easy to get a quick quote and see if the timing might be right for you to consider refinancing your auto loans or even buying out a lease agreement.

Why Refinance Your Car Loan with Gravity Lending

Gravity Lending is a great choice when you’ve decided to refinance your car loan! Here’s why to choose Gravity Lending for your refinance needs:

When to Refinance Your Loans + Debt Payoff Tracker Printable auto refinance banner

Highest rated Auto Refinance Company – Gravity Lending is the top-rated auto refinance company in the U.S. Customer reviews don’t lie, join the thousands of happy customers.

Fast & Secure – The initial application process is fast, secure, and easy to complete. A personal loan officer will guide you along the way.

Customize Your Loan – Gravity Lending gives you the flexibility to adjust your loan term, make changes to co-borrowers, and get the help you need to find the best loan for your financial needs.

Sign Loan Documents Anywhere – No need to make an appointment and head into a finance office, your loan documents will come right to your phone, tablet, or computer for you to upload and sign your paperwork digitally.

No Fees – Gravity Lending does not charge for their services, so you will not pay any additional fees for refinancing through Gravity Lending.

Rates as low as 1.99% – You’ll find competitive rates, as low as 1.99%. Actual auto refinance rates are based on loan amount, repayment term, and credit score.

Up to 90 Days No Payments – You’ll have a grace period before your first payment is due of up to 90 days that can help you get caught up on any other outstanding bills and be ready to pay your loan on time each month.

Connect with Gravity Lending on Facebook, Instagram or Twitter @gravitylending to find exclusive promotional offers or head over to the Gravity Lending website to check rates and get started.

How to Refinance Your Car
Loan with Gravity Lending

When you decide that an auto refinance is the right move, Gravity Lending makes it quick and painless to refinance. Gravity Lending customers, on average, save $134/month with their new loan! That’s an average of 25%!

When to Refinance Your Loans + Debt Payoff Tracker Printable auto loan calculator

Get an Instant Estimate: The first step is to start with an estimate. Gravity Lending has a quick and easy calculator that will help you play with the loan amount, terms, and rates to see your estimated payment.

Apply for an Auto Loan Refinance: The very first steps couldn’t be easier! You’ll apply by sharing information about your vehicle, employment, income, housing, and your contact details. It takes 90 seconds to apply.

When to Refinance Your Loans + Debt Payoff Tracker Printable auto loan application

Talk to a Loan Officer: Next, a qualified personal loan officer from Gravity Lending will be in touch to go over available rates and answer any questions you may have.

Gather & Submit Documents: Your loan officer will request a variety of documents to secure your loan. Generally, you’ll need the following documents during the refinance process.

  • Proof of Employment & Income – Such as a paystub, 1099s, or tax returns
  • Proof of Residence – A utility bill, driver’s license, mortgage statement or lease agreement, or a bank statement will work!
  • Proof of Insurance – You will need your auto insurance ID card
  • Vehicle Information – Grab your vehicle’s registration card to gather the important details including the make, model, year, VIN, and the current payoff amount on your existing loan

Complete the Refinance: When all of your documentation is submitted, your Gravity Lending loan officer will help you finalize all necessary paperwork to complete your refinance and payoff your existing loan obligations.

How to Use the Debt Payoff Tracker

When you’re ready to start tackling that debt head-on, you can accelerate your payoff time by tracking your payments and setting your goals and intentions.

Start by printing a copy of our Printable Debt Payoff Tracker worksheet at the bottom of this post. If you have multiple debts, consider this Debt Payoff Planner Worksheet as well to track your progress on several loans and keep track of payments.

Then, figure out how much current debt you have and want to work towards paying off. This could be one single debt payment, such as a car loan, student loans, or paying off a single credit card. You can also lump several debts together and figure out the total debt you want to payoff.

debt payoff worksheet planner and tracker with debt goals

Write the total amount on the top right titled “Total Debt”. This will be the goal you are working towards.

Now, multiply your total debt number by:

  • .75 and write that number on the blue amount line. This is your 75% complete goal!
  • .5 and write that number on the green amount line. This is your halfway mark!
  • .25 and write that number on the yellow amount line. This is your first milestone – paying off 25% of your total debt goal!

Write a name or a label for what debts you are tackling on the bottom-most line on the thermometer tracker labeled “Debt.”

fill in debt payoff tracker with milestones thermometer

Now, you’ll want to set a realistic target date to complete your goal. You may want to adjust your numbers, if needed, to set an amount that you can reasonably tackle in 1-year or less. It’s hard to stay highly motivated for long goals. Of course, you can repeat the process when you finish your first payoff chart.

Fill in a date in that “Target Date:” row and put all your motivation, intention, and efforts towards meeting that goal!

Now, fill in a mini reward or way you will celebrate when you complete your goal! Keep in mind, you’ll have worked hard to pay off debt, so this reward shouldn’t be something extravagant or expensive. Maybe a nice dinner out or a weekend road trip to celebrate that paid-off car!

Finally, your last step is to post this tracker somewhere you will see it EVERY day! Multiple times a day is best! You want to see and picture that goal and work towards it every day with the little financial decisions you make.

printable debt payoff tracker and planner with goals

That might be posting it where you get ready in the morning, on your fridge, or in your workspace. Now – color in the bottom section of your tracker with the diagonal lines.

You’ve just taken a HUGE step towards paying down your debt – making a plan and setting your intentions! It may not feel like you’ve made any progress, but you’ve just taken the hardest step there is — deciding and getting started!

Now, just fill in your progress along your journey, writing down excess payments or milestones and filling in the thermometer until you’ve met your goal!

printable debt payoff worksheet

Printable Debt Payoff Tracker

Grab your copy of this Debt Payoff Tracker here. You’ll be able to fill it in and stay motivated along your journey towards paying down whatever debts you may be looking to tackle.

Print out this 1-page printable Loan Payoff Tracker for each loan you want to track. It may be best to start with just one loan with any extra payments, and then focus on your next debt when you’ve finished paying off the first debt obligation you choose to tackle.

debt payoff tracker printable worksheet

Click here —> To Download Debt Payoff Tracker

What loan or debt repayments will you track with this printable Debt Payoff Tracker?

Cindy B

Thursday 20th of January 2022

Thanks for sharing! I'm thinking of refinancing my auto loan when my divorce is final.


Monday 17th of January 2022

This is very informative! I know that I have refinanced my car in the past to pay off my debt and I am still to this day, debt-free. Was the best decision I ever made!

Janeane Davis

Friday 14th of January 2022

You gave some solid advice that will help people who need to refinance their loans. The printable tracker is a great idea as well.


Friday 14th of January 2022

Definitely bookmarking this since we just bought a car. I'll have to revisit next year!

tara pittman

Thursday 13th of January 2022

Sound good money tips. This will help my son with his loans.

Comments are closed.