The pandemic has impacted auto loan refinancing applications. Here’s why. In just a short time, the coronavirus pandemic has changed a lot about how we function as a society. Every industry has been impacted in one way or another -- and that includes financial services. The recent rate cuts…
We have all been watching it, the stock market crash … again … and again. The staff at RateGenius is always well aware of the market as our lenders are directly tied to it. That crash around 2007? We felt that as much as you guys did. But we are still here, fighting for your right to a lower interest rate.
So this time around, I am sure many of you are wondering how this “downgrade” is affecting the financial institutions you are thinking of refinancing through. Well according to Reuters and our own records, the rates are actually awesome right now because of all of this. In fact, there could not be a better time to refinance things.
From the Reuters article:
Car loans, however, are also expected to hit historic lows. The biggest factor affecting rates right now, Ulzheimer says, is your own credit score. “A credit score of 750 buys you 4.3 percent rate on an auto loan, but a 580 gets you 17 percent for same exact car. So you’re paying $170 more per month, for a $20,000 loan just because you have poor credit.”
Hear that? Yeah, we like the sound of that too. Worried about your credit? Pull a credit report (no, the real free one) and see. Get to work on any inaccuracies and when you’re ready, get to refinancing. This is an awesome time to get things straight with your financial situation.
Don’t let a market panic change your mind about moving forward with your life. We are always here for you at RateGenius, fighting for lower rates and pairing you up with the best lenders.
So who out there is ready to nix the negativity and smile for Monday?