A person with spectacular credit that is in the high 700s or higher can get great interest rates and can even expect to pay less than 6% interest on their loan, but it’s different when the credit rating is lower. Someone with fair credit may pay as much as 18% or higher, depending on how bad their credit is. Those with no credit or terrible credit can expect to pay north of 20% but may be hit with the highest percentage rate.
The percentage rate that you pay for interest is everything where a car loan is concerned, and if you wanted a low rate on your loan, then you may have done some shopping around when you first purchased your car if you were eligible to work with different lenders. Many people make the mistake of simply going to their car dealer for a loan, which ends up costing them as much as 4% additional on the loan terms that they are seeking because the dealer has tacked on their own additional fees.
Dealers make a lot of money by giving out loans to their customers, but when you want to refinance the loan, you shouldn’t stick with the same dealer but should go to an outside lender, such as Ignition Financial. The company Ignition Financial should be your go-to company for any type of car refinancing, whether you’re doing it for a single car or several cars. The reason why you may want to refinance is because of the fact that interest rates have gotten lower, which means that you will be able to save money, even if your credit rating hasn’t improved greatly.
If your financial situation has changed in any way, then refinancing your loan is always a good way to save money each month, even if the only thing it does is extend out the loan to give you lower monthly rates. There are a lot of things that Ignition Financial can do to help you save money on your vehicle every month, especially when it comes time to refinance the vehicle. Fill out the available online application on the Ignition Financial website, and you’ll be able to get started.