Refinancing Auto Loans – Small Business Loan Data, refinancing auto loan.#Refinancing #auto #loan


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Refinance Auto Loan – When to Refinance Your Car Loan, auto loan refinancing.#Auto #loan #refinancing


Refinance auto loan – When to refinance your car loan

Auto loan refinancing

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.

Refinancing – Best Debt Consolidation, auto loan refinancing.#Auto #loan #refinancing


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How Refinancing Works: Pros and Cons of New Loans, refinancing auto loan.#Refinancing #auto #loan


Learn About Refinancing: Pros and Cons of Replacing a Loan

Refinancing auto loan

If you have a loan that’s too expensive or too risky to live with, you can often refinance into a better loan. Things may have changed since you borrowed money, and there may be several ways to improve the terms of your loan. Whether you’ve got a home loan, auto loans, or other debt, refinancing allows you to shift the debt to a better place.

What is Refinancing?

Refinancing is the process of replacing an existing loan with a new loan.

The new loan pays off the current debt, so that debt is not eliminated when you refinance. However, the new loan should have better terms or features that improve your finances. The details depend on the type of loan and your lender, but the process typically looks like this:

  1. You have an existing loan that you would like to improve in some way.
  2. You find a lender with better loan terms, and you apply for the new loan.
  3. The new loan pays off the existing debt completely.
  4. You make payments on the new loan until you pay it off or refinance.

Why People and Businesses Refinance

Refinancing is time-consuming, it can be expensive, and a new loan might be missing attractive features that an existing loan offers. So why go through the process? There are several potential benefits to refinancing.

Save money: A common reason for refinancing is to save money on interest costs. To do so, you typically need to refinance into a loan with an interest rate that is lower than your existing interest rate.

Especially with long-term loans and large dollar amounts, lowering the interest rate can result in significant lifetime interest savings.

Lower payments: Refinancing can lead to lower required monthly payments. The result is easier cash flow management and more money available in the budget for other monthly expenses.

When you refinance, you often restart the clock and extend the amount of time you’ll take repay a loan. Since your balance is most likely smaller than your original loan balance and you have more time to repay, the new monthly payment should decrease.

A lower interest rate (with all other things staying the same) can also lead to lower monthly payments. However, simply extending the life of a loan can actually mean you’ll pay more for the loan over the long term. To see how interest rates and your loan term affect cash monthly flow, see how to calculate loan payments.

Shorten the loan term: Instead of extending repayment, you can also refinance into a shorter term loan. For example, you might have a 30-year home loan, and that loan can be refinanced into a 15-year home loan. That move might make sense if you want to make larger payments to get rid of the debt more quickly. Of course, you can also just make extra payments without refinancing. Making larger payments without refinancing would help you avoid paying closing costs and keep some flexibility (you can pay more than the minimum, but you don’t have to if something comes up).

Consolidate debts: If you have multiple loans, it might make sense to consolidate those loans into one single loan—especially if you can get a lower interest rate.

It’ll be easier to keep track of payments and loans, but consolidating can cause problems (see below).

Change your loan type: Even if you don’t lower your interest rate or monthly payment, it can make sense to refinance for other reasons. For example, if you have a variable-rate loan, you might prefer to switch to a loan with a fixed rate. A fixed interest rate could offer protection if rates are currently low, but expected to rise.

Pay off a loan that’s due: Some loans, particularly balloon loans, have to be repaid on a specific date. But you might not have the funds available a large lump-sum payment. In those cases, it might make sense to refinance the loan—using a new loan to fund the balloon payment—and take more time to pay off the debt.

For example, some business loans are due after just a few years, but they can be refinanced into longer-term debt after the business has established itself and shown a history of making on-time payments.

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Disadvantages of Refinancing a Loan

Refinancing is not always a wise move. Even if you secure a lower interest rate or lower monthly payment, it could be a mistake to get rid of existing loans. Evaluate the pros and cons carefully before you move forward.

Transaction costs: Refinancing can be expensive. Especially with loans like home loans, you’ll pay closing costs which can add up to thousands of dollars. You want to make sure you’ll more than break even before you pay those costs. Other types of loans, including loans from online lenders, can include processing and origination fees.

Higher interest costs: Refinancing can backfire. When you stretch out loan payments over an extended period, you pay more interest on your debt. You might enjoy lower monthly payments, but that benefit can be offset by the higher lifetime cost of borrowing. Run some numbers to see how much it really costs you to refinance. Do a quick loan amortization to see how your interest costs change with different loans.

Lost benefits: Some loans have useful features that will be eliminated if you refinance. For example, federal student loans are more flexible than private student loans if you fall on hard times. Plus, federal loans might be forgiven if your career involves public service. Likewise, keeping a fixed-rate loan might be ideal if interest rates skyrocket—even though you’d temporarily get a lower rate with a variable rate loan.

What Doesn’t Change

When you refinance, some things change, and some things don’t.

Debt: Your loan balance will not change. You’ll still have the same amount—unless you take on more debt while refinancing. It’s possible to do cash-out refinancing or roll your closing costs into your loan, but that just increases your debt burden.

Collateral: If you used collateral for the loan, that collateral will probably still be at stake (and required) for the new loan. For example, refinancing your home loan means you could still lose the home in foreclosure if you don’t make payments. Likewise, your car can be repossessed with most auto loans. Unless you refinance into a personal unsecured loan, the collateral is at risk. In some cases, you can actually increase the risk to your collateral when you refinance. Some states allow non-recourse home loans to become recourse loans after refinancing.

Payments: You still have to make payments, but in most cases, your monthly payment will change when you refinance. You’ve got a brand new loan, and the payments are calculated with that loan balance, term, and interest rate. To avoid getting caught by surprise, learn how to model a loan yourself (it’s easy with free online spreadsheets).

Refinancing Auto Loans – Small Business Loan Data, refinancing auto loan.#Refinancing #auto #loan


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Refinance Auto Loan – When to Refinance Your Car Loan, refinancing auto loan.#Refinancing #auto #loan


Refinance auto loan – When to refinance your car loan

Refinancing auto loan

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.

Refinancing a Car Through SCCU is Fast, Easy and Convenient, Space Coast Credit Union, auto loan refinancing.#Auto #loan #refinancing


Member Rewards

Premier, Elite, and Diamond Eite Members receive a discounted auto service agreement.

Refinancing a Car: Benefits

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  • Refinanced Auto Loan Reviews – page 2
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Save money when you lower your auto loan rate or monthly payment with an auto loan refinance from SCCU. Refinancing your auto loan from another lender is fast, easy, and convenient.

  • Same low credit union rates 1 for auto loan refinances and purchases
  • No out of pocket costs 2
  • No payments for up to 6 months 3
  • Low cost Guaranteed Asset Protection (GAP) coverage, Payment Protection, and warranties available to add on to your loan

All Personal Auto Loans Offer

  • No application fee
  • Terms up to 84 months 4
  • Free Online Banking Mobile Banking
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  • Terms Conditions
  • About Us
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  • Site Map
  • Mobile Site
  • SCCU Routing Number: 263177903

Space Coast Credit Union membership is open to all who work or live in Brevard, Broward, Flagler, Indian River, Martin, Miami-Dade, Monroe, Orange, Osceola, Palm Beach, Seminole, St. Johns, St. Lucie, or Volusia Counties in Florida.

  • Brevard: 321-752-2222
  • Broward: 954-704-5000
  • Miami-Dade: 305-882-5000
  • All Other Areas: 800-447-7228

*APR = Annual Percentage Rate. ^APY = Annual Percentage Yield.

Auto loan refinancing

Space Coast Credit Union (SCCU) 2015

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You are being directed to www.samplesite.com, a website not operated by SCCU. SCCU is not responsible for the content of the alternate website. SCCU does not represent either the third party or the member if the two parties enter into a transaction. Privacy and security policies may differ from those practiced by SCCU.

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Member Rewards is an exclusive Space Coast Credit Union program that provides benefits such as free or discounted services based on your level of participation in the credit union.

  • Gold members may order one FREE box of SCCU logo checks per year.
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Learn more about the Member Rewards program.

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


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 loan refinancing

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.

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Refinance Your Auto Loan – Pre-Qualify in Minutes, Progressive, auto refinancing.#Auto #refinancing


Auto Loan Refinancing

Customers save on average $2,500 over the life of the loan *

Pre-qualify for auto refinancing in minutes

No impact to your credit score

Want to see how much you could save by refinancing your auto loan? Pre-qualify online with Progressive Auto Finance by Capital One. In just a few minutes, you’ll see your calculated rate/term options and how much you can save. And because it’s only a “soft” credit inquiry when you pre-qualify, there’s no impact to your credit score.

If you like what you see, go ahead and complete the official auto loan refinance application and E-Sign your contract. If not, there are no fees and no obligation to buy.

Auto financing is available if you’re purchasing a new or used car.

