Refinancing your automobile is probably one thing that most people never considered before, primarily because the thought never seemed to be a reality. But when you stop and think about it, it seems to make sense under the right circumstances.
Most of us purchase our cars based on the dollar amount of monthly car payments we can afford. We walk into a dealership, look at the cars on display, and pretend to like this car or that car, but we finally make our decision on the level of car payment we can afford.
We can then drive our “new” car out of the dealership and feel satisfied that we made a good deal when we have no idea if the transaction was in our favor or not. Now with Ignition Financial, we can undo that deal where the payments were probably not made in our favor after all.
The car business is not in business necessarily to be our friend, but it exists to make a profit. The more profit, the better. Most consumers have no idea what goes on in an automobile financing operation.
Lenders are financial institutions that supply the money for the deals the dealers and used car companies have available for auto financing. Lenders are always trying to set up as many finance plans as possible, and their path to the consumer is through the car dealerships.
Lenders are always putting out great incentives for the car dealerships to do business with them. One way of doing that is to set a “floor rate” or a minimum interest rate that the lender will accept. Then they allow the dealership to “mark up the floor price so that the dealer will make a nice profit. This amount usually runs from 2% to 4% extra, and this amount is rolled into the charges that are due at closing.
This additional amount of money is not usually necessary when the consumer gets his or her financing at the local bank or credit union, but many car customers do not know that.
At Ignition, it is possible for a streamlined finance program can reverse a prior financing deal that was maybe not so good, and turn it into a plan that is more in a customer’s favor.
Payments are usually lower, prompting the consumer to say, “Go right ahead and slash my payments.” Money is freed up so that cash can go into savings, bills, taxes, future needs and many other items. The program is receiving rave results and more and more people are learning about this lucrative idea.