Auto Loan Calculator, auto refinance calculator.#Auto #refinance #calculator


Auto Loan Calculator

Auto refinance calculator

$372.86 / Month

The Auto Loan Calculator considers the most vital factors in order to calculate auto loan information. It assumes that the full purchase price is accounted for whether as down payment or part of the loan, along with any fees involved. If only the monthly payment for any auto loan is given, use the Monthly Payments tab (reverse auto loan) to calculate the actual vehicle purchase price and other auto loan information.

Important: Tax and fee procedures apply to car purchases within the US only. Foreigners may still use the calculator, but please adjust accordingly.

There are different definitions for different prices when it comes to car buying such as MSRP (manufacturer’s suggested retail price), selling price, blue book price, and dealer price. For any recently purchased or sold car, input the final selling price as the “Auto Price” figure. For hypothetical loans involving cars not being bought or sold, use blue book prices to arrive at close estimates for the values of the cars.

Purchases of cars usually come with costs other than the purchase price. Car buyers with low credit scores might be forced to pay the hefty fees upfront. The following is a list of common fees associated with car purchases in the US.

  • Sales Tax Most states in the US collect sales tax for auto purchases.
  • Document Fees This is a fee collected by the dealer for processing documents like title and registration. Typically, they run between $150 and $300.
  • Title and Registration Fees This is the fee collected by states for vehicle title and registration. Most states charge less than $300 for title and registration.
  • Advertising Fees This is a fee that the regional dealer pays for promoting the manufacturer’s automobile in the dealer’s area. If not charged separately, advertising fees are included in the auto price. A typical price tag for this fee is a few hundred dollars.
  • Destination Fee This is a fee that covers the shipment of the vehicle from the plant to the dealer’s office. This fee is usually between $600 and $1,000.
  • Insurance In the US, auto insurance is strictly mandatory to be regarded as a legal driver on public roads and is usually required before dealers can process paperwork. When a car is purchased via loan and not cash, full coverage insurance is mandatory. Auto insurance can possibly run more than $1,000 a year for full coverage. Most auto dealers can provide short-term (1 or 2 months) insurance for paper work processing so new car owners can deal with proper insurance later.

Important: If the fees are bundled into the auto loan, remember to check the box ‘Include All Fees in Loan’. If they are paid upfront instead, leave it unchecked.

Quick Tip 1: Should an auto dealer package any mysterious special charges into a car purchase, please demand justification and thorough explanations for their inclusion. This is not to say that well-intentioned car salesmen don’t exist, but there is a reason why this particular group of people get a bad rap as some of the most untrustworthy and scheming around. After all, their mission is to squeeze as much profit out of a potential car selling scenario as possible.

Auto Loans

Many people cannot afford to purchase cars with straight cash, so they turn to auto loans instead. They work as any generic, secured loan from a financial institution does with a typical term of 36 or 60 months. Each month, repayment of principal and interest must be paid to auto loan lenders from borrowers, excluding other mandatory fees and taxes (unless they have been intentionally included into the loan). Money borrowed from a lender that isn’t paid back can legally entitle a car to being repossessed.

Direct Lending vs. Dealership Financing

There are two financing options available: direct lending or dealership financing. With the former, it comes in the form of a typical loan originating from a bank, credit union, or financial institution. Getting pre-approved through a credit union is usually the best option and offers the lowest rates, especially for lifelong, good standing members.

Quick Tip 2: To aid ability to negotiate the best deals, take steps towards achieving healthier credit scores before taking out large loans for car purchases. Free annual credit reports can be requested from one of the three credit agencies: Equifax, Experian, and TransUnion.

Once a contract has been entered with a car dealer to buy a vehicle, the loan is used from the direct lender to pay for it. Dealership financing is somewhat similar except that the paperwork is done through them instead. The contract is retained by the dealer, but is sold to a bank or other financial institution called an assignee that ultimately services the loan.

Quick Tip 3: Direct lending usually offers more flexibility because there is competition between involved lenders to offer the best interest rates to the borrower, and rates tend to be better. It also provides more leverage for someone to walk into a car dealer with most of the financing done on their terms, as it places further stress on the car dealer to compete with a better rate. Getting pre-approved doesn’t tie car buyers down to any one dealership, and their propensity to simply walk away is much higher. With dealer financing, the potential car buyer has fewer choices, though it’s there for convenience for anyone who doesn’t want to waste time shopping around.

Quick Tip 4: It can be helpful for prospective car buyers to determine how much they can afford to spend on a car and what types of cars are within their budget before actually heading to a dealership. Knowing what kind of vehicle is desired will make it easier to research and find the best deals that suits a buyer’s needs. Once a particular make and model is chosen, it can be important to have some typical going rates in mind to enable effective negotiations with a car dealer. Car dealers, like many businesses, want to make as much money as possible from a sale, but often, given enough negotiation, are willing to sell a car for significantly less than the price they initially offer. Depending on whether a buyer chooses to pay for the vehicle with monthly payments, the “Monthly Payment” tab of our Auto Loan Calculator can be used to calculate the “true” cost of the car. A monthly payment option often ends up being more expensive than buying the car outright. However, if buying the car outright is not an option, it is up to the buyer’s discretion to determine whether the need for a car sooner justifies the additional cost of making monthly payments rather than saving until a later date to avoid said monthly payments. Furthermore, although the allure of a new car is understandable, buying a pre-owned car even if only a few years removed from new can usually result in significant savings, and is an option that prospective car buyers can consider.

Trade-in Value

Don’t expect too much value when trading in old cars to dealerships as credit towards newer car purchases; exchange rates tend to float somewhere akin to auction house levels, way below blue book values. Selling old cars privately beforehand and using the funds for future car purchases tends to result in a more financially-desirable outcome. However, convenience is important for many people and they choose to simply trade them in to dealerships during new car purchases.

Within the states that collect sales tax on auto purchases, most of them collect based on the difference between the new car and trade-in price. For a $25,000 new car purchase with a $10,000 valued trade-in, the tax paid on the new purchase with an 8% tax rate is:

$25,000 – $10,000 = $15,000 8% = $1,200

This is the default method by which the Auto Loan Calculator will calculate sales tax in accordance with Trade-in Value. However, some states do not offer any sales tax reduction with trade-ins, and they are:

Using the same example above, whereas if the new car was purchased in one of the places above without a sales tax reduction for trade-ins, the sales tax would be:

This comes out to be an $800 difference, enticing more people in these places to sell cars to private parties instead.

Vehicle Rebates

Dealers may offer vehicle rebates to further incentivize buyers. When car manufacturers are pressured into getting rid of cars at lower profit margins, it can be inferred that they probably use rebates as a means of doing so.

Depending on the state, they may or may not be taxed accordingly. For example, purchasing a vehicle at $30,000 with a cash rebate of $2,000 will have sales tax calculated based on the original price of $30,000, not $28,000. Luckily, a good portion of states do not do this and don’t tax cash rebates. They are Alaska, Arizona, Delaware, Iowa, Kansas, Kentucky, Louisiana, Massachusetts, Minnesota, Missouri, Montana, Nebraska, New Hampshire, Oklahoma, Oregon, Pennsylvania, Rhode Island, Texas, Utah, Vermont, and Wyoming.

Generally, only purchases of new cars are offered rebates because of how uniform and consistent each new car is. Dealers know exactly to the cent where the breakeven point is and if they are still a wide margin over, they can incentivize a potential car buyer by offering a rebate. While some used car dealers do offer cash rebates, they are a rarity due to the difficulty of arriving at true value.

Quick Tip 5: New cars depreciate as soon as they are driven off the lot, sometimes by more than 10% of their values; this is called off-the-lot depreciation.


Auto Loan Calculator, refinance auto loan calculator.#Refinance #auto #loan #calculator


Auto Loan Calculator

Refinance auto loan calculator

$372.86 / Month

The Auto Loan Calculator considers the most vital factors in order to calculate auto loan information. It assumes that the full purchase price is accounted for whether as down payment or part of the loan, along with any fees involved. If only the monthly payment for any auto loan is given, use the Monthly Payments tab (reverse auto loan) to calculate the actual vehicle purchase price and other auto loan information.

Important: Tax and fee procedures apply to car purchases within the US only. Foreigners may still use the calculator, but please adjust accordingly.

There are different definitions for different prices when it comes to car buying such as MSRP (manufacturer’s suggested retail price), selling price, blue book price, and dealer price. For any recently purchased or sold car, input the final selling price as the “Auto Price” figure. For hypothetical loans involving cars not being bought or sold, use blue book prices to arrive at close estimates for the values of the cars.

Purchases of cars usually come with costs other than the purchase price. Car buyers with low credit scores might be forced to pay the hefty fees upfront. The following is a list of common fees associated with car purchases in the US.