How refinancing a car loan works

Pre-qualify online for free

If you pre-qualify, you’ll see your estimated monthly payment, term and APR. You may have more than one option to choose from.

Submit a credit application and sign your contract

Once you choose your offer, complete your credit application. You can even sign your contract online. When you submit your official auto loan refinance application, there will be a “hard” credit inquiry that will affect your credit.

Finalize your auto loan refinance application

Capital One may need some documents to complete your refinance, such as VIN, lender details, proof of income, proof of residence and/or a title document. After verifying your information, we’ll pay off your current loan. Then, you’re all set and you officially refinanced.

See more info on car loan refinancing with Capital One.

Auto refinancing is one more way we help you find what you need

Progressive offers so much more than auto insurance. Whether you’re refinancing a car, buying a home, starting a business, planning a wedding, increasing your financial assets or more—we’re here to help you find protection along the way. See more insurance choices.

Pre-qualify for auto refinancing in minutes

The #1 Insurance Site

Copyright 1995 – 2017. Progressive Casualty Insurance Company . All Rights Reserved.

We offer insurance by phone, online and through independent agents. Prices vary based on how you buy.

* Lifetime savings claim is based on average reduction in total lifetime payments Capital One customers experience over the life of the loan compared to their prior lifetime payments. Claim does not include customers who choose to extend the number of remaining payments on their auto loan. Lifetime savings may result from a lower interest rate, a shorter term or both. Your actual savings may be different.

Documentation may be required. Credit approval required. Terms, conditions, and restrictions apply, including vehicle eligibility and amount refinanced. Capital One Auto Finance only refinances loans from other financial institutions, not including Capital One subsidiaries. Find out more at Capital One. Auto financing products and services offered by Capital One, N.A. © 2016 Capital One.

Vehicle financing and refinancing and associated services are provided by Capital One, National Association, which is not affiliated with Progressive.

Progressive is not a lender or financing/refinancing broker, does not originate or arrange financing/refinancing, and does not endorse and is not responsible for Capital One’s products or services, the content or operation of its website, or how it handles or uses your information. Information you provide to Capital One is subject to its privacy policies and website terms of use, and may be shared with us.

Progressive receives compensation from Capital One for loans made through this program. Contact us for more details.

Financing/refinancing may not be available in all situations.

Void where prohibited by law.

Refinancing – Best Debt Consolidation, refinancing auto loan.#Refinancing #auto #loan


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Auto Refinance – Bad Credit Auto Loan Refinance, refinancing auto loan.#Refinancing #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.

Refinancing 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.

Refinancing – Best Debt Consolidation, auto loan refinancing.#Auto #loan #refinancing


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Refinance Auto Loan – When to Refinance Your Car Loan, auto loan refinancing.#Auto #loan #refinancing


Refinance auto loan – When to refinance your car loan

Auto loan refinancing

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.

Refinance Your Auto Loan – Pre-Qualify in Minutes, Progressive, auto loan refinancing.#Auto #loan #refinancing


Auto Loan Refinancing

Customers save on average $2,500 over the life of the loan *

Pre-qualify for auto refinancing in minutes

No impact to your credit score

Want to see how much you could save by refinancing your auto loan? Pre-qualify online with Progressive Auto Finance by Capital One. In just a few minutes, you’ll see your calculated rate/term options and how much you can save. And because it’s only a “soft” credit inquiry when you pre-qualify, there’s no impact to your credit score.

If you like what you see, go ahead and complete the official auto loan refinance application and E-Sign your contract. If not, there are no fees and no obligation to buy.

Auto financing is available if you’re purchasing a new or used car.

How refinancing a car loan works

Pre-qualify online for free

If you pre-qualify, you’ll see your estimated monthly payment, term and APR. You may have more than one option to choose from.

Submit a credit application and sign your contract

Once you choose your offer, complete your credit application. You can even sign your contract online. When you submit your official auto loan refinance application, there will be a “hard” credit inquiry that will affect your credit.

Finalize your auto loan refinance application

Capital One may need some documents to complete your refinance, such as VIN, lender details, proof of income, proof of residence and/or a title document. After verifying your information, we’ll pay off your current loan. Then, you’re all set and you officially refinanced.

See more info on car loan refinancing with Capital One.

Auto refinancing is one more way we help you find what you need

Progressive offers so much more than auto insurance. Whether you’re refinancing a car, buying a home, starting a business, planning a wedding, increasing your financial assets or more—we’re here to help you find protection along the way. See more insurance choices.

Pre-qualify for auto refinancing in minutes

The #1 Insurance Site

Copyright 1995 – 2017. Progressive Casualty Insurance Company . All Rights Reserved.

We offer insurance by phone, online and through independent agents. Prices vary based on how you buy.

* Lifetime savings claim is based on average reduction in total lifetime payments Capital One customers experience over the life of the loan compared to their prior lifetime payments. Claim does not include customers who choose to extend the number of remaining payments on their auto loan. Lifetime savings may result from a lower interest rate, a shorter term or both. Your actual savings may be different.

Documentation may be required. Credit approval required. Terms, conditions, and restrictions apply, including vehicle eligibility and amount refinanced. Capital One Auto Finance only refinances loans from other financial institutions, not including Capital One subsidiaries. Find out more at Capital One. Auto financing products and services offered by Capital One, N.A. © 2016 Capital One.

Vehicle financing and refinancing and associated services are provided by Capital One, National Association, which is not affiliated with Progressive.

Progressive is not a lender or financing/refinancing broker, does not originate or arrange financing/refinancing, and does not endorse and is not responsible for Capital One’s products or services, the content or operation of its website, or how it handles or uses your information. Information you provide to Capital One is subject to its privacy policies and website terms of use, and may be shared with us.

Progressive receives compensation from Capital One for loans made through this program. Contact us for more details.

Financing/refinancing may not be available in all situations.

Void where prohibited by law.

Refinancing Auto Loans – Small Business Loan Data, refinancing auto loan.#Refinancing #auto #loan


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Refinance Auto Loan – When to Refinance Your Car Loan, refinancing auto loan.#Refinancing #auto #loan


Refinance auto loan – When to refinance your car loan

Refinancing auto loan

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.

Refinance Auto Loan – When to Refinance Your Car Loan, auto loan refinancing.#Auto #loan #refinancing


Refinance auto loan – When to refinance your car loan

Auto loan refinancing

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.

State Employees Credit Union – Used Vehicle Loan Refinancing #napa #auto #care


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Used Vehicle Loan Refinancing

Do you have a vehicle loan at another financial institution? You may be able to save by refinancing at the Credit Union. At the Credit Union, you don’t have to EARN a lower interest rate – we offer the same great low rate of % to all members! Use the convenient calculator below to estimate your monthly payment with the Credit Union and compare that to what you’re currently paying! If your vehicle has less than 10,000 miles, and is a prior, current or upcoming model year, you will qualify for our new vehicle rates. Please see our Vehicle Loans website page for current rates.

Compare your loan to the Credit Union rate and SAVE BIG!

Have you considered our auto insurance. Contact your local branch or the Contact Center today to obtain a risk-free quote!

We may finance up to 110% of the value of the vehicle based on the NADA retail value. To determine the value of the vehicle, please use the link for Used Car Values located in the Auto Center in Member Access. The Credit Union does not accept flood, salvage or reconstructed title vehicles as collateral.

Used Vehicle Loan Specifications

Refinancing with Bad Credit – 6 Questions to Ask #used #car #auto #loans


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Refinancing With Bad Credit: Information and FAQ

In this article:

How to Refinance With Bad Credit?

With interest rates near historic lows, it’s no wonder so many people are considering refinancing their homes mortgage and replacing their existing mortgage loans with a new, lower rate loans. This can save homeowners money over the life of the loan (they’re paying less in interest) and lower their monthly payments. But for homeowners with less-than-stellar credit, refinancing at a good interest rate or at all can be difficult. This guide will help.

How Does My Credit History Impact Refinancing?

Lenders use your credit score to determine how likely it is that you will pay them back in full and on time. Credit scores range from 300, which is very poor, to 850, which is perfect. Your score is calculated by looking at your past payment history (35 percent), amount owed (30 percent), length of time you ve had credit (15 percent), new credit (10 percent) and type of credit (10 percent).

As you can see, the bulk of your score is based on your past payment history and total debt, so people with too much debt or who haven’t paid their bills on time are going to seem “high risk” to lenders. Thus, a mortgage lender will charge a person with poor credit a higher interest rate to refinance because the lender is taking more of a risk by lending that person money. So while someone with an 800 credit score might only pay 3.5 percent on their mortgage, someone with a 650 or below may pay a full percentage point or more higher, which will likely equate to paying the lender tens of thousands of dollars more in interest over the life of the loan.

