How long does it take to save $163 per month by refinancing a 24% interest car loan to 6%? Sometimes about 2 hours.
“Jack” is almost 2 years removed from several years of destructive decision making. He bought a car right after he put himself on a good path in life. Bad decisions cost money even after you turn your life around. The best loan Jack could get was 24% interest on a Subaru with 50,000 miles; great car, terrible rate, zero choices outside of paying cash.
Sometimes you must make the best bad decision available until you can make better decisions.
Jack made a lot of smart changes over the last few years, including paying his bills on time. He pulled his Credit Karma, his Trans Union, and his Equifax scores. The credit bureau score simulators showed that he was in the 560 range.
Jack had hired 4 Step Credit to help him rebuild his credit. Jack didn’t have a credit card and needed to get one. We both went to his credit union that had a secured share credit card. While applying for a credit card we also made an application for a car loan as well. Turns out his real credit score was 640. That changed everything. Even with a car with an older, high mileage car the rate was going to be 6%. His credit score earned him that rate. His old payment was $356 per month and his new payment is $193. It doesn’t always happen like that. As a matter of fact, that is the largest
Turns out Jack’s real credit score was 640. That changed everything! Even with a car with an older, high mileage car the rate was going to be 6%. His credit score earned him that rate. His old payment was $356 per month and his new payment is $193. It doesn’t always happen like that. As a matter of fact, that is the largest
Even with an older, higher mileage car, the rate was going to be 6%. His credit score and hard work earned him that rate. His old payment was $356 per month and his new payment is $193.
You may be like Jack. Maybe you made a few unwise choices in the past. You don’t have to let past mistakes stop you from dreams of home ownership or a newer more reliable car. Sometimes, a few phone calls and a few small actions can result in a brand new lease on life.
Our normal 4 step process typically includes:
1. Reviewing the clients credit report, and going through our 4-step process; how do lenders see you, what are you doing right, what are you doing wrong, and what do you need to do next.
2. We make a plan to get score building credit that is needed and go through the dispute process. That time frame is generally 30 to 45 days for the new credit to hit your report, and the disputes to run their course.
3. If bad debt is an issue we start settling what we can. You don’t have to have all of your bad debt paid to get a better score, or a better loan. You do need to present yourself as someone who has their financial situation under control. Lenders want to lend. They are looking reasons to give you a loan as long as you meet their criteria
What does this mean for you? We hope it means that you can have hope. Let us know if we can do anything to help you!