Many car dealerships have opened their doors in an effort to sell as many cars as they can for the highest price possible. There is an upside and a downside to all the car dealerships that are now open because it means more cars for consumers, but it also means that consumers may be paying more money for those cars. A lot of people are unaware of the goings-on behind the doors of a dealership, making it difficult to find out that the dealer may be making extra money off of your credit loan, even if the loan is not directly from your dealership.
You may think that because you have good credit that you’re getting a good rate, even if it’s for a new car, but there is almost always a hidden fee in there that raises your monthly payments, and those hidden fees will go directly to the dealership. Many dealerships will make deals with lenders, and their cut of any loan that they help a customer get can land them up to 4% in additional fees, which makes them a lot of money. Why pay the additional fees to a dealer when you don’t have to?
If you’ve already purchased your vehicle and are paying for it monthly, then you can change your loan by refinancing your car. Refinancing any vehicle is the only way to solidify lower interest and payments. Refinancing is not for everyone because not everyone will be able to handle the terms of refinancing a loan, or some people may not like the terms of the new loan that they are offered by a different lender.
Once you have the application completed, you can speak with an Ignition Financial professional, who will be able to further help you to complete the entire refinancing process and to determine which lender will give you excellent rates. Please note that your credit will be important when you want to refinance your car, but it’s not the only important factor when refinancing a vehicle. Many who go to Ignition Financial will go and with the thoughts “slash my payments,” and they’ll leave feeling happy because they were able to lower their payments to a much more reasonable rate.