When this member called to apply for an auto refinance to move his high rate auto loan to a lower rate Qualstar loan, I knew I could help him save some of his hard-earned money. I asked his current rate and if he had an idea of his credit score, and after he provided that information I told him we can definitely get him out of that horrible high rate loan. After taking the loan application and running some initial numbers, I asked about his other auto loan that might also be in need of a lower rate and/or payment since he had a good amount of equity in his vehicle.
Like a lot of members we help, he had some options to consolidate additional debt, and we were able to include his other high rate credit card balances with the auto refinance. I finished putting all of the loan info. and payoffs together, and he liked what he heard so we proceeded with refinancing the one auto and paying off his remaining debt – that left a bonus of $900 cash, which we deposited to his checking account. When all was said and done, by lowering his original 22% auto loan rate to 7.99% and consolidating the rest of his debt into one loan, we lowered all of his current monthly payments by a whopping $650.00 per month!