Flatiron Finance: Bills, Income, and Auto Refinance.

Nowadays, there are so many bills to pay. Sometimes, the paychecks we receive are not as big as we would like them to be, what with taxes being taken out, amongst other things.

Even when we feel like we are being paid well, our money sometimes arrives in chunks—whether we are paid weekly, bi-weekly. monthly, or paid by the project. And, for those working for themselves, they know that not all clients are the best about paying on time.

When these sorts of delays occur, don’t you wish there was a way you could slow down the payments that you have to make on your end?

Flatiron Finance is part of the solution—at least when it comes to auto refinance.

In case you aren’t sure what refinance is: refinancing is getting a second loan to pay off the first loan.

Auto refinancing aims to get you a better deal than your current auto loan. Auto refinancing will get you a loan with better interest rates, thus resulting in lower payments. Auto refinancing gives you the flexibility to lower your monthly payments and extending your loan terms, and thus can take the pressure off of your current financial situation, whatever it may be.

Because you don’t have to pay as much as you are paying for your car right now—you do have better options, and we at Flatiron Finance are available to help you as soon as you are ready.

Flatiron Finance is here to help educate you about car loan refinancing, Colorado! We want to help you get a loan for auto refinance that works for you—an auto refinance loan that will make your life and finances a bit more manageable.

There is some confusion out there regarding the difference between Rate and APR. Flatiron Finance would like to clear up the confusion.

In simple terms, the base interest rate or “Rate” is the cost of the interest on the loan, aka “interest rate.”

Annual Percentage Rate or “APR” on the other hand, is the total cost of borrowing, and includes the base interest rate in addition to other costs associated with the loan.

APR disclosure goes back to 1968, when Federal Government passed legislation to make it easier for consumers to understand the actual cost of borrowing, and to compare loans on an “apples to apples” basis.

For example, if you listen carefully to most home mortgage advertising, you will hear two numbers: the “Rate” of “Only 2.9%!” and a higher APR of perhaps 3.27%. In this case, the interest rate is 2.9%, but by the time the fees associated with getting the mortgage are added in, the effective rate—or the actual cost of borrowing—is 3.27%.

How does this information apply to and help you?

If you were comparing two home loans that each had a 2.9% interest rate, but one had 3.27% APR and the other 3.94% APR, it would be much easier to identify the more expensive fees built into the higher-cost 3.94% APR loan—and therein lies the difference between interest “rate” and APR.

With the vast majority of auto loans, the Rate and APR are the same, and show up on the contact as the APR. This is simply because the auto loan does not have the same kinds of fees as a home loan—things work slightly differently with an auto loan company than one that specializes in home loans.

Flatiron Finance wants to make sure that our customers understand the choices they are making when it comes to auto loans and finance. That’s why we are the best auto refinance company in Colorado.

Questions? Comments? We love to get them. Send them here!