A lot of people are misled to think that they’ve gotten the best deal when they make a car purchase from a dealership, but this may be extremely far from the truth. Car dealerships make money by charging as much as is possible with interest rates, even when you may qualify for a better rate. Even if you do get the best rate possible and agree to the terms, there may still be a secret interest rate that’s been added to your loan, which can linger from 2% to 4%, which jacks up your overall rate.
Imagine paying even an extra 2% every month on your loan because your dealer wanted to get extra money on top of what you’re already paying for your car, doesn’t seem fair does it? The fact is, many dealers are trying to maximize their earning on each sale, which is why a lot of people prefer to buy a car outright if it’s possible. Many people just cannot afford to pay thousands of dollars for a car at one time, which is why financing is necessary. Anyone with great credit can get better financing terms and rates, but what about those with not so good credit?
Even if your credit isn’t perfect, you can always build up a credit history that gives you better payment terms and rates for the car you are purchasing. If you’ve had the car for under a year or for several years, it doesn’t matter because it’s still possible for your refinancing terms to be in your favor, especially if you have been making payments on time.
Having good credit is what will give you the best terms for refinancing. You should always check to see if you are eligible for a lower rate than you’re paying now by going to the website for Ignition Financial and filling out an application. Think “slash my payments” when you think about refinancing your car with Ignition Financial because that’s what will happen. It’s time for you to see what better rates are out there, especially since Ignition Financial has many professionals that can help you. Imagine having a much lower car payment every month while still building your credit history.