Background
David M., a 64-year-old retired aviation mechanic, was hit hard by the 2008 financial crisis and was forced to file for bankruptcy due to some extenuating medical expenses. Left with little financial cushion, Dave, who was divorced, began living in his RV to help cut back on expenses. He was also determined to start building up his credit again and had no choice but to accept an “embarrassingly high” interest rate on his truck and RV loans from a traditional lender.
Challenges
The cash flow required to sustain the two loans at such high rates was a huge burden for Dave, and he sometimes struggled to make his monthly payments on time.
“I can finally enjoy my retirement and get out camping as much as I can… I just cannot thank iLending enough for the opportunity they gave me.”
He started searching for a way to refinance his vehicles at a lower interest rate to help improve his overall financial situation. He visited lender after lender, but with little credit, his application was rejected every time.
One day, Dave received a flyer about the iLending auto refinancing program in the mail and he immediately called the company to learn more about it’s offering. Although he took the next step of completing an online application, he had been turned down for refinancing so many times that he was careful not to get his hopes up.
iLending Smart Solution
Once Dave filed his iLending application, he never looked back. Working with his customer representative, Dani, the process moved along swiftly and he was soon approved for a loan offering him a 50% reduction on his annual percentage rate for his RV, which would save him $190 per month. There was even more good news. Dave was approved for refinancing his truck as well, saving an additional $41 per month on that loan and getting an extended warranty to boot – a total benefit of nearly $300 per month!
Results
“iLending not only provided a great product and great service, but they also helped me start building up my credit,” he says. With savings totaling nearly $3,600 per year, he was able to stay current with all of his bills and purchase additional camping gear to pursue his passion for the outdoors.
“I can finally enjoy my retirement and get out camping as much as I can,” he says. “I just cannot thank iLending enough for the opportunity they gave me.”