  • Sales Tax Most states in the US collect sales tax for auto purchases.
  • Document Fees This is a fee collected by the dealer for processing documents like title and registration. Typically, they run between $150 and $300.
  • Title and Registration Fees This is the fee collected by states for vehicle title and registration. Most states charge less than $300 for title and registration.
  • Advertising Fees This is a fee that the regional dealer pays for promoting the manufacturer’s automobile in the dealer’s area. If not charged separately, advertising fees are included in the auto price. A typical price tag for this fee is a few hundred dollars.
  • Destination Fee This is a fee that covers the shipment of the vehicle from the plant to the dealer’s office. This fee is usually between $600 and $1,000.
  • Insurance In the US, auto insurance is strictly mandatory to be regarded as a legal driver on public roads and is usually required before dealers can process paperwork. When a car is purchased via loan and not cash, full coverage insurance is mandatory. Auto insurance can possibly run more than $1,000 a year for full coverage. Most auto dealers can provide short-term (1 or 2 months) insurance for paper work processing so new car owners can deal with proper insurance later.

Important: If the fees are bundled into the auto loan, remember to check the box ‘Include All Fees in Loan’. If they are paid upfront instead, leave it unchecked.

Quick Tip 1: Should an auto dealer package any mysterious special charges into a car purchase, please demand justification and thorough explanations for their inclusion. This is not to say that well-intentioned car salesmen don’t exist, but there is a reason why this particular group of people get a bad rap as some of the most untrustworthy and scheming around. After all, their mission is to squeeze as much profit out of a potential car selling scenario as possible.

Auto Loans

Many people cannot afford to purchase cars with straight cash, so they turn to auto loans instead. They work as any generic, secured loan from a financial institution does with a typical term of 36 or 60 months. Each month, repayment of principal and interest must be paid to auto loan lenders from borrowers, excluding other mandatory fees and taxes (unless they have been intentionally included into the loan). Money borrowed from a lender that isn’t paid back can legally entitle a car to being repossessed.

Direct Lending vs. Dealership Financing

There are two financing options available: direct lending or dealership financing. With the former, it comes in the form of a typical loan originating from a bank, credit union, or financial institution. Getting pre-approved through a credit union is usually the best option and offers the lowest rates, especially for lifelong, good standing members.

Quick Tip 2: To aid ability to negotiate the best deals, take steps towards achieving healthier credit scores before taking out large loans for car purchases. Free annual credit reports can be requested from one of the three credit agencies: Equifax, Experian, and TransUnion.

Once a contract has been entered with a car dealer to buy a vehicle, the loan is used from the direct lender to pay for it. Dealership financing is somewhat similar except that the paperwork is done through them instead. The contract is retained by the dealer, but is sold to a bank or other financial institution called an assignee that ultimately services the loan.

Quick Tip 3: Direct lending usually offers more flexibility because there is competition between involved lenders to offer the best interest rates to the borrower, and rates tend to be better. It also provides more leverage for someone to walk into a car dealer with most of the financing done on their terms, as it places further stress on the car dealer to compete with a better rate. Getting pre-approved doesn’t tie car buyers down to any one dealership, and their propensity to simply walk away is much higher. With dealer financing, the potential car buyer has fewer choices, though it’s there for convenience for anyone who doesn’t want to waste time shopping around.

Quick Tip 4: It can be helpful for prospective car buyers to determine how much they can afford to spend on a car and what types of cars are within their budget before actually heading to a dealership. Knowing what kind of vehicle is desired will make it easier to research and find the best deals that suits a buyer’s needs. Once a particular make and model is chosen, it can be important to have some typical going rates in mind to enable effective negotiations with a car dealer. Car dealers, like many businesses, want to make as much money as possible from a sale, but often, given enough negotiation, are willing to sell a car for significantly less than the price they initially offer. Depending on whether a buyer chooses to pay for the vehicle with monthly payments, the “Monthly Payment” tab of our Auto Loan Calculator can be used to calculate the “true” cost of the car. A monthly payment option often ends up being more expensive than buying the car outright. However, if buying the car outright is not an option, it is up to the buyer’s discretion to determine whether the need for a car sooner justifies the additional cost of making monthly payments rather than saving until a later date to avoid said monthly payments. Furthermore, although the allure of a new car is understandable, buying a pre-owned car even if only a few years removed from new can usually result in significant savings, and is an option that prospective car buyers can consider.

Trade-in Value

Don’t expect too much value when trading in old cars to dealerships as credit towards newer car purchases; exchange rates tend to float somewhere akin to auction house levels, way below blue book values. Selling old cars privately beforehand and using the funds for future car purchases tends to result in a more financially-desirable outcome. However, convenience is important for many people and they choose to simply trade them in to dealerships during new car purchases.

