When someone is ready to refinance their vehicle, there are a few things they may try first before going to a refinancing company. One such solution is to see if the terms of the loan can be extended, such as extending a three-year loan to five years, which will then lower the monthly payments. In many cases, a person is simply looking for lower monthly payments, even if the total price of the loan stays the same or goes up. Those looking to get their rates lowered may not want to extend the loan, so they should check their credit rate to see if it’s improved any.
It’s typical for most people to get interest rates that are 20% or higher, and those with credit that is not good will likely be paying at least 18% or more on their interest rate. Anyone who’s paying anything above 6% on their interest rates should always consider refinancing their loan, even if it’s after they’ve been paying on the loan for some time. Depending on how long the loan is set to last for, refinancing can be done within a matter of months or even years into paying on the loan. It’s also important to know that dealer loans are going to be more expensive.
Many don’t realize that dealers who are also lenders will have exorbitant fees attached to their lending practices, which then raises interest rates and the overall cost of the loan. Some may not be able to do any better than to get a loan from a dealership, but when it comes to refinancing a loan, one can always choose to work with any other company they want. Ignition Financial is definitely a company that wants to help anyone who’s ready to refinance their car, and the process is as easy as can be.
Refinancing a car is nothing like refinancing a home, so it’s a painless process that’s very easy to complete and only requires a certain amount of information, which all can be given in the online application that Ignition Financial has available. After completing the application, expect to get different offers from lenders, and you can always make the decision as to which lender is going to be the best to fulfill your needs. Ignition Financial works with a multitude of lenders who are ready and willing to refinance all types of customers.