Complete Auto Loans Helps Customers End Bad Loans

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Complete Auto Loans, long a fixture in the PNW lending community, has started a program to help borrowers rid themselves of “bad” debt in the form of unfavorable loans. CAL’s latest consumer guide is rich with details on processes by which bad loans can be discharged or transferred.

While the vast majority of people in the United States have taken out an auto loan at some point in their lives, only a minority of those people have had anything positive to say about their lenders. Once loan paperwork is signed, lenders tend to disappear, leaving borrowers stuck with high interest rates and poor customer service. Complete Auto Loans frequently deals with frustrated borrowers, asking whether their loan balances can be transferred to a more specialized lending agency either in-person or online.

Complete Auto Loans recently started giving quotes for refinancing auto loans and found that their rates were much lower than rates that people were typically quoted by dealerships and major lenders. There are a number of reasons for this trend, but it boils down to historically low interest rates throughout the country and the low expense ratio of online lenders as compared to their brick-and-mortar peers.

Auto refinancing is a relatively simple process in the United States, as long as both the old and new lender agrees on terms for the transaction. Basically, lenders transfer the balance of a loan between themselves, and the borrower pays a compromise interest rate between the higher old interest rate and the market rate at the time of the refinance.

Complete Auto Loans lists several other tips in their new guide, including advice on buying out auto loans when they reach a certain balance, and making principle payments in excess of the amount owed to the lender on each bill.

Complete Auto Loans is dedicated to responsible lending and borrowing, and their borrowers’ guides usually stress the importance of responsible credit-worthiness as well as smart shopping for loan terms.

Complete Auto Loans is a Portland-based auto lending company that specializes in bad credit and low credit auto loans. CAL publishes a weekly series of consumer guides on their website that offer advice and information for prospective car buyers and current loan holders.

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Keith Eneix
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