Within the states that collect sales tax on auto purchases, most of them collect based on the difference between the new car and trade-in price. For a $25,000 new car purchase with a $10,000 valued trade-in, the tax paid on the new purchase with an 8% tax rate is:

$25,000 – $10,000 = $15,000 8% = $1,200

This is the default method by which the Auto Loan Calculator will calculate sales tax in accordance with Trade-in Value. However, some states do not offer any sales tax reduction with trade-ins, and they are:

Using the same example above, whereas if the new car was purchased in one of the places above without a sales tax reduction for trade-ins, the sales tax would be:

This comes out to be an $800 difference, enticing more people in these places to sell cars to private parties instead.

Vehicle Rebates

Dealers may offer vehicle rebates to further incentivize buyers. When car manufacturers are pressured into getting rid of cars at lower profit margins, it can be inferred that they probably use rebates as a means of doing so.

Depending on the state, they may or may not be taxed accordingly. For example, purchasing a vehicle at $30,000 with a cash rebate of $2,000 will have sales tax calculated based on the original price of $30,000, not $28,000. Luckily, a good portion of states do not do this and don’t tax cash rebates. They are Alaska, Arizona, Delaware, Iowa, Kansas, Kentucky, Louisiana, Massachusetts, Minnesota, Missouri, Montana, Nebraska, New Hampshire, Oklahoma, Oregon, Pennsylvania, Rhode Island, Texas, Utah, Vermont, and Wyoming.

Generally, only purchases of new cars are offered rebates because of how uniform and consistent each new car is. Dealers know exactly to the cent where the breakeven point is and if they are still a wide margin over, they can incentivize a potential car buyer by offering a rebate. While some used car dealers do offer cash rebates, they are a rarity due to the difficulty of arriving at true value.

Quick Tip 5: New cars depreciate as soon as they are driven off the lot, sometimes by more than 10% of their values; this is called off-the-lot depreciation.


7 Home Refinance Options For People With Bad Credit, bad credit auto refinance.#Bad #credit #auto #refinance


7 home refinance options for people with bad credit

Bad credit auto refinance

Refi options if you have bad credit

Can you refinance your mortgage with bad credit?

Short answer: Yes.

Several legitimate refinancing options, including programs like the Home Affordable Refinance Program and the Federal Housing Authority’s streamlined refi, don’t require credit checks or credit scores.

In addition, others types of refinancing loans (like Veterans Affairs refinancing or a second FHA offering), give lenders wide latitude to work with homeowners who have damaged credit, though the exact requirements will vary by lender.

Almost 14 percent of homeowners who refinanced in August 2017 had FICO scores below 650, according to mortgage software company Ellie Mae. And just over 4 percent had credit scores below 600. So while refinancing with bad credit isn’t the norm, it is possible.

If you have blemished credit and want to refinance your mortgage, here are seven options to investigate.

Bad credit auto refinance

Try your own lender first

A good place to start your search for a mortgage refi is your current mortgage lender, says Bruce McClary, spokesman for the National Foundation for Consumer Credit. Ask if you can get a refinancing loan or a streamlined refinancing loan.

If nothing else, this can serve as a benchmark to compare with other lenders or other refi options.

And let your own bank know you’re going to be searching for refinancing options. In many cases, the bank may be motivated to give you a deal if it wants to keep your business.

What if you have bad credit? If you’re current on your mortgage, that might not be an issue. If you haven’t been paying your mortgage on time, the bank might be more inclined to turn you down, McClary says.

Bad credit auto refinance

See if you qualify for HARP

The Home Affordable Refinance Program, or HARP, is the Department of Housing and Urban Development’s refinancing program for troubled homeowners. It was introduced in 2009 for homeowners with little (or even negative) equity.

HARP doesn’t require a credit score, and lenders will not pull the borrower’s credit report, says Megan Moore, special adviser to the director of the Federal Housing Finance Authority.

The program does have the following requirements:

  • The original loan must be owned by Fannie Mae or Freddie Mac.
  • You must have made no late mortgage payments in the past six months, and no more than one in the past year.
  • You must have closed on your mortgage before June 1, 2009.
  • Your loan-to-value ratio must be greater than 80 percent.
  • The home must serve as your primary residence, second home or an investment home with one to four units.

The program was scheduled to end on Sept. 30 but has been extended through Dec. 31, 2018. You can find a list of HUD-approved lenders at HUD.gov.

Bad credit auto refinance

Try FHA s streamlined refinancing

If you already have an FHA mortgage, FHA has a refi deal for you — a streamlined refinance with no credit or equity requirements.

This program is just for homeowners who want a lower rate, shorter term or lower payment. There’s no cash-out option allowed, says Kevin Stevens, director of the FHA’s home mortgage insurance division.

And there’s a “net-benefit test,” Stevens says. Homeowners must be able to cut the repayment term or be able to slice the interest rate by at least a half-percent.

There’s no home appraisal, equity requirement or income/employment requirement. And bankruptcies aren’t an issue.

But you do have to be current on those mortgage payments. You can have only one late payment in the past year, and that one payment can’t have been late by more than 30 days.

Best of all, since there’s no credit check, you get whatever FHA’s current market rate is.

FHA will offer a significantly lower interest rate than many other loan options, says Carolyn Warren, author of “Mortgage Ripoffs and Money Savers.”

On the downside, you can’t obtain extra cash through this refi or remove any of the current borrowers from the loan.

Bad credit auto refinance

Check out an FHA Rate and Term refi

If you don’t have an FHA mortgage, you can still get an FHA refi.

You’ll need a credit check, the FHA’s Stevens says. While the average credit score for this refinance is 680 to 690, homeowners with lower credit scores have gotten approval. The absolute floor is 500. If your score is below 580, you must have at least 10 percent equity in the home.

Here are the program’s other requirements:

  • You must have at least 2.5 percent equity.
  • You can have no late mortgage payments in the past year.
  • You can have no bankruptcies within two years or foreclosures within three years.
  • Your debt-to-income ratio can be no more than 43 percent. “(Lenders) can go up to 50 percent, depending on other credit characteristics,” Stevens says.
  • You can refinance the principal remaining on your loan. But you can’t make it a larger loan to access additional cash.

The downside: A mortgage premium of 0.8 percent or 0.85 percent of the principal is added to the loan annually for 11 years (with more than 10 percent equity) or for the life of the loan.

Bad credit auto refinance

Apply for a VA refinancing loan

The Department of Veterans Affairs doesn’t require a minimum credit score or credit check for the VA’s Interest Rate Reduction Refinance Loan, or IRRRL. But lenders actually making the loans might.

Still, for homeowners with bad credit who want to refinance, “this would be plan A if you qualify,” Warren says.

Here are the program’s main essentials:

  • You have a VA mortgage.
  • You’re not taking extra cash out on the loan.
  • You’re either lowering your rate or moving from an adjustable-rate mortgage to a fixed-rate mortgage.
  • You don’t have to be currently living in the home but must have occupied it at some time.

And unless the borrower has a qualifying service-related disability, he or she will have to pay a funding fee of 0.5 percent, which the borrower can roll into the loan.

Lender terms for a VA refinancing loan vary widely. So it really pays to shop around and compare.

Bad credit auto refinance

Consider a portfolio refinance loan

Another option for a refi when you have bad credit is what’s often called a “portfolio loan.”

These are private mortgage loans. Since they won’t be sold to mortgage financiers Fannie Mae or Freddie Mac, lenders do their own underwriting and set their own requirements. So the conditions for things like credit, bankruptcy, income, employment, late mortgage payments and liquid assets can vary widely.

To find out about these loans, you’ll have to go to a mortgage broker or a full-service mortgage lender who can shop your potential refinance loan to portfolio lenders.

Generally, a broker will work with several private lenders, Warren says.

And if you can’t get a loan after trying three brokers, it’s time to shelve the idea and work on improving your credit.

Bad credit auto refinance

Take a bad-credit partner off the loan

If only one person on the mortgage has bad credit, take that person off the mortgage refinancing application.

Note that this gambit only works if the good-credit partner can qualify for the refi on his or her income alone, says Barry Zigas, director of housing policy for the Consumer Federation of America.

You want to change the names on the mortgage, not the home’s ownership. So make sure both parties are on the deed. And talk with both a family law attorney and real estate attorney about any contingencies, insurance or special paperwork (wills, post-nuptial agreements) that you might need in place, too, Zigas says. You want to make sure that both parties are protected in case of disability, death or divorce.


Front Page, School of Economics, auto refinance bad credit.#Auto #refinance #bad #credit


Auto refinance bad creditGeorgia Institute of Technology School of Economics

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The School of Economics at Georgia Tech provides a crucial link for solving the complex challenges facing our world. Our faculty and students look to solve human problems cost-effectively and sustainably, given the resource constraints that inevitably restrict what we can do. By bridging social concerns, technology, and economics, we make choices that lead to improvements in the human condition.

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Auto Refinance – Bad Credit Auto Loan Refinance, auto refinance bad credit.#Auto #refinance #bad #credit


Auto Refinance Bad Credit Car Refinance Easy Auto Loan Refinance

If you’re not completely happy with your current auto loan, you may be able to do a refinance auto loan. This can result in a lower car payment, reduced interest rate, and even the ability to skip a car payment.

Auto refinance bad credit

Is Refinancing Right for Me?

