The epicity auto finance website is a great resource for those who don’t know much about auto finance.
One of the things that this site does is to look at all the different lenders that are out there and look at what their best interest rates are. You can see the annual percentage rates, the total annual cost, and a breakdown of how much interest they charge, so that you can compare them and set your rates accordingly.
I can’t get much more than a basic idea of the rates without going through the process of applying for a loan. It’s a fun resource to have, and I’m not sure I’ll ever get to experience the process. I did learn that they have a few different lending options, but they seem all the same in practice, so I really can’t tell you which one I’d choose.
I actually think this is the best thing I have found on the web so far. I did not realize that I was being so conservative with my rates before going to epicity. I was going to work on setting rates by the end of this month, but I got a bit scared at the idea of needing $500 more than I was putting down. I actually ended up getting $750 more than I was initially planning on saving.
You can choose from a wide array of rates, including both fixed and variable rates. They start from 50% and go down as you pay more and more interest. Fixed rates are what you set every month. Variable rates vary based on your activity over the course of the month. You can also set them to “auto”, meaning that if you spend any part of the month with no activity, the rate will go up.
The auto financing is available for anyone with a credit history. It is very easy to utilize, allowing you to pay back anywhere from 25% to 50% of your loan amount in one lump sum at the end of the month.
What is so interesting about this is that the auto financing allows you to pay back interest as you go. You have an amount that you can use for any amount of time you want. It’s an automated process that allows for you to pay back your loan at any time you like.
Because you can pay back your loan as you go, you’re also able to pay back as much or as little as you want. For example, if you decide to pay $3,000 in cash each month, you can pay back $6,000 in total in one month. This is very useful for situations where you have a number of months or years in which you want to pay back your loan.
In my opinion, these kinds of auto-financing mechanisms can be very useful in situations where you don’t want to mess with your finances. Most people would never do this, but then again, most people aren’t smart enough to go into debt. So what if you could pay back to your bank every month? That’s a lot of money that you could use to support your family.
I think its a great idea. Especially because auto-payment systems are usually pretty effective and convenient. Just dont forget to pay it back on time. One of the best auto-financing apps out there is the one I use called VigLink. It lets you use your credit card to pay your loan, and it will automatically send you a check the next day when it receives the funds.