If you have poor credit and want to refinance, it’s important to calculate your monthly payments and to make sure a refinance is right for you. When you factor in closing costs and fees, the new loan, even if it is a slightly lower rate than your current loan, may not make financial sense. Beware: Sometimes, a refinance will lower your monthly payments (it’s lowering your interest rate) but will extend the term of your loan (i.e. it will make the new loan a 30-year loan even though you’d already paid down five years on your original loan and only had 25 more to go), which can end up costing you more in the long term. In this case, think long and hard about whether these lower monthly payments are worth the long-term cost.

How Can I Improve My Credit Score to Get a Better Interest Rate?

The better your credit score, the lower the interest rate a lender will likely grant you. To boost your score, first, get a copy of your credit reports (on annualcreditreport.com you get a free report each year) from all three credit bureaus (Equifax, TransUnion and Experian), and correct any errors you see on these reports that might be lowering your score. (You can learn how to correct errors on the credit bureaus’ websites.)

Going forward, pay all of your bills on time (create automatic reminders or set up automatic bill pay if you have trouble remembering to pay them), don’t take out several new credit lines at one time, and pay down your total debt load, especially if you ve nearly maxed out all your lines of credit.

If you have extremely bad credit, you may not be able to get a credit card, which means you’ll have trouble showing lenders that going forward, you can pay your bills on time. In this case, consider getting a secured credit card. With these cards, you can only charge the amount you have deposited in an account for the lender; you don’t have to pay the card off in full each month, but if you don’t, you will be charged interest.

What Else Can I Do to Get a Lower Interest Rate?

If you’ve done everything you can to improve your credit score but still can’t refinance or get an interest rate that you want, you should take other measures to help ensure you get a lower interest rate.

First, if you can manage it, put a significant amount of money in the bank or have other liquid assets on hand, as this shows the lender that you have the means to repay the loan.

Second, consider having someone with a higher credit score than you co-sign the loan. This, too, gives the lender assurance that you will repay the loan in full and on time because now a person with good credit is also responsible for the loan. Just make sure that the co-signer understands that if you don’t repay the loan, the co-signer is on the hook for repaying it.

What Is the Typical Refinancing Process Like?

No matter your credit score, the refinancing process typically works like this: A homeowner selects a lender with which to get a refi (see Zillow’s list of lenders ); the lender does not have to be the same lender you currently have a mortgage with. The homeowner contacts the lender to see what is needed to apply for the new loan. Typically, the lender will ask for past tax returns, pay stubs, proof of assets, list of debts and other financial documents, which are used to determine your ability to repay.

If you are approved for the refinance, the lender will give you a quote, which should include the rate, closing costs and fees. If you accept this quote, the lender will order an appraisal of your home, which will determine the amount of equity you have in your home (typically, lenders like buyers who have 20 percent equity or more in their homes). Finally, you will close on the loan, during which time you’ll complete and sign all closing documents, pay any fees and the new lender will send money to the old lender paying off your former mortgage.

What Are Some Alternatives to Traditional Refinancing?

If you can’t get a traditional refinance, there are other ways you can lower your monthly payments. One is the Home Affordable Modification Program (HAMP), which was created in 2009 to help homeowners struggling to pay down their mortgages avoid foreclosure. The program reduces troubled homeowners’ monthly payments to 31 percent of their pre-tax monthly income. Mortgage companies with loans owned by Fannie Mae and Freddie Mac are required to participate in the program, and many other lenders do voluntarily.  Click here for HAMP program details .

Homeowners may also want to consider HARP. also known as the Home Affordable Refinance Program, which lets homeowners (though only those who aren’t behind on their mortgage payments) refinance when they can’t get a traditional refinance because the value of their homes has gone down.

Refinancing a Car Loan – Auto Refinancing 101 – Wells Fargo #auto #seats


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Car Loan Refinancing 101

Auto refinancing from every angle

An auto refinance loan is a secured loan used to pay the existing balance on a current car loan. The car is used as collateral for the new refinanced loan. The refinanced car loan has a fixed interest rate and fixed monthly payments for a set period of time.

If you are approved to refinance your car loan, you may be able to:

  • Lower your interest rate. Vehicle refinance loans with lower APRs mean you pay less overall interest if the repayment term decreases or remains unchanged.
  • Reduce your monthly payments. If your refinanced loan has a lower APR or an extended new loan term, you could lower your monthly payments.
  • Access funds for your financial needs. Your refinanced loan could pay off an existing auto loan and you could receive available funds to help manage debt.
  • Enjoy convenience and flexibility. You may be able to choose a different term and different payment options that better fit your needs.
  • Take a pause in your payment cycle. You may be able to take a month off from making a car payment when you refinance depending on your closing date.
  • Have peace of mind. You benefit from consistent monthly payments with a fixed rate, paying the same amount each month. Plus, you will not be penalized for paying your loan off early.

And, if you’re a Wells Fargo customer:

You may be eligible for a rate discount with a qualifying Wells Fargo consumer checking account while maintaining automatic payments.*

Personal and contact information

  • Date of birth
  • Social Security Number
  • Citizenship status
  • Marital status (Wisconsin only)
  • Email address
  • Home address

Primary telephone number

  • Previous address (if at current address less than 3 years)
  • Residence status (own or rent)
  • Monthly mortgage or rent payment
  • Employment and income information

    • Employment status
    • Employer name
    • Occupation
    • Work phone number
    • Previous employment information (if at current employer less than 3 years)
    • Gross monthly income amount and income sources

    Auto information

    • Year of vehicle, VIN number, and mileage
    • Remaining loan balance
    • Lender information

    When applying for your auto loan refinance, you may want to consider a co-applicant. A co-applicant is an individual that enters into the refinance loan with you, and may maintain part ownership of the refinanced vehicle under that loan.

    A co-applicant could help you get more out of your refinance:

    • If you are establishing or building credit
    • If you have a lower credit score
    • If you know you will need additional income from another person to qualify

    You will need to discuss the responsibilities and details of your refinance with your co-applicant so they can know what to expect. Co-applicants may refer to our application checklist, as well.

    Should I refinance my auto loan?

    An auto refinance loan may be right for you if you:

    • Feel like you’re paying too much for your current auto loan balance each month
    • Need extra cash for items like home improvements or unexpected expenses
    • Have a better credit score since first financing your vehicle
    • Want a secured loan and a potentially lower rate

    If I have a lower credit score, can I still refinance my car loan?

    Even if you have a lower credit score, you may still have options. Wells Fargo provides auto refinance options for customers with most types of credit.

    Is it easy to apply for car loan refinancing?

    Yes. It only takes about 5-10 minutes to apply and get a credit decision and rate. A Wells Fargo Auto Finance Specialist will contact you shortly after applying, and if approved, you may receive your loan the next day. See our checklist to prepare for your application.

    How does the auto refinance loan application process work?

    Applying is simple and only takes 5-10 minutes to get your credit decision.

    Low-Interest Rate Auto Loans and Refinancing #where #to #buy #used #cars


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    Neighborhood Credit Union Auto Loans

    Fuel your dreams with the lowest rate for your new, used or refinanced vehicle!

    Take advantage of our 90 Days No Payments**  offer for a limited time, and make no payments on your Auto Loan until 2016 when you apply today! 

    With vehicle loan rates starting as low as 2.25% APR *, Neighborhood Credit Union is the number one choice in the Dallas-Fort Worth metroplex for all your auto loans.

    Take advantage of our competitive rates on new and used cars, trucks and other recreational vehicles, including boats, RVs and motorcycles for up to 120 months. Or refinance today to lower your monthly payments!

    Extend the life of your vehicle and get protection from the unexpected! Our extended Warranty includes:

    GAP Protection If your vehicle is declared a total loss by your insurance company due to accident, fire or theft, GAP pays up to 150% of the value of the vehicle.

    Mechanical Breakdown Protection Benefits include: Roadside Assistance, Rental Vehicle Assistance, Tire Road Hazard Trip Interruption Reimbursement

    Dent Guard Paintless Dent Repairs Automobile Deductible Reimbursement

    Auto Loan Refinancing #auto #service #manuals


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    Auto Loan Refinancing

    What Is Auto Loan Refinancing?

    Auto loan refinancing is the process of paying off an existing loan on your car or truck and starting a new loan. This may be done with the same lending company you already have or a new lending company.

    Applying for a car loan refinance can be a somewhat complicated and work-intensive process in which you have to provide information about your:

    Lenders will use this information to determine whether they think you qualify for a new loan with better terms than you currently have.

    Visit our page on How to Refinance a Car Loan for more information.

    Why Refinance a Car Loan?

    Generally there are two reasons people choose to refinance their car loans:

    • To save money.

    OR

  • To lower the monthly payment on the loan.
  • Saving Money

    Many people opt to refinance their car loan with a lender who is offering a lower interest rate than you already have. With this option, you can save money every month due to the lower interest rate.

    You can also choose to refinance with a lender who will shorten the length of your loan by keeping the same interest rate for a shorter amount of time. Note that your monthly principal payment may go up, but the amount you pay in the long run will be less.

    Lowering Your Monthly Payments

    You can refinance your loan to lower your monthly payments without changing the actual amount of money you owe through the lifetime of the loan. This strategy is often used when there is a change in someone’s income and that person can no longer afford the monthly payments.

    In this case, the lender offers a lower monthly payment plan, but extends the length of the loan. Because you will be paying the interest rate of your loan over a longer period of time, this type of loan refinance may end up costing you more in the long run .

    When to Refinance Your Auto Loan

    Choosing whether to refinance really depends on your personal financial situation. For some people, saving $15 a month isn’t worth going through the trouble of all the paperwork. For others, a monthly $15 savings over the life of a long loan makes a big difference.

    The two big triggers that create potential savings are:

    • A change in your own credit score.
    • A change in rates being offered.

    Credit Score Changes

    If your credit score was low when you first received your loan, you may find that a positive change in your credit report may earn you a lower interest rate on your auto loan.

    It’s always a good idea to keep an eye on your credit score, which you can order for free once a year from the main credit bureaus. Many services also offer free alerts regarding interest rate changes.

    Interest Rate Drops

    If interest rates on car loans drop, you may be able to refinance your car loan for significant savings. Keep in mind, however, that you will not typically see savings unless the interest rate drop is at least a couple points .

    Try calculating the interest rate change that would make a difference for you by using an online car loan refinance calculator.

    Auto Refinance Hurdles

    There are some cases when it’s not a good idea to refinance, and some cases where it is close to impossible.

    Generally speaking, it’s hard to save money when you refinance an auto loan (or get a loan at all) if:

    • The car is a few years old .
    • The car has over 100,000 miles on it .
    • The loan amount is higher than the value of the car itself .

    Since the car serves as collateral for the loan, it makes sense that lenders want the car to have value in the event they repossess it.

    However, because locking in a lower rate can change your monthly payments so dramatically, there is no reason not to shop around and see if you can find a lender that offers a better deal than what you have.

    Unfortunately, even if the car is in good shape, many people also find it hard to refinance if their credit score isn’t good. Bad credit makes finding a refinance company hard, and finding good rates even harder.

    FHA Loan Program: Requirements, Rates, Limits – Guidelines #fha #loan #refinancing


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    Navigation

    A Guide to FHA Insured Mortgages

    Understanding FHA Home Loans

    Millions of Americans have been helped by the Federal Housing Administration (FHA) and millions of Americans have been able to secure their dream of becoming homeowners since the FHA began in 1934.

    What the FHA provides is mortgage insurance on loans that are created by approved lenders throughout the United States and the territories owned by the United States. Whether for multifamily, single family, hospitals, or manufactured homes, the FHA aids in the issuance of mortgages and is the world’s largest insurer or mortgages and has a number of different programs.

    Comparing FHA Loans to Conventional Mortgages

    The standard FHA loan is quite popular because it only requires a 3.5% down payment, rather than the 20% down payment required by a conventional fixed-rate mortgage. To offset the increased risk from a smaller initial down-payment, FHA loans require two mortgage insurance premiums. One of these is a monthly charge, and the other can be paid upfront or rolled into the loan.

    • Annual Mortgage Insurance Premium – This is a monthly charge which goes into your mortgage payment. Calculation of it is based upon loan size, loan length and the borrower’s loan-to-value (LTV). The annual premium ranges from 0.45% for short duration loans with over 10% equity to 1.55% for longer duration loans with almost no equity.
    • Upfront Mortgage Insurance Premium – This is an upfront charge which is 1.75% of the home loan. This can be rolled into the mortgage or paid upfront at closing.

    Do you qualify for an FHA loan? Use our free FHA loan qualification calcualtor .

    In addition to their general loan program, a few of their other more specific programs are described below.

    CHDAP Down Payment Assistance

    CHDAP. or California Housing Down Payment Assistance Programs, assist the homebuyer in buying a home without putting money down through the use of an FHA loan and 3% CHDAP silent second.

    The CHDAP silent second defers payments until the property is refinanced or sold, but it is never completely forgiven.

    The CHDAP loan program has some basic qualifications:

    • The household income of the borrower cannot exceed the median income for that area.
    • FHA loans limit the maximum sales price
    • Only California properties are covered
    • The Borrower cannot have owned a home in their name within the past three years.
    • Must qualify for an FHA loan

    Good Neighbor Next Door

    The Good Neighbor Next Door program is the new merged name for the next two categories available to law enforcement officers and teachers. In addition, the program is available to firefighters and emergency medical technicians.

    Officer Next Door Program

    The Officer Next Door Program, or OND. is an initiative that offers HUD-acquired homes for single families to public police officers. The officers may be eligible for these benefits:

    • A discount of 50% off of the appraised value of the home
    • A down payment of $100

    Through the Officer Next Door program, homes are offered by HUD in designated revitalization areas. These areas are usually in low-and moderate-income neighborhoods, contain many properties that are vacant, and have high crime rates, but these areas are considered to be good candidates for improvement and economic development.

    Homes that are for sale in the program were insured through the FHA at one time and then foreclosed upon for some reason. HUD also lowers the amount of the down payment to $100 if the home is purchased through an FHA insured mortgage.

    Below are the requirements Officers must meet in order to be eligible for the program:

    • The property must be their sole residence for a minimum of three years after the purchase of the property.
    • The officer must be a sworn law enforcement officer who works full-time for a city, state, county, or Federal law enforcement agency. The officer must have the power to arrest-not just be limited to a particular facility or building.

    The officer should be pre-approved and have a letter of commitment in order to be approved for the loan and purchase an Officer Next Door Home.

    Teacher Next Door Program

    The Teacher Next Door, or TND. program offers single family homes offered by HUD to public school teachers. Teachers can acquire a 50% discount off of the home’s appraised value and only be required to pay a $100 down payment.

    Through the Teacher Next Door Program, the homes offered by HUD are located in areas needing revitalizations. These areas are typically in low-and moderate-income neighborhoods, there are many vacant properties, and the crime rate tends to be high. These areas are considered to be good candidates for improvement and economic development.

    Homes that are for sale in the program were insured through HUD at one time and then foreclosed upon. HUD only requires a down payment of $100 if the home is acquired through an FHA insured mortgage.

    Below are the requirements that teachers must meet in order to use this particular program:

    • The property must be the teacher’s sole residence for a minimum of three years after purchasing the home.
    • A teacher is a person who is employed full-time by a public, private, Municipal, county, state or Federal educational institution. They must be a state-certified teacher for the classroom or an administrator for the grades K-12.

    In order for a teacher to purchase a Teacher Next Door Home, the teacher must be pre-approved and have a letter of commitment in order for the loan to be approved.

    Nehemiah Down Payment Assistance Program

    Nehemia was canceled in 2008.

    A gift of up to 3% of the final sales price will be given by Nehemian to a qualified buyer for the down payment. This allows the buyer to purchase the home without a down payment combined with the FHA loan. This program does require the cooperation of the home seller.

    The Nehemiah Down Payment Assistance Program is a private California non-profit housing corporation and is not a government program. The program gives money or “gifts” to qualified buyers to purchase what are called Nehemiah properties all over the United States.

    Before the schedule of a Nehemiah transaction is scheduled, Nehemiah delivers the buyer 3% gift money taken from a pool of existing funds and delivers that money to the closing company. The seller of the home then makes a contribution only after the deal has been closed. Nehemiah uses its own money from an already existing trust fund.

    There are two simple steps when using the Nehemiah program to acquire a home:

    1. Pre-approval for the FHA loan.
    2. Once the loan is approved, a home must be found and the Realtor write up the offer by using the Nehemiah program

    HART Down Payment Assistance Program

    HART was canceled in 2008.

    Housing Action Resource Trust, or Hart, is a 501 (c)(3) non-profit community development and housing corporation in California. It services selected communities all over the United States.

    HART provides individuals and families with down payment assistance in the for of a “gift” while adhering to the following guidelines:

    • HART will provide a gift of up to $15,000 for down payment and the closing costs.
    • The gift does not require repayament
    • The homebuyer only needs to provide 1% of the sales price on their own.
    • 1-4 unit homes can be purchased through the HART program
    • Pre-purchase counseling must be completed.

    HART does require the cooperation of the seller in this type of transaction.

    2007 – 2017 www.MortgageCalculator.org | Contact Us

    Debt Consolidation #debt #consolidation, #debt #consolidation #loans, #mortgage #refinance, #compre #loans, #refinancing #loans


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    Will consolidating my debts help?

    Key message

    Get advice about all your options before:

    • taking out a new loan to pay all your existing loans
    • taking out a loan to consolidate your debt

    For free, independent and confidential financial counselling, call MoneyHelp service on 1800 007 007.

    What is involved in consolidating debts?

    Lenders offer a range of refinancing and consolidating loans to people with debts.

    Refinancing means you get a new loan to pay out an existing loan.

    Consolidating is a type of refinancing that usually means getting a new loan to pay out a number of other loans.