A refi car loan is not ideal for everyone, but see for yourself if you are somebody who could benefit from considering automobile refinancing.

  • Are you currently paying installments on a vehicle?
  • Are you dissatisfied with some aspect of your financing arrangement?
  • Do you currently have two or more years until your vehicle is paid off?
  • Is your vehicle less than 5 years old, with under 70,000 miles?

Why do people use this service?

It’s simple: People may have had bad credit when financing originally, and are not happy with their current vehicle financing arrangement. They now have options that weren’t available some time ago, when the only alternative to paying the monthly installments until the vehicle was paid off was to come up with the entire balance and pay it off the hard way.

Lower my Interest Rate

Are you in better financial standing than you were when you first bought your wheels? Has your pay rate or salary increased since then? If so, you are a prime example of somebody who can get smaller refinance rates and save loads of cash in the end.

Lower my Payments

By stretching the payments out over a longer time frame, the amount of the payment itself can be reduced significantly. This can come in especially handy for people who are in serious need of saving some cash each month, but it is not necessarily the best option for everybody. Increasing the length of this type of financing will lower your monthly payment, but you will end up sending in a larger quantity of payments, and therefore will pay more for interest in the end.

Skip a Payment

While you are assuming a new financial agreement, you will not begin repaying until the following month. So this means while keeping the same vehicle and working towards lowering either your interest rate or your monthly payments, you now have the opportunity to skip a payment altogether. Everyone can use extra cash from time to time, and a few hundred dollars that would otherwise go towards your monthly payment can certainly be used elsewhere.

To learn more about the services we offer, please visit our Frequently Asked Questions Page.


Credit Union Vehicle Loans – Financing, RBFCU, refinance auto loan rates.#Refinance #auto #loan #rates


Other Vehicle Loans

Whatever type of vehicle you need, RBFCU has the right financing options for you. We offer loans on several vehicles including motorcycles, boats (excluding yachts), RVs, ATVs and personal watercrafts. We also offer loans for specialized collateral, like farm equipment, tractors, trailers and more. And, if you want to refinance from another institution, you can take advantage of our low rates.

Just complete the online application in a few simple steps.

Ready to apply for a loan? Here s what you ll need to complete the application:

  • The amount you would like to borrow
  • The number of years you want to finance your loan (term length)
  • Your current employment and income information
  • Your phone number and email
  • Information for joint borrowers you plan to include on the auto loan (including date of birth, address, income and employment, Social Security number and contact information; if applicable)

Refinance auto loan rates

Calculators

  • Refinance auto loan rates Should I use a home equity loan instead of a vehicle loan?

Looking for a loan for a car or truck?

We have great rates on auto loans, whether you want to buy new, used or refinance. Apply online now, or visit our Auto Loans page for additional details.

Refinance auto loan rates

Refinance auto loan rates FAQs

Loans are subject to credit approval. Your specific rate and term will be dependent upon your credit rating and other factors. Rates and terms subject to change without notice. Some restrictions may apply. Contact our Consumer Lender Center for more details.

With high-value products and services, Randolph-Brooks Federal Credit Union (RBFCU) is a trusted financial partner for thousands of members in Texas, as well as around the world. RBFCU offers all the banking services you would expect from a leading credit union, and we’ve also made it our mission to help improve our members’ economic well-being and quality of life. Our commitment to personalized service makes RBFCU membership the smarter banking choice.

Any alternate website that you visit by a link from RBFCU’s website is solely the responsibility of that entity. Third-party links accessed from this site are provided for the convenience of RBFCU members. RBFCU is not responsible for the content of the alternate web site and does not represent either the third party or the member if the two enter into a transaction. Privacy and security policies on the third-party site may differ from those practiced by RBFCU.

If you are using a screen reader and are having problems using this website, please call 1-800-580-3300 for assistance.

Contact us today or stop by a local branch to find out how you can become a member.

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How to Refinance a Car: 12 Steps (with Pictures), auto loan refinance.#Auto #loan #refinance


How to Refinance a Car

In the vast world of loan refinancing, some individuals and households trying to manage a monthly or annual budget can refinance a car loan to save money. People may typically associate refinancing with real estate, where high property prices can add up to astronomical sums in the form of total interest on a mortgage loan. But high-priced vehicles can also create high insurance costs, where drivers can save themselves money by refinancing to a lower interest rate. In order to refinance a car for a lower payment, try these simple steps.

