Owning a car is a great thing. The problem arises when you try to repay the auto loan. Many people are faced with the dilemma of financing their car loans considering the fact that there are other bills pending. If you are tired of the monthly payments, there is a solution for you. Simply refinance your car.
Refinance you ask? Yes. Refinancing is the act of paying off your auto loan with another loan. By doing this, you will be able to not only lower your monthly payments but also your interest rates. The bad news with this is that you will have to change your service provider. The good news is; Ignition Financial is here to help.
When is the best time to refinance your auto loans?
Before you contact Ignition financials, you need to determine if you are eligible for refinancing in the first place. You can look for refinancing if your credit history has improved since you got the first auto loan. If your credit has substantially improved, your interest rates will go down. It is best to seek for refinancing at this time because you will get lower interest rates.
You may also consider seeking a refinancing loan if your finances have improved over a period for example if you got a promotion at work. When you want to slash your payments, you will get a short term loan. Likewise, if you have suffered a financial setback, you may also consider applying for a refinance loan.
It is not advisable for you to seek to refinance if you have any pre- payments penalty. Keep in mind that even though you may get a short term loan, in the end, you will end up extending the loan term. You need to be therefore sure that you want to refinance your loan.
What benefits will I get when I slash my payments?
« When you refinance, you will be able to lower your monthly payments.
« You will get lower your monthly rates especially if your credit score has improved
« You will be able to change your loan duration. You may choose to have a shorter loan period or a longer one. However, a longer loan period may lead to you paying a higher amount of money in the end.
They are a team of financial experts who will help you in choosing a suitable loan financing option. There are different options available that you can choose from. That is why when you apply you are given a loan advisor who will be able to guide you through the process of getting a loan. You must, of course, provide the required information and documents for your loan to be processed.
The company works with different bank partners and therefore your advisor will be able to search around for the best rates. You can complete your application through the online process which does not cost you anything or via the FedEx.