Okay, you have finally realized you didn’t get your best financing deal when you purchased your vehicle. Well, you just took a ride on a rather large boat along with thousands of other buyers, so you’re not alone. That said, a refinancing has crossed your mind and it’s probably a good idea. However, if you will allow us to tug on your coat for a couple minutes, this article will put a smile back on your face, remove that dark cloud over your head, and show you some blue skies and green lights. To begin with, here are some interesting thoughts for you to ponder.
What went wrong when you purchased that vehicle? If your interest rate was high and you had a credit score on the north side of 700 plus an unblemished credit history doesn’t mean you received the best deal from the dealership. What you did was fall in love with the vehicle (can’t live without it) and your best rate suddenly went south. Dealer-sourced vehicle loans usually carry a high interest rate simply because you, the consumer, didn’t know any better.
Here are four things you need to know before you start looking to refinance your current vehicle. So ask yourself these questions:
* Is the vehicle worth less than the loan balance?
* Call your current lender and request the payoff amount of your loan which would be the amount of the money you need to refinance.
* Don’t fall for the ploy that there is a required time limit from the date of the original loan to refinance – it’s not true.
* Once you know your payoff, and the terms of your refinance loan, you’ll know how much of those green pieces of paper with the pictures of dead presidents on the front you will save refinancing.
In the final analysis, refinancing to better terms and rates loans are pretty much straightforward and decisions and paperwork are usually quick. Many lenders will allow some of the initial paperwork to be done online, as well. So if you find yourself upside down in your current loan and for whatever reason need to lower your monthly payment conundrum headache, you can stop whinning. Ignition Financial is where the parachutes and green lights are located and they will be happy to give you a quote when you ask the secret words that you want to “slash my payments.” Contact: www.ignationfinancial.org/auto-loans.