We work hard to help people lower their monthly payments, raise their credit score, and get rid of high interest rates.
This is a story about how we helped a couple of our Members do exactly that!
They wanted us to share their story, but preferred we did not use their names, so we will call them Mr. and Mrs. Jones.
Mr. and Mrs. Jones had a credit card balance with a high interest rate. If they were to only make the minimum payment on their card, it would have taken them 21 years to pay it off.
Enter: Trademark’s Superhero Loan Team
Our Loan Team sat down with the Joneses and reviewed their situation. They found that the Joneses had a vehicle that they owned outright, so they were able to use their vehicle to help pay off their credit card balance.
Saving them a total of …
… wait for it …
$17,780.75
Amazing!!
You may be asking yourself, “how can I use my vehicle to pay off a credit card?”
That is a great question!
There are a couple of different ways that people can use their vehicles (or other collateral that they might have) to pay off other debt. For example, like these Members, they may own a vehicle outright and have the title in-hand. If that is the case, we can take the value of the vehicle to determine how much we can loan against it. At that point, we would use the vehicle as collateral and the funds would be used to pay off other outstanding debt. We then have a lien on the vehicle until the loan is paid and the lien is released again.
Another way we can look at doing this is if a Member has a lien on a current vehicle (or other collateral they might have). We can look to see how much equity the collateral has. If the vehicle has equity in it, we can rewrite the loan, using any equity the collateral may have, to add new money. Secured loans often have a much better rate than credit cards.
These are just a few ways we can work with you to get rid of high interest rates. We know everyone is unique, with unique financial goals. We will work with you to find the right loan to fit your needs.
Call or email us today and let us get you on the road to saving … and keeping up with the Joneses!