Buying a new car can be fun. Unfortunately, it can also become a long and tiring experience for most people. This is because during the car buying process people are forced to make a great many unanticipated decisions quickly. Car dealers have a seemingly inexhaustible list of questions. Do you want an extended warranty? How about extra undercoating? Oh, and by the way, do you know that we can get you easy financing right now? It is this last question that is the most important because if you agreed to go with the dealers financing plan, you probably made a costly mistake.
Car dealers tell you that their auto financing is fast and easy. And that is true. But what they don’t tell you is that it is also costly. Car dealers offer to help you with financing because they make money doing it. The car dealer plays the middle-man and puts himself between you and the bank during the financing process. When the car dealer submits your application to a lender he gets back an offer from the lender agreeing to loan the money at a set interest rate based on your credit factors. This is called the “market rate” for the loan. The dealer then adds a few extra interest points on the loan and presents it to you at the “contract rate.” The dealer then pockets the difference between the two interest rates as extra profit.
The problem with this system is that those extra interest points that the dealer added cost the car buyer a lot of money every month in the form of much higher car payments. After a while these high car payments can become a burden. People often find themselves cutting back on other expenses so that they can make their car payments. Eventually, they find themselves asking, How can I slash my payments? The answer is simple. Refinance your car loan with Ignition Financial.
If you find yourself in the position of paying a high interest rate on your new car, you are not alone. The knowledgeable staff at Ignition Financial are experts at helping people just like you. And you don’t have to waste a lot of time driving around to different banks searching for a better interest rate on your loan. With Ignition Financial you only have to fill out one application to get access to credit offers from hundreds of lenders. Contact Ignition financial now and start saving money today.