Life events can take a toll on your finances. Remember Danny? He was a recently divorced millennial who learned this lesson the hard way. Over the past years although bouncing back hasn’t been easy, it hasn’t been impossible. Danny's learned to adapt to his new life while being creative with finding ways to ease his financial hardship. He's trying his best to put his divorce debt behind him.
Danny got separated and divorced over two years ago, but has had some blemishes and unwanted debt following him around from that time. This caused some issues, particularly when he went to buy a new car. His lease recently ended and due to his situation, he was desperate to get into something, anything. He decided to buy the first car that was available to him.
As desperate times call for desperate measures, it doesn’t always mean they are the right decisions. Danny walked away with a lightly used SUV and a 16% interest rate that really burned a hole in not only his wallet, but also his heart. Times were hard, so the thought of paying that much interest on something like just a car didn’t sit well with him.
Danny had been chatting with his friend group chat and shared how surprised, but thankful he was to have gotten financed. The thing that all his friends got on his case about was the super high interest. Sixteen percent is a very high number to pay on an auto loan, regardless of any financial situation.
One of Danny’s friends told him about Get Beyond Money and how one of her friends, a young married couple, have benefited from their resources. She advised he check out how they could help and see if he could do anything to free himself of the burden of having to overpay on his auto loan.
Auto Refinancing an Auto Loan
Low and behold Get Beyond Money had just the resources Danny was looking for. He was able to take the Get Beyond Money Savings Quiz, to see how much Tropical Financial Credit Union, GBM’s financial resource could save him. He spoke with a Tropical Financial Credit Union team member who advised Danny that an auto loan refinance could bring his overall interest rate down and lower his monthly payments!
This was a huge help because not only was Danny able to lowering the monthly payment, he now freed up funds that he could use towards his divorce debt.
The process to refinance his application was. quick, easy and painless. He applied at-home, online and to keep organized used the Get Beyond Money Auto Refi Checklist, which was a huge help. Danny ended up getting approved at a much lower rate than the original 16 percent.
Divorce is not fun, especially when it hits hard on your finances. Danny learned a big lesson that sometimes even if you’re desperate, taking the time to look around and rate shop can help to fuel a better, more secure financial future.
Interested to see how much money you could be saving? Take the Get Beyond Money Savings Quiz now! It takes less than 5 minutes!