Buying a new car can be both and exciting and confusing experience. When shopping for a new car, you are faced with a great many choices concerning models, colors and additional options for your new vehicle. Of all of the choices that people are faced with when buying a new car, often financing is given the least amount of thought. This is because the car dealers are very helpful in arranging financing for you so that you don’t have to worry about that part of the deal. Car dealers go out of their way to make sure that you know that they can make car financing fast and easy. So, you buy the car with monthly payments that you think are affordable, and you drive away in your new car.
As time goes by you may realize that your monthly car payments are not as affordable as you thought they would be. Something may have changed in your life that made your car payments more burdensome than you had anticipated. Things like a loss of a job, reduced work hours or even a new baby may have drastically changed your financial situation. You may have to look for ways to cut your monthly expenses in order to make ends meet. You may be asking yourself: Is there a way that I can slash my payments on this car? The answer is yes; there is a way. You can refinance your car using Ignition Financial.
Most people don’t think that they can refinance their car. But they can. The key to lowering your monthly car payments is to refinance the vehicle at a lower interest rate. If you bought your car with dealer financing you can usually refinance at a lower rate because the dealer financed you at a higher rate than he should have. Car dealers have an agreement with all of their lenders that allows them to tack on a few extra interest points for themselves to keep. This can make your car loan between 2 and 4 percent higher than it should be. This adds up to a lot of money over the term of your loan.
When you refinance your car at a lower rate your monthly payments will drop instantly. You can use this extra money to save or to pay other bills. When you refinance your car, you may also have the option of getting a loan that allows you to pay of the car sooner so that you will have on less bill.