Have you ever looked at your car loan and asked yourself “How can I slash my payments?” You wouldn’t be alone. Sometimes that car loan you got a year ago with such celebration now feels like an albatross around your neck. Thankfully, there are options. Car Refinancing is an opportunity to reduce your payments and take advantage of changes in your financial circumstance. Not sure how it works? It’s simpler than you think.
Pays Off Your Old Loan With A One At A Better Rate
Refinancing your loan essentially involves paying off your old loan with a new one that provides a better rate. When we first get a loan we are shopping for one that provides the best rate available, but over the 48 month lifetime of a typical car loan, sometimes we experience buyer’s remorse when we discover we could have gotten a better rate. Refinancing your loan allows you to overcome that remorse by getting the loan you deserve!
Better rates mean lower payments, and sometimes faster payoff times. Let’s assume you’d made 12 payments on your car, but you managed to refinance your loan at a better rate. Let’s further assume that your previous payments were $469.70 with a final pay-off value of $22,546. If you got a new loan at $341.75 a month, you’d end up paying $22,040 instead, a savings of $505! That’s the power of auto refinancing!
Who Offers Auto Refinancing?
Banks aren’t often directly involved with refinancing a loan, after all they got you a great rate to begin with, and in the end it would result in them getting less money. That’s why there are specialty auto refinancing firms like Ignition Financial, firms who believe that their customers deserve the best auto rates available. When you work with us, you’ll have a team of dedicated professionals working to get you the best loan available.
If you’ve been locked into a high interest loan, there are options available to you. Don’t let high car payments cut into your personal finances when you can refinance at a lower, more manageable rate. Contact us today and let the experts cut your payments!