Steps Edit

Method One of Two:

Finding Out if Refinancing is Right for You Edit

Auto loan refinance

Auto loan refinance

Auto loan refinance

Auto loan refinance

Auto loan refinance

Auto loan refinance

Auto loan refinance

Method Two of Two:

Auto loan refinance

Auto loan refinance

Auto loan refinance

Auto loan refinance

Auto loan refinance


Refinance Auto Loan – When to Refinance Your Car Loan, auto refinance loans.#Auto #refinance #loans


Refinance auto loan – When to refinance your car loan

Auto refinance loans

With interest rates remaining so low, an auto loan refinance may have crossed your mind — and it could be a good idea.

Doing so could save hundreds of dollars each year and sometimes thousands over the life of the loan.

If your current car loan interest rate is above 6%, you might want to investigate refinancing.

Unlike refinancing your mortgage or even consolidating credit card balances, refinancing your vehicle loan is usually quick, easy and painless. No appraisal will be required. And usually there are minimal, if any, fees.

But refinancing is not for everyone. It makes sense if, since the original loan, you find yourself in one or more of these five situations:

  • Interest rates have dropped. If interest rates have dropped more than a couple of points since purchasing your vehicle, you could save some money. In this case, loans at refi rates are considered used car loans and as such, the rates usually are higher than new car loans. Remember, even a percentage point or 2 can make a big difference over the life of the loan.
  • Your credit score has improved. If you had a few negatives on your credit report — or had no history of credit — when you bought your car, but your credit is healthier now, you may qualify for a lower interest rate. Interest rates of 18% or more for consumers with a thin credit history are common. Several months of on-time payments could entice a lender to refinance that loan at a lower rate. Steve Schooff, a former spokesman for Capital One Auto Finance, says consumers should check their credit scores before refinancing.Your credit score has a major influence on auto loan rates. Get your score for free at myBankrate.
  • You didn’t get your best rate when you purchased. Just because you had a high credit score and unblemished credit history doesn’t mean you got the best rate you could have received when you purchased the car. Dealer-sourced vehicle loans commonly carry a higher rate than the consumer deserves because the consumer simply didn’t know better. The extra money is a profit source to the dealer, like rust-proofing or extended warranties. When this is discovered after the fact, it may pay to refinance.
  • Your personal financial landscape has deteriorated. If you have had a financial setback and need to reduce your payments, refinancing could be a solution by increasing the loan term, thereby lowering the monthly payment.
  • Your car lease is expiring and you want to purchase the vehicle. When you fulfill the terms of a lease, you typically have the option to buy the vehicle.

Finding a lender that refinances is the easiest step in the process. Credit unions do big business in vehicle loan refinancing and they have money to lend. You will need to open a checking or savings account at one if you’re not already a member.

How much can you expect to save? According to Schooff, if one year ago you took a $25,000 auto loan for five years at 7.75% interest, refinancing the balance today at:

  • 4.75% for the remaining four years of the loan would save $1,373 — $28.60 per month.
  • 5.75% for the remaining four years of the loan would save $906 — $18.88 a month.
  • 6.75% for the remaining four years of the loan would save $448 — $9.33 a month.

Refinancing isn’t an option for everyone. If the vehicle is worth less than the loan balance (upside down), a lender probably won’t take the chance and at the same time lower your interest rate. You can determine the current value of the vehicle through Kelley Blue Book, or KBB.com, Edmunds.com or AutoTrader.com.

Other requirements may also disqualify you, such as the age of the vehicle and the outstanding balance to be refinanced. Capital One Auto Finance, for example, will not refinance a vehicle more than 7 years old; the amount of the loan can be no less than $7,500 and no more than $40,000.

It’s important, Schooff says, “that consumers determine if their current auto loan has any penalties for paying off the loan early. This will impact how much they can save from refinancing.”

Call your lender and request the current payoff amount of your loan. This is the amount of money you need to refinance. It is also the figure you’ll compare against the vehicle’s value to determine if the vehicle is worth more than the amount you need to borrow.

There is no required amount of time from the date of the original loan until you can refinance. Actually, because of the way most auto loans are structured, the majority of the interest is paid during the first half of the term of the loan. The younger the current loan is, the more money refinancing will usually save.

Once you know your payoff, you can determine how much refinancing can save each month by using Bankrate’s auto loan calculator to find your new payment, then subtract it from your existing payment.

Because most refinancing loans are fairly straightforward, decisions are usually made quickly. Schooff says Capital One Auto Finance typically gives the consumer a decision by email within 24 hours of submitting the online application.

If you find yourself upside down in your car loan and for personal reasons need to lower your payment, you may be able to persuade your current lender to modify your loan, lowering the monthly payments by extending the term of the loan or reducing the interest rate.

It’s important to act before your payments fall behind. The earlier you open communications with your lender, the better the chance of coming to an arrangement.


