FundedMortgage.ca | Success Story: Lower Payment

02 Feb Success Story: Lower Payment – Car Financing Solutions

Posted at 10:04h in Success Story by imorgun

At AccessMyHomeEquity.ca, we help homeowners maximize their financial opportunities. Sometimes, it means thinking beyond just their mortgage. That is precisely what happened during the most recent mortgage review when our clients, homeowners, mentioned they were planning to purchase a new family car.

While car financing rates are all over the place lately, this particular car was offered with a financing rate of 6.99%. It’s a very common rate these days, but is certainly not the best option and we had a much better solution.

Rather than committing to high dealership loan rates, we looked at their home equity as a financing option. By leveraging the value in their home, we were able to secure funds at just 4.50% – a much lower rate than the dealership’s offer!

Even better? If interest rates continue to drop, their financing costs could decrease even further.

The Results: Significant Savings and Lower Monthly Payments

Here’s what this smart financial move meant for our clients:

Lower Interest Rate: Reduced from 6.99% → 4.50%
Lower Monthly Payments: Savings of approximately $800/month
Significant Interest Savings: 35% less interest per month

If you’re considering a big purchase – whether it’s a car, business machinery, home renovation, or investment opportunity – it’s worth looking into home equity financing as an alternative to high-interest loans. A quick mortgage review could reveal better ways to finance your goals while keeping more money in your pocket.

Thinking you may have a question for us? It’s almost always a good idea to contact us to see if we can help you save $$ and optimize your financing – even if it is one piece of advice. These are the most common scenarios where reaching out to a Mortgage Broker is highly recommended: