At iLendingDIRECT, our primary concern is the health and wellbeing of our valued customers, employees, and business partners. In response to the current coronavirus (COVID-19) outbreak, we are implementing precautions and closely monitoring developments.
The Federal Reserve Cut Interest Rates
We are also very fortunate to be an online business that can continue to serve our customers during this time of need. As many individuals and families are currently unable to work, there is a growing concern of financial instability in the upcoming weeks. In response to the economic impact of the virus, the Federal Reserve has made an emergency cut to interest rates by 100 basis points, making the U.S. benchmark 0% to 0.25%. This will likely cause a 1% decrease in typical consumer interest rates.
If you or your family are concerned about your expenses during this time, we urge you to explore refinancing your auto loan to take advantage of these record-low interest rates. Refinancing a loan allows you to lower your monthly payment, reduce your interest rate, or both. When you pay off an old loan and start a new one, your first payment is not due right away; this means that you can postpone making any car payments for 30-90 days, depending on your state and lender.
In the best of times, we understand that these savings can mean the difference between putting food on the table or going without; in the midst of a crisis, our commitment to educating and empowering consumers to improve their financial health has never been more important.
Save Money on Bills During Coronavirus
The iLendingDIRECT staff is available 7 days a week during our normal business hours. We are eager to assist you in any way that we can.
- If you are interested in learning more about how refinancing might be able to quickly help you reduce your bills, our highly trained loan consultants would like to help. You can call us at (866) 683-5505, start your application, or submit a question online.
- If you are already working with us and have questions about your loan or concerns about completing the process, please contact your dedicated loan consultant or call (866) 683-5505 to be connected to them.
Our hearts go out to everyone who has been impacted by this global crisis. Please stay strong and be diligent to protect yourselves and others. Remember, even while we are apart, we’re in this together.
Co-Founder & CEO