I’ve never been a fan of car dealerships, which is why I saved up all my money to purchase a car outright. I needed a car for my job, but there was a family emergency that required me to spend all the money that I had saved for my car to help a family member with hospital bills, so I didn’t have the money to buy the car again. Since my credit was decent, financing a car was the only choice I had, so I went to a dealer to look for a car and to see what their loan terms were.
Since this was my second car, I did have some good credit history, but it could have been better. I got a good rate on my financing, which was 18%, but I still would have liked to see it get lower than that. My first thought was to get the car refinanced as soon as possible, but I knew I needed to build up some more payments and a good payment history with the car to get any refinancing company to look at me. I did a great job paying down the car by several thousand dollars within only six months.
By the time I was ready to refinance my car, I only had $3000 left on it to pay, so refinancing it would have saved me some money each month, so I decided to call Ignition Financial. I only know about Ignition Financial because they are in my area in Austin, Texas, and I heard many good things about what they are able to do for those who need refinancing. Since I had on-time payments with my car and had been paying extra, it looks very good on my credit, and I couldn’t believe how they were able to slash my payments.
My $250 a month payment dropped down to $175 a month, and I was looking at a significantly lower interest rate than the 18% I was paying to the other financing company. My loan was bought out, which then allowed me to make monthly payments that were saving me money. Even though I was able to save more money each month, my goal was to pay off the car as soon as possible, and I was able to own my car outright within a year. I love what Ignition Financial has done for me.