Auto Refinance – Bad Credit Auto Loan Refinance, refinance auto loan.#Refinance #auto #loan


Auto Refinance Bad Credit Car Refinance Easy Auto Loan Refinance

If you’re not completely happy with your current auto loan, you may be able to do a refinance auto loan. This can result in a lower car payment, reduced interest rate, and even the ability to skip a car payment.

Refinance auto loan

Is Refinancing Right for Me?

A refi car loan is not ideal for everyone, but see for yourself if you are somebody who could benefit from considering automobile refinancing.

  • Are you currently paying installments on a vehicle?
  • Are you dissatisfied with some aspect of your financing arrangement?
  • Do you currently have two or more years until your vehicle is paid off?
  • Is your vehicle less than 5 years old, with under 70,000 miles?

Why do people use this service?

It’s simple: People may have had bad credit when financing originally, and are not happy with their current vehicle financing arrangement. They now have options that weren’t available some time ago, when the only alternative to paying the monthly installments until the vehicle was paid off was to come up with the entire balance and pay it off the hard way.

Lower my Interest Rate

Are you in better financial standing than you were when you first bought your wheels? Has your pay rate or salary increased since then? If so, you are a prime example of somebody who can get smaller refinance rates and save loads of cash in the end.

Lower my Payments

By stretching the payments out over a longer time frame, the amount of the payment itself can be reduced significantly. This can come in especially handy for people who are in serious need of saving some cash each month, but it is not necessarily the best option for everybody. Increasing the length of this type of financing will lower your monthly payment, but you will end up sending in a larger quantity of payments, and therefore will pay more for interest in the end.

Skip a Payment

While you are assuming a new financial agreement, you will not begin repaying until the following month. So this means while keeping the same vehicle and working towards lowering either your interest rate or your monthly payments, you now have the opportunity to skip a payment altogether. Everyone can use extra cash from time to time, and a few hundred dollars that would otherwise go towards your monthly payment can certainly be used elsewhere.

To learn more about the services we offer, please visit our Frequently Asked Questions Page.


How to refinance a car loan with poor credit with easy access to online rates #commercial #auto #insurance


#bad credit auto refinance
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How to refinance a car loan with poor credit with easy access to online rates

The how to refinance a car loan with poor credit can ease the burden of millions of Americans across the country. Plenty of car owners and car drivers have had little chance to get financial relief because of their bad credit woes. The great strides in software technology have improved the internet use for services of all kinds. This has brought about a radical change in the viewpoint of businesses towards credit challenged consumers. The auto finance industry has been no exception to this rule. Well off citizens cornered by the economic recession had no way to seek reliable financial relief from their debt burdens.

Refinance Your Car Loan Even with Poor Credit and Lower Your Monthly Payment to Save on Your Finance! Guaranteed Approval within 15 Minutes, So Apply Here Now

The best company to refinance auto loan with bad credit can be found simple and quick with a little online research. The credit challenged consumers can easily access special auto loan refinance rates and terms meant for bad credit borrowers. The online digital database platforms are updated regularly with the real competitive rates to help car owners and car drivers find their affordable prices. With the increase in online competitive rates, auto refinance car loans seem to be the one method for credit challenged consumers to lower their debt burdens. Many banks and credit unions, as well as lenders have advertisements for lower interest rates.

The consumers refinancing a car loan with bad credit will find the online process easier than ever before. The online competitive rates are configured for less than perfect credit borrowers looking for auto refinance car loans. Most of the auto refinance service providers have introduced the listing of refinance rates for bad credit consumers in their online database. The credit challenged consumers looking for auto refinance for an existing new or used auto loan have to look on further than the online service provider s database. Here, plenty of autos refinance companies of national repute offer real time competitive rates. The borrowers from the general public can get in touch with the lenders and dealers willing to work with consumers having poor credit.

The best company to refinance auto loan with bad credit provide instant access to real time competitive rates published daily. The online digital database platforms are designed to provide the maximum of benefits to users free of charge. The consumers with less than perfect credit across the country can use this in their efforts to explore auto refinance rates. The online real time programming of auto refinance rates reduce consumer efforts and speeds up the process from application to approval. There are still majority of auto finance companies that refuse to auto refinance with lower interest rates for credit challenged consumers.

The process of refinancing a car loan with bad credit has been dealt with effectively by many online lenders specialized in bad credit auto loans. The borrowers with credit challenged issues and vehicles with higher than acceptable mileage pose a challenge to many conventional or prime lenders. The online auto finance companies, lenders and dealers dealing in auto refinance car loans for bad credit are of special help in such situations.