Description of service
In November of 2007 after using a very high interest loan for my vehicle I was finally able to refinance after many years of poor credit. I searched around for many different loan companies, both online and in person. I realized with a credit score that is just getting back to average that an interest rate of 11 to 13 percent would not be unheard of. The company that I found was great and was able to offer me a very reasonable rate of 8 percent saving me roughly 40 dollars a month in my car payment. This may not seem like much but it definitely added up to put towards further credit cards.
Review of Service
Another great aspect of this loan is there were no penalty for paying more than the amount allocated. Also added with no penalty was the option to pay off the whole amount. This will help immensely as I plan on paying this debt off approximately one year early.
Another great benefit that this company offered me is the option to refinance every year lowering my interest rate based on an improved credit score. I know that my first company that I received an auto loan from would never have offered this to a young male like myself.
Overall I had a great experience with an online company that has since become the company I use for auto loans, auto insurance, and banking.
Tips
My tips for anyone looking for an auto loan is look ahead of time before you go to the dealership. Going in blind and not having a firm price to work with puts you at risk for high interest loans with many fees and penalties.
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