Famatta purchased her vehicle at an astounding 35.69% interest rate. iLending lowered her APR to just 13.6% and reduced her monthly payment by $371, allowing her and her husband to save money for a new home.Start Saving Today
Famatta J. purchased her 2017 Dodge Journey Crossroad at an astounding 35.69% interest rate at a time when her credit score was in bad shape. As a CNA, Famatta traveled around six counties in New Jersey to provide in-home nursing care for elderly patients. Since she required transportation for work, Famatta and her husband reluctantly accepted an $899 monthly car payment.
After Famatta’s credit score improved, she received an offer in the mail from iLendingDIRECT. She and her husband were skeptical—was this too good to be true? Could they really save that much money?
Famatta called iLendingDIRECT and connected with Jeremy P., one of our experienced loan consultants. Jeremy spent the next few weeks carefully walking both Famatta and her husband through every step of the refinancing process.
Due to the incredibly high interest rate, Famatta had accrued negative equity in her car. Sometimes, this is called being “upside down” in a loan. It simply means that Famatta owed more money on her total loan than the actual value of the vehicle.
Jeremy secured a 13.6% interest rate for Famatta, a whopping 22 points lower than her original 35.69%. Her monthly car payment dropped from $899 to $528, saving her $371 a month. Famatta and her husband want to buy a home, and they are now able to put almost $400 more into savings each month to achieve their goal.
Since refinancing her auto loan with iLending, Famatta will spend $13,000 less in interest payments by the time her loan is paid off. If Famatta decides to sell the vehicle before that, she no longer needs to worry about having a remaining loan balance after the sale due to negative equity.
“The thing I like most about my job is that we help people get into a better state financially, with their car loans and overall bills,” explained Jeremy, reflecting on why Famatta’s story inspired him. “Just the joy that they gave me was totally worth it. That’s why we do what we do.”
Jeremy explained that he would be able to save Famatta thousands of dollars in the long run if she and her husband put a small down payment on their new loan upfront. With just $2,115 down, Famatta covered the difference of the negative equity on her Dodge Journey. Now, she met the new lender’s criteria and qualified for drastically better loan terms.
“The reason this story inspired me was just her overall reaction . . . just the joy that they gave me was totally worth it. That’s why we do what we do.”