There are so many terms and concepts when it comes to refinancing your auto. As experts in the field of auto-refinancing, we at Flatiron Finance know this stuff backwards and forwards, but we realize that it may be confusing for anyone that is not working in our field. At the end of the day, it is not so complicated, but we know that it may seem that way at first.
With that being said, you may want to know:
What is Guaranteed Asset Protection (GAP)?
First of all, and most simply put—GAP is a supplement to your regular auto insurance. It is there for you to protect against if a major accident occurs, and for various reasons, your regular auto insurance is not able to completely cover you. GAP insurance Colorado makes up the difference between what your insurance company agrees to pay, and what you actually owe on your loan, and thus effectively bridges that “GAP.” Colorado GAP Insurance even covers your deductible up to one thousand dollars. If you do choose to refinance your auto loan in Loveland, Denver or any part of Colorado, you might consider getting GAP.
Why is GAP necessary? Shouldn’t my auto insurance cover this sort of thing?
Well, in an ideal world, that would be the case. However—it is not uncommon for a vehicle to depreciate faster than the loan balance pays down. This results in something called a ‘negative equity’ or an “upside down” position in your loan. This is particularly true if your original loan was written at a higher interest rate with more of your payment applied to interest than paying down the loan balance. In the event of a car accident where the car is “totaled”, the financial hit can be significant.
You have worked hard for your credit rating, and Flatiron Finance wants to help you to protect it; with GAP, you are protected when the unexpected happens.
At Flatiron Finance, our goal is to help you save money and protect you and your credit from potential threats by getting a Colorado auto refinance loan. Call Flatiron Finance today, and be sure to ask your loan specialist for details.
You may also want to read:
Lease Buyout Financing
All about Refinancing
Flatiron Finance is a Colorado auto financing company located in sunny Colorado. We help customers refinance their car payments. Our founders—a small group of automotive finance professionals—developed the auto financing company based on the value that regardless of history or circumstance, everyone deserves the opportunity to improve their financial well-being.
What if you were not able to pay your car loans as needed? Or you are having difficulty paying your monthly car loan dues?
Auto refinancing is your answer. Allow us to explain.
Auto Refinancing
Refinancing means getting a second loan to pay off the first loan. Auto refinancing works on the same principle except the process and terms may vary in terms by your financial institution. Shop around for the best loan available in the market that would work for you. Always check your car’s value to determine if auto refinancing is the right option for you.
Advantages.
The purpose of auto refinancing is to get you a better deal than your current auto loan. Auto refinancing includes getting a loan with better interest rates, thus resulting in lower payments each month and overall. Auto refinancing gives you the flexibility to lower your monthly payments and extend your loan terms if you desire.
Who Qualifies?
Anyone with an existing auto loan qualifies for auto refinancing, as well as an approved credit score. It is advisable to check with your trusted lender to help you determine the right auto refinancing for you.
Whether your Colorado refinanced car payments save you two percent or twelve, forty dollars per month or one hundred and forty—it matters. When you get a Flatiron Finance auto refinance loan, you are already on your way to big savings. Flatiron Finance will provide you with a Colorado auto refinance loan specialist that can help.
Whether you’re looking for a lower rate, lower payment, cash out, removing or adding a co-signer, or a lease buyout—Flatiron Finance is here to help with a loan custom-tailored to meet your needs.
At Flatiron Finance, we specialize in car loan refinancing solutions across Colorado.
