It is a fact that most people who purchase an automobile make a bad deal with their auto loan. When the average consumer chooses the car he or she wishes to buy, the usually pick a car where the car payment fits their budget. The sign the car note, and proudly drive their car home.
The facts are that in most instances, the purchaser of the car has no idea how their loan works, nor are they aware of the excess charges they are paying that are not necessary. Ignition Financial of Austin Texas has the answer for such a dilemma, and the process is easy and very profitable to the consumer.
Most lenders, who are the people who supply the money for the car loan, are in lots of competition as they wish to issue as many of the car loans as the can. So, one of their biggest tactics is to entice the dealers and the used car lots to accept as many perks as possible.
The lender will set a floor rate for the interest, and then allow the dealer to mark the interest rate up to an additional percent or two. The markup process gives the dealer a profit that he can collect at the time of closing, which is pure profit for him. In the meantime, the buyer gets stuck with paying extra interest of an additional 2% to 4%.
The new and proprietary process of refinancing the automobile with a brand new loan can offset these extra charges and at the same time free up more money for the consumer. This equates to extra money for travel, illness, taxes, new furniture and an entire host of other things that are needed in the household.
The concept is similar to the refinancing of a house, only in this instance, the refinancing is done with a car loan instead of a mortgage loan. With Ignition, a consumer uses a proprietary system that is designed to give the best service and explanation available.
The consumer can see an example before he makes the commitment to go through with the loan if he or she wishes. The sales agent can walk the consumer through the steps so he or she can clearly visualize the loan and how much can be saved.
It makes sense to look into a car refinancing loan, even if you think that you have a relatively sound investment, to begin with. It won’t cost anything to get the information; then you can decide if you want to go through with the loan. Then the consumer will say, “Go ahead and slash my payments!”
Learn more about car refinancing from Ignition Financial