    Many home loans have an option that allows the loan to be extended to consolidate other debts.

    The most common reasons people consolidate debts are to:

    • Reduce monthly debt payments,
    • Manage one debt instead of having a number of debts,
    • Save money by getting a consolidation loan with a lower interest rate to pay off debts with a high interest rate.

    Debt consolidation rarely saves you money. In most cases, debt consolidation is more expensive than keeping your loans as they are. Avoid debt consolidation companies as they usually charge exorbitant fees.

    It can put you, co-borrowers and other people who guarantee your loan, at increased financial risk.

    Should I refinance my home loan?

    If you want to include all your debts in your home loan it will probably be cheaper to extend the length of your current mortgage than to refinance.

    A new personal loan to pay out other debts will have a higher interest rate than your home loan and will likely have establishment and other start up fees.

    Will consolidation save money?

    In most cases, consolidating won’t save you money. If a new loan has a lower interest rate than the interest rate on your largest loan, then it might save you money to consolidate. But the cost of establishing the new loan, combined with early payment fees on your old loan, is usually higher than any savings you make on interest charges.

    Talk through your options with a financial counsellor before making a decision. MoneyHelp can be contacted on 1800 007 007.

    Should I use a guarantor or co-borrower?

    If you don’t own a house, a lender might offer you a consolidation loan if someone else, usually a family member or friend, signs as a guarantor or co-borrower.

    If you do not keep up with payments it can lead to the guarantor or co-borrower losing their home. Get advice about other options first.

    Can I cut years off my mortgage?

    There is no magic loan that cuts years off your mortgage or debts. For most people, the best debt reduction strategy is to:

    • Stop using more credit,
    • Continue paying your mortgage,
    • Pay as much as you can towards your non-mortgage loans,
    • When other debts are paid out, pay those extra funds towards your mortgage.

    What are my other options if I do not want to refinance or consolidate my debts?

    Your options will depend on what your main aim is and what constraints you have. If you have no assets, you may consider bankruptcy. If you have a mortgage, you may consider a Part IX Debt Agreement. Talk through your options with a financial counsellor before making a decision. MoneyHelp can be contacted on 1800 007 007.

    I want to pay off my debts off sooner

    1. Work out how much money you can allocate to your debts each month.
    2. Apply any excess funds to the most expensive debt, usually your credit card.
    3. When that debt is finalised, apply the excess to the next most expensive debt.
    4. Eventually you will probably be left with your home loan and you will be allocating all excess funds to it. This will reduce the term of your home loan.

    I hate having so many debts

    Consider easier ways of managing payments. Consider using bill payment services offered by your credit union or Australia Post that allow you to make one monthly payment.

    I cannot pay one or more of my debts

    Debt consolidation is not reversible, so always start by seeking advice from a financial counsellor about your debt problems.

    If you are having particular problems with one debt, for example threatened legal action or harassment by debt collectors, you should access free legal advice about your rights.

    Helpful links

    Vehicle Refinancing for Cars #auto #insurance #quotes #online


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    Vehicle Refinancing Loans and Auto Refinance Information

    Auto Refinancing is a process whereby the borrower on a Auto loan can adjust the interest rate or the term of the loan. Refinancing can be used to reduce the term of installments for a auto loan, or more commonly, it is used to reduce the interest rate and borrowing cost.

    Refinancing a Vehicle Loan

    Auto Refinancing may have risks, as well as benefits; make sure you read the regulations on your loan clauses. There could be penalties associated with early payments or finance charges prior to the end of the loan’s term. This cost might outweigh the benefits of refinancing, unless you have accounted for a significant savings in comparison to those fees.

    If I Refinance my Auto Loan, How Much Money do I Save?

    In many cases, borrowers will refinance their auto loan to limit the risk calculated from their interest rate indexes. As with all high risk lending, vehicle refinancing can help a person in some dire circumstances when the interest rate is to their advantage. Make sure you compare the interest accumulated over a term at a variable rate verses a fixed interest rate; that will help you determine whether the risk will be reduced.

    Considerations for Refinancing Auto Loans

    If you have Home Mortage Loans and Auto Loans that seem risky, you may consider Debt Consolidation or Loan Refinancing as a way to reduce the liabilitiesthat you have. The most important concern is to compare the various interest rates of your loans to see what would be the best solution.

    Refinancing Your Auto Loan #auto #shops


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    Refinancing Your Auto Loan

    If you’re paying a high interest rate, or payoff seems too far away, you might benefit from refinancing. Refinancing changes the terms of your loan and transfers your vehicle s title from one lender to another.

    The new terms can be beneficial for you and could save you money. Here are some factors to consider when looking at refinancing an auto loan.  

    When does refinancing make sense?

    Things might be different for you or the market since your initial auto loan. These changes may allow you to refinance at a lower interest rate, which means lower payments. Here are some reasons why a loan refinance might work for you:

    • Your credit score has increased:  If your credit score is higher than it was when you first bought your car, refinancing could be a smart choice. A higher credit score could make you less of a risk to lenders, so they may be willing to offer lower rates. Refinancing can make a difference even with just a minor increase to your score.
    • Interest rates have shifted:  Rates may have also shifted a lot since you purchased your car. If they were high at the start of the agreement but have since lowered, refinancing could save you a significant amount. Decreasing your interest rate by as little as 1 percent may be enough of a reason to change lenders. For example, if you borrow $25,000 on a 50-month loan term with 4.7 percent interest, dropping down to 3.7 percent would save you about $135 per year.
    • You want to shorten the length of your loan: If you have a long term loan, such as a 72-month loan, it can make sense to reduce the loan duration. Refinancing to a shorter loan may bring the overall interest cost of the loan down.

    Are there potential disadvantages to refinancing?

    Refinancing carries few risks, but it’s not always the best choice. Take care to avoid these potential pitfalls:

    • Prepayment penalties:  Check to see whether your current loan will issue a penalty for prepayment. In this case, refinancing could actually cost you more money.
    • Extended loan life:  Avoid any refinance that will extend the life of your loan. While extending could reduce your monthly payments, it may cost you more interest over the long term.

    Refinancing your auto loan can be a great way to save. As refinancing isn’t right for all situations, it’s good to review the pros, cons and all your options carefully.

    Visit usbank.com for more information on auto loans .

    Refinance Auto Loan with Bad Credit – Car Loan Refinancing at Low Rates #big #bucks #auto


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    Best Car Refinance Loans for Bad Credit Situation

    You may think of applying for a refinance auto loan for bad credit program if you are facing some difficulty in paying monthly instalments on your existing poor credit auto loan. There could be loan dealers that might be willing to provide you new credit for getting rid of your unaffordable car loan. Auto refinancing loans have lower interest rates. Carloansnomoneydown.com can assist you to find auto loan refinancing with bad credit in your state.

    Valid Reasons for Getting Low Rate Bad Credit Car Refinance Loans

    Most people usually consider securing bad credit auto refinance loans for the below mentioned reasons.

    • To take advantage of lower rates of interest and for obtaining better loan repayment terms.
    • For reducing monthly payments drastically and making them more affordable thereby saving money.
    • Save some dollars every month on interests depending on the duration of the new loan.
    • Pay monthly instalments regularly and improve credit ratings within a stipulated time frame.
    • Helps in avoiding a bankruptcy like situation particularly if it is a broad consolidation package.
    • Secure program which allows deferment of monthly car payments by 30 or 60 days.

    Know How the Refinancing Car Loan Bad Credit Actually Works

    • Search for online lenders that specialize in providing refinance auto loans for bad credit situations.
    • Obtain free non-binding quotes from 4 to 5 different specialized loan dealers and compare them.
    • Choose the right lender for your circumstances and give details of annual income, credit score and debt.
    • Inquire about registration, processing or any other kind of fees with the lender that has been chosen.
    • Apply by filling an online application form and get approved. On closing of the deal, the new lender will pay current unpaid loan and car title will get transferred to new lender.

    Explore Other Options to Refinancing Car Loans with Bad Credit

    Although it could be possible to secure a low rate refinancing car loan with bad credit, obtaining an approval from one of the specialized lender can be a challenging proposition.

    Besides, there could be few vital factors which you need to be aware of prior to researching various bad credit auto loan refinance options that are available at your disposal for getting your vehicle refinanced. Some of these are:

    • You can think of trading-in your present vehicle for paying the existing loan.
    • To qualify for lower bad credit auto loan refinancing rate take steps to build improve some credit.
    • Existing unaffordable bad credit car loan can also be paid-off by obtaining an easy to get unsecured auto loan.

    Some Important Benefits Offered By a Bad Credit Car Loan Refinance

    • Lower rate of interest and loan amount
    • Obtain a new loan repayment schedule
    • Monthly payments are easier to manage
    • Get loan finance despite having bad credit
    • Opportunity to customize your existing car
    • No need to pay any commission to resellers
    • Have chance to take advantage of special offers
    • Work with top rated lenders in the car loan market

    Refinance Car Loan With Bad Credit From Carloansnomoneydown

    At Carloansnomoneydown.com, we teach people the steps for refinancing auto loan with bad credit and enhance chances of qualifying for a solution that fits their specific type of financial needs.

    Get started with the process to drive a vehicle by refinance your car loan with bad credit, Apply Now to refinance your car loan online

    Auto Loan Refinancing #online #auto #sales


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    Auto Loan Refinancing

    What Is Auto Loan Refinancing?

    Auto loan refinancing is the process of paying off an existing loan on your car or truck and starting a new loan. This may be done with the same lending company you already have or a new lending company.

    Applying for a car loan refinance can be a somewhat complicated and work-intensive process in which you have to provide information about your:

    Lenders will use this information to determine whether they think you qualify for a new loan with better terms than you currently have.

    Visit our page on How to Refinance a Car Loan for more information.

    Why Refinance a Car Loan?

    Generally there are two reasons people choose to refinance their car loans:

    • To save money.

    OR

  • To lower the monthly payment on the loan.
  • Saving Money

    Many people opt to refinance their car loan with a lender who is offering a lower interest rate than you already have. With this option, you can save money every month due to the lower interest rate.

    You can also choose to refinance with a lender who will shorten the length of your loan by keeping the same interest rate for a shorter amount of time. Note that your monthly principal payment may go up, but the amount you pay in the long run will be less.

    Lowering Your Monthly Payments

    You can refinance your loan to lower your monthly payments without changing the actual amount of money you owe through the lifetime of the loan. This strategy is often used when there is a change in someone’s income and that person can no longer afford the monthly payments.

    In this case, the lender offers a lower monthly payment plan, but extends the length of the loan. Because you will be paying the interest rate of your loan over a longer period of time, this type of loan refinance may end up costing you more in the long run .

    When to Refinance Your Auto Loan

    Choosing whether to refinance really depends on your personal financial situation. For some people, saving $15 a month isn’t worth going through the trouble of all the paperwork. For others, a monthly $15 savings over the life of a long loan makes a big difference.

    The two big triggers that create potential savings are:

    • A change in your own credit score.
    • A change in rates being offered.

    Credit Score Changes

    If your credit score was low when you first received your loan, you may find that a positive change in your credit report may earn you a lower interest rate on your auto loan.

    It’s always a good idea to keep an eye on your credit score, which you can order for free once a year from the main credit bureaus. Many services also offer free alerts regarding interest rate changes.

    Interest Rate Drops

    If interest rates on car loans drop, you may be able to refinance your car loan for significant savings. Keep in mind, however, that you will not typically see savings unless the interest rate drop is at least a couple points .

    Try calculating the interest rate change that would make a difference for you by using an online car loan refinance calculator.

    Auto Refinance Hurdles

    There are some cases when it’s not a good idea to refinance, and some cases where it is close to impossible.

    Generally speaking, it’s hard to save money when you refinance an auto loan (or get a loan at all) if:

    • The car is a few years old .
    • The car has over 100,000 miles on it .
    • The loan amount is higher than the value of the car itself .

    Since the car serves as collateral for the loan, it makes sense that lenders want the car to have value in the event they repossess it.

    However, because locking in a lower rate can change your monthly payments so dramatically, there is no reason not to shop around and see if you can find a lender that offers a better deal than what you have.

    Unfortunately, even if the car is in good shape, many people also find it hard to refinance if their credit score isn’t good. Bad credit makes finding a refinance company hard, and finding good rates even harder.

    Can I Buy a House with Bad Credit? #refinancing #information


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    Can I Buy a House with Bad Credit?

    Can I Buy a House with Bad Credit?

    Getting a Mortgage with Bad Credit

    If you have bad credit and fear you’ll face a loan denial when applying for a mortgage, don’t worry. You can get a mortgage with a low credit score. It’ll just come at a higher cost, and you’ll likely need to provide an explanation of your low credit score.

    Fixing or Preventing Bad Credit

    Having bad credit is not the end of the world. It still may be possible for lenders to give you a loan, provided your credit score is not too low. But be aware that you may pay a higher interest rate and more fees since you are more likely to default (fail to pay the loan back). So it s in your best interest to improve your credit score in order to get a lower interest rate, which can save you thousands in the long run.

    Mortgage lenders look at the age, dollar amount, and payment history of your different credit lines. That means opening accounts frequently, running up your balances, and paying on time or not at all can impact your credit score negatively. Just changing one of these components of your spending behavior can positively affect your credit score.

    There are ways you can improve your credit score, such as paying down your debts, paying your bills on time, and disputing possible errors on your credit report. But on the flip side, there are ways you can also hurt your score, so remember:

    • DON T close an account to remove it from your report (it doesn t work).
    • DON T open too many credit accounts in a short period of time.
    • DON T take too long to shop around for interest rates. Lenders must pull your credit report every time you apply for credit. If you are shopping around with different lenders for a lower interest rate, there is generally a grace period of about 30 days before your score is affected.

    Finding Home Loans and Refinancing With Bad Credit

    Even after you reverse the downward spiral of your credit history, you might need to tell a prospective lender that there may be some signs of bad credit in your report. This will save you time, since he or she will look at different loans than he might otherwise.

    If bad credit continues to dog you, the FHA loan programs may be your ideal option. With down payments as low as 3.5%, Americans with good and bad credit have been getting into their first homes with these federally insured loans since 1934.

    Why Were You Turned Down for a Loan?

    Bad credit is just one of many reasons you may be denied a loan. If you are still having trouble getting a loan, ask your lender why. Chances are it will be one of these reasons for rejection:

    • Overextended credit cards: If you miss payments or exceed your limit, that s a red flag to lenders.
    • Failure to pay a previous or existing loan: If you have defaulted on other loans, a lender will think twice.
    • Bankruptcy: Filed for bankruptcy in the past seven years? You might have trouble getting a loan.
    • Overdue taxes: Lenders check your tax payment record.
    • Legal judgments: If you have a judgment against you for such things as delinquent child support payments, it could harm your credit.
    • Collection agencies: Lenders will know if collection agencies are after you.
    • Overreaching: You might be seeking a loan outside what you can reasonably afford.

    How Can I Get Down Payment Assistance? How to Find Down Payment Assistance Programs

    Refinancing vs #refinancing #vs #home #equity #loan


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    Refinancing vs. a Home-Equity Loan: The Difference

    One good thing about owning a home: It’s not just a place to live and an investment (a good one, you hope), it also can be a source of ready cash, should you need it.

    If you’re already living in your home – and you have for a few years – two financial terms probably keep popping up: refinancing and home-equity loans. Maybe you know a little about them but not enough to make financial decisions. They’re often used in the same sentence, but they’re drastically different.

    While different, both of these terms have one thing in common: They relate to raising money using your home. Here’s a scenario: Ten years ago, when you first purchased your home, interest rates were nearly 6% on your 30-year fixed-rate mortgage. In 2015, you could get a mortgage for around 4%. Two points could knock a couple of hundred dollars off your monthly payment and far more off the total cost of financing your home.

    Or consider a second scenario: You already have an outstanding interest rate but you’re looking for some extra cash to pay for a new roof or add a deck to your home. That’s where a home-equity loan might become attractive. Over time, a combination of paying down your loan and your home appreciating in value produces equity —debt-free value in your home that you can borrow against to raise cash.

    Let’s look at each of these options in detail.

    Refinancing

    Refinancing is basically finding a new lender to pay off your old mortgage balance in exchange for a new mortgage at a lower rate. Sometimes your current lender will do a refinance, too.

    Two Types. There are two types of “refis” (mortgage lingo for refinance): the rate and term refinance and the cash-out loan. A rate/term refi doesn’t involve money changing hands other than the costs associated with closing. With a cash-out refi, you get some cash back – taking equity from your home in the form of cash. See Cash-Out vs. Rate/Term Mortgage Refinancing Loans for more information.

    One good use of that cash is to pay off other debts – credit cards, student loans. medical bills and the like.

    Consider the Costs. A lower interest rate that saves you hundreds per month must be a no-brainer, right? Very few financial decisions are cut and dried, and this is no exception. The problem is closing costs. Even on a refinance, these costs are likely to be 1% to 1.5% of your loan amount. If you refinance, you should plan to live in your home for well over a year. In fact, if you can recoup your closing costs through a lower monthly payment within 18 months, it’s probably a good idea to do the refi. To read more, see: When (and When Not) to Refinance Your Mortgage.

    Home-Equity Loans

    Because they are secured by your property, home-equity loans tend to have lower interest rates than personal, unsecured loans. The only hitch: If you default on your home-equity loan, the lender comes after your home.

    Two Choices. There are two types of home-equity loans. (Technically they’re quite different but we’ll lump them together.) A traditional home equity loan is much like a 30-year mortgage. If you’re approved, you receive a loan that you pay over the course of a set period with a set interest rate (in most cases). See Home-Equity Loans: What You Need to Know and Home-Equity Loans: The Costs to learn more.

    A home equity line of credit (HELOC) is kind of like a credit card tied to the equity in your home. You can borrow as little or as much of that credit line as you want. During the draw period you pay only interest. Once the repayment period kicks in, you pay principal and interest (see Home-Equity Loan vs. HELOC: The Difference ).

    These types of loans have closing costs and you’ll have to submit various documents to prove you qualify. In general, home equity loans have a higher interest rate than traditional mortgages, but that isn’t always the case. Also watch for lenders who advertise just an introductory rate. You might see 1.99% for one year, followed by a range of up to nearly 10%. There may also be a minimum amount you have to borrow. (See How HELOCs Can Hurt You to learn more about the disadvantages of these loans.)

    Can You Refinance. In fact, you can. As with a traditional mortgage, if you can lower your interest rate, convert from an adjustable-rate loan to one with a fixed rate or avoid a balloon payment – or if you want to extract more cash from your equity – this might make sense for you. Just remember that every time you refinance something, you’re paying extra closing costs and you might be extending the loan, making your total interest payments higher.

    One Caveat: Your Credit Score

    Your ability to borrow in either strategy depends on your credit score. If you’re looking to refinance, and your credit score is lower than when you originally purchased your home, refinancing may not be in your best interests. Before going through the process of securing either of these loans, get your three credit scores. (See Top Places to Get a Free Credit Score or Report .) If they aren’t above 740, talk with any potential lender about how your score might affect your interest rate.

    If you’re not planning to stay in your home for a long period of time, a home-equity loan might be the better choice since the closing costs are less than a refi.

    The Bottom Line

    Refinancing and home equity loans have downsides, of course. If you’re refinancing, try not to take on another 30-year loan. Instead of putting the money you save into your pocket, opt for a shorter duration loan – maybe a 15-year mortgage. Or, take a 30-year loan and make extra payments. Remember that the payment isn’t as important as the total amount of money you pay over the life of the loan. Paying on your first loan for 10 years and refinancing for another 30 probably cancels out any positive effect of the refinance. The goal should always be to eliminate debt as quickly as possible.

    An investment theory that states it is impossible to beat the market because stock market efficiency causes existing share.

    An extension of credit from a lending institution when an account reaches zero. An overdraft allows the individual to continue.

    An order to buy or sell a security when its price surpasses a particular point, thus ensuring a greater probability of achieving.

    1. In economics, the free rider problem refers to a situation where some individuals in a population either consume more.

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    Refinancing Your Property

    There are many reasons you may want to consider refinancing your most important asset. With today’s low interest rates, it may be worthwhile to refinance your existing mortgage to either reduce your monthly payments, or to tap into your home equity to help with your short or long terms goals, including:

    • Renovating your home to improve your property value
    • Consolidating high interest loans and credit cards into one lower monthly payment
    • Investing in your RRSP and using your tax refund to pay down your mortgage
    • Paying for your child’s education
    • Purchasing another property

    If your mortgage is closed and you refinance before your renewal date, you may face a penalty. However, it may still be worthwhile to refinance. The key is to determine whether the potential interest-rate savings outweigh the penalty.

    You can also add a second mortgage on your property if refinancing your mortgage is not worthwhile. Our Home Trust Equityline Visa Card is a unique alternative to other second mortgage products, with all the flexibility of a line of credit and all the benefits
    of Visa. Find out more .

    To help you decide if refinancing is an option for you, contact a Home Trust Mortgage Specialist today at 1-877-903-2133 x5820. We’re available Monday through Friday from 9 am to 5 pm EST.

    Mortgage Application

    Ready to apply? Complete our easy online application in minutes, or call 1-855-270-3630.

    Mortgage Calculators

    Use our calculators to see how much you can afford and how much you can save with a Home Trust mortgage.

    Vehicle Refinancing for Cars #auto #incentives


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    Vehicle Refinancing Loans and Auto Refinance Information

    Auto Refinancing is a process whereby the borrower on a Auto loan can adjust the interest rate or the term of the loan. Refinancing can be used to reduce the term of installments for a auto loan, or more commonly, it is used to reduce the interest rate and borrowing cost.

    Refinancing a Vehicle Loan

    Auto Refinancing may have risks, as well as benefits; make sure you read the regulations on your loan clauses. There could be penalties associated with early payments or finance charges prior to the end of the loan’s term. This cost might outweigh the benefits of refinancing, unless you have accounted for a significant savings in comparison to those fees.

    If I Refinance my Auto Loan, How Much Money do I Save?

    In many cases, borrowers will refinance their auto loan to limit the risk calculated from their interest rate indexes. As with all high risk lending, vehicle refinancing can help a person in some dire circumstances when the interest rate is to their advantage. Make sure you compare the interest accumulated over a term at a variable rate verses a fixed interest rate; that will help you determine whether the risk will be reduced.

    Considerations for Refinancing Auto Loans

    If you have Home Mortage Loans and Auto Loans that seem risky, you may consider Debt Consolidation or Loan Refinancing as a way to reduce the liabilitiesthat you have. The most important concern is to compare the various interest rates of your loans to see what would be the best solution.

    Pros and Cons of Refinancing a Car Loan #auto #incentives


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    Pros and Cons of Refinancing a Car Loan

    By Emily Delbridge. Car Insurance and Loans Expert

    Emily Sue Delbridge has a strong family history in the insurance industry. She has been in the insurance business since 2005 with her primary focus on personal lines insurance. Read more

    Refinancing a car loan can seem appealing at times. It is important to take a close look to make sure you will benefit from refinancing. Refinancing has both pros and cons depending on your situation. Making educated decisions about your finances will keep you on the right track to financial well being.

    Pros of Refinancing a Car Loan

    • Get more money out: If you currently owe less than what your vehicle is worth, you may be able to access more money by refinancing. For instance, you have owned your vehicle for three years. Your vehicle is currently worth $8000 and you owe $5000. You need money for a small home improvement. One option would be to refinance your vehicle for $6500. You will still owe less than what the vehicle is worth and have $1500 after the new loan pays off your previous $5000 balance. The $1500 can now be used for your home improvement.
    • Lower your payments by extending the loan: Sometimes a life changing event such as a baby or medical expenses put you in a situation where you absolutely have to reduce your monthly expenses. Refinancing can allow you to extend your loan. For instance, if you owe two more years on your current loan, it may be possible to refinance for four years. Adding two years onto your loan should substantially lower you monthly payments depending on the interest rate you get. You will be paying for two years more, but you will free up some cash on a monthly basis helping you get through a rough patch.

    Continue Reading Below

    • Change Lenders: Changing lender can be a pro or a con depending on the relationship you have with your lender. If your lender is tough to contact or is not getting you your payment information, changing lenders could be a pro. If you like your lender, you can try to refinance with them however you may need to look elsewhere to get the best rate.

    Cons of Refinancing a Car Loan

    Low-Interest Rate Auto Loans and Refinancing #used #auto #sales


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    Take advantage of our 90 Days No Payments**  offer for a limited time, and make no payments on your Auto Loan until 2016 when you apply today! 

    With vehicle loan rates starting as low as 2.25% APR *, Neighborhood Credit Union is the number one choice in the Dallas-Fort Worth metroplex for all your auto loans.

    Take advantage of our competitive rates on new and used cars, trucks and other recreational vehicles, including boats, RVs and motorcycles for up to 120 months. Or refinance today to lower your monthly payments!

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    Complete Guide to Auto Refinancing #a1 #auto #parts


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    Auto Refinancing Tips and Scams

    Last Modified: September 09, 2015 by Jeff Ostroff | Originally Published October 9, 2002

    • Auto refinancing explained and how it saves you money.
    • Why you should consider refinancing even if you have a low APR.
    • Reviews of sites with low rates.
    • How to check your credit and score before refinancing a loan.
    • Steps to increase the chances on getting loan approval.
    • How to get out of paying 21% APR to 25% APR even if you have bad credit.

    What is Auto Refinancing?

    It is one of the best kept secrets around for saving you money, but most people never think about it. You pay off your current car loan with a refinance loan from a different lender that has a lower APR.

    How You Benefit

    You lower your monthly payments and your interest rate drops. This can save you thousands and can allow you to pay off your car even quicker. It’s just like finding money in your pockets after doing the laundry. Use the cash that you saved to pay off other debt.

    Note: Most lenders will not refinance their own auto loans so you will need to apply with a different one.

    Who Should Refinance a Car Loan?

    I like to use the 1% rule. After you buy your car, start watching the interest rates at refinance sites we recommend like CARCHEX or LightStream and see if you can find a rate at least 1% less than your current rate. Use the calculators on their sites to see how much you will save. You’ll be astounded at how much money you just found.

    Steps to ensure a speedy auto refinance loan approval

    These are important points, so pay close attention. You would hate to get rejected for making a silly clerical error.

    • Applications need to be in the same names with exact same spelling as the names on your current auto loan
    • Have your car loan account number handy
    • You must refinance more than $7,500 – any less and it’s not worth the lender’s time
    • Have vehicle’s proper information – including the car’s year, make, model and VIN found on your dashboard or registration.
    • You will not be able to borrow more than the value of the car

    You should know your credit score before you begin the refinancing process. The better your credit score, the lower the refinance rate. You can easily get your credit score online at TransUnion or Experian.com (you get your 3 credit reports and 3 scores by Experian instantly online, with enrollment in Experian.com ). Once you have your credit report in hand, you should correct any mistakes you may find in your credit history. This will increase your credit score and help save more money.

    Tip: If your APR is low but you got tricked into a longer term loan to lower the monthly payments you may not need to refinance to save money. You can pay extra on your monthly payments which will get the car paid off faster and lower the amount of interest you pay over the life of the loan. Keep in mind that typically the longer the term, the higher the APR will be so make sure to analyze your situation and apply my 1% rule.

    Fact: You Will Not Need to Have Your Car Appraised

    Many people erroneously believe a car appraisal is required. Unlike a home loan where the value and equity is important, lenders only care about the balance left on your current car loan.

    Many people have asked me why there is a need to refinance when interest rates have been so low for so many years. There are two answers to this question. First of all, the majority of people may not have qualified for the ultra low rates that are advertised. In this case you will likely be able to get a better rate now, especially if your credit score has improved.

    The second reason is that too many people got ripped of by the dealership and tricked into a much higher APR loan than they should have qualified for. If this happened to you, you stand to save a ton of money by refinancing.

    CarBuyingTips.com Auto Refinancing Example

    Let’s say you borrowed $16,500 for 60 months. Now, let’s assume your credit was bad, you had no previous credit history or the dealer put you in a higher APR loan than you should have gotten. Believe me, this finance situation happens quite a bit. Suppose the dealer got you approved when no one else would at 21% APR for a 60 months. Sound familiar? Here is an example of refinancing with another lender at 7% APR.

    Bad Credit Auto Refinancing #used #car #finder


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    Bad Credit Auto Refinancing Is Within Reach

    Bad credit is intimidating, but it doesn’t mean that a car owner is blocked from getting bad credit auto refinancing. If your current auto financing payment plan is breaking your budget, we may be able to help with a bad credit auto refinancing plan. Where some lenders might see a borderline credit score and think “bad risk” while other lenders see a good prospect and are willing to take the chance. At Portsmouth Chevy, we feel that there are more good prospects than bad prospects. We have some suggestions for those seeking to refinance a car with bad credit:

    • Don’t assume the worst. We have great success rate for helping customers refinance a car loan with bad credit, and we may be able to help you too.
    • Ask! Car owners are often surprised by the rate they can get when they get auto bad credit refinancing through Portsmouth Chevy.
    • Compare. We encourage car buyers to compare pricing and interest rates, and we say the same to people who already own cars but are looking to refinance their car loan with bad credit. We have an established reputation for providing some of the area’s best interest rates for bad credit auto refinance plans.

    Portsmouth Chevy knows that dependable transportation is necessary. Don’t risk losing your car because your car payments have become hard to make every month. Come in and talk to one of our financing representatives today. Bad credit auto refinancing frequently seems much more difficult to attain than it really is.

    One of the greatest benefits of obtaining bad credit auto refinancing through Portsmouth Chevrolet is the ability to re-build credit. Making your loan payments successfully can help you rebuild credit that has been damaged by emergencies, unemployment or other unexpected factors.

    Call us to speak to one of our knowledgeable representatives or visit us online to fill out a credit application.

    Refinancing a Mortgage With Bad Credit #military #auto #sales


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    Refinancing a Mortgage With Bad Credit

    June 1, 2013

    /refinancing-a-mortgage-with-bad-credit-3440 Bad Credit 1170 Refinance Articles Mortgage Loan

    So you’re looking to refinance your mortgage but you’ve got bad credit. What can you do?

    First of all, don’t panic. Although banks have tightened up their lending standards in recent years, it is still possible to refinance your mortgage even with a blot on your credit history. That’s the good news.

    The bad news is that getting a refinance or other home loan gets progressively more expensive the lower your credit score is. So the question may not be whether you can refinance your mortgage, but if you can do so on terms that make it worthwhile.

    How much will you have to pay?

    Depending on how poor your credit is, you may not be able to get a rate as low as you had hoped. A borrower with a credit score of 620 can expect to pay a rate about 1.5 percentage points higher than a borrower with perfect credit on the same loan, assuming the bank will approve them in the first place.

    A higher, but still-blemished score of around 680 may mean that you’ll pay only about half a percent more than a borrower with a “perfect” score of 760 or more. Bear in mind, however, that other factors, such as the amount of home equity you have, will affect your rate as well.

    Borrowers with a credit score below 600 will generally have a tough time refinancing. There may be a few lenders that will approve them, but they can expect to pay a rate considerably higher than other homeowners.

    If your poor credit rating is due to a serious mortgage delinquency (a missed payment more than 90 days late), you likely won’t be able to refinance. A loan modification may be a more realistic option. Contact your mortgage servicer (the company you send your mortgage payments to) to inquire about options.

    However, if your poor credit is due to lesser factors, such as an occasional late car payment or high levels of credit card debt. and you’re currently paying a high rate on your mortgage, you may still be able to refinance even if you don’t qualify for the lowest rates available.

    Should you refinance?

    Even if you can’t qualify for the lowest mortgage rates, it may still be worthwhile to refinance if you’re currently paying an unusually high rate. The general rule of thumb is you want to be able to reduce your rate by a full percentage point to make refinancing worthwhile, though a smaller reduction can work if you plan to be in the home a long time.

    It also makes sense to refinance if you have an ARM that’s about to reset to a higher rate or require a balloon payment. Because interest rates are currently low, it isn’t likely that a regular ARM will reset to a significantly higher rate right now. But if you have an interest-only or option-ARM, you could end up with dramatically higher payments if you don’t refinance.

    Get rates from multiple lenders

    The key to refinancing with bad credit – or any time you’re looking for a mortgage, in fact – is to shop around. Different lenders and brokers cater to different parts of the market, and some of them specialize in loans to people with weak credit. And it doesn’t cost anything to shop around.

    Obtain your credit score (more on that below) and contact 6-10 lenders and see what sort of terms they offer. Include several mortgage brokers in your list – brokers don’t actually make loans themselves, but work with a variety of lenders to find the best rate and mortgage terms for you. It may take some digging to find them, because their web sites and advertising can be very similar to those of actual lenders.

    Brokers are useful because they know which lenders are willing to work with bad credit borrowers. It’s true that they get paid a small slice of every mortgage they help originate, but because lenders offer them discounted terms, it usually evens out in the end for the borrower.

    It won’t hurt your credit score to shop around with a bunch of different lenders. Credit reporting agencies recognize that people may inquire at multiple lenders when shopping for a loan and don’t mark down scores for multiple credit inquiries if they occur in a short period of time, say a month or two.

    Fixing your credit score

    If you’ve got bad credit, the best way to qualify for a mortgage is to try to improve it. There are two ways to do that: by improving your credit record and correcting any errors there may be in your credit reports.

    The quickest way is to correct any errors in your credit reports. By law, you’re entitled to a free copy of your credit report each year from each of the three major credit reporting agencies – Experian. Equifax and Transunion. You can order them through the official web site, http://www.myfico.com.

    Once you have your credit reports, check them for any errors regarding your payment history on the credit accounts listed. If you find one, contact the credit agency that produced the report to inform them of the error. Be prepared to show the report is in error by submitting copies of your own payment records.

    To improve your credit history, the main thing is to make a habit of paying your bills on time. However, many people are surprised to learn that they can improve their score dramatically within 30 days simply by paying off high- balance credit cards.

    If your balance exceeds 25 percent of your credit limit on any card, it’s going to hurt your credit score. If you have savings or other resources you can draw on to pay down revolving debts, it might make sense to do so if refinancing would provide a significant economic benefit for you.

    About your FICO score

    While you’re checking your credit reports, you might want to go ahead and obtain your FICO credit score from at least one credit reporting agency. Note that while you’re entitled to obtain a free copy of your credit report every year, you normally have to pay to obtain your actual FICO credit score. You can get your Transunion or Equifax score for $20; Experian does not provide FICO scores directly.

    You can sometimes get a “free” FICO score by subscribing to a credit reporting service, but since you’re paying for that, it isn’t really free. The credit reporting agencies will often include a credit score with your free credit report, but be aware that won’t be a FICO score, which is the one mortgage lenders typically use.

    The nice thing about having your actual FICO credit score (though it may vary somewhat among the three agencies) is that it lets you know just where you stand in terms of credit. That way, you have a better idea of what your chances are of refinancing, what sort of rate you may have to pay, or how much you need to