I recently had a member come in to talk about getting a boat loan. As I began the going through the application process, I noticed that this member had a loan with another financial institution. They mentioned that it was a car loan. That is when my AH-HA! moment occurred!
The member let me know that he had locked into a 5% APR rate, which was looking pretty good at the time he initially got the loan. However, our loan rates at Linn Area recently dropped, allowing us to be more competitive than ever. Because of this, I could not only lower his auto rate from 5% APR to 3.25%, but I that was able to shorten the term a little.
For fun, I did the math to see exactly how much money this fancy financial finagling would save the member over the life of his loan. Any guesses out there?
Are you ready for this?
It was a total of 2 grand. I’ll give you a moment to pick your jaw up off the floor.
The member looked at me and exclaimed, “Did you just save me $2,000 dollars in less than 20 minutes?!?!”
I was thrilled to nod my head saying, “Oh, yeah. That just happened.”
I’ve never seen someone’s face light up as much as his did. I was ecstatic to make these members start off 2011 on the right foot.
This obviously isn’t the first time I’ve been able to save a member lots of money by helping them refinance an auto loan. It certainly won’t be the last! I’m willing to bet that most of you who are reading this had no idea that you could actually refinance an auto loan. Not only can it save you big bucks, but it’s a very quick and painless process. I’d say the average auto refi takes me all of 30 minutes.
So if you have an existing loan at another bank or from a dealership and are curious about saving some money, please don’t hesitate to give us a call or check out our Linn Area website to see how much we can save you. To be honest, we love saving our members’ bling almost as much as they do!
What would YOU do with an extra $2,000? Tell us in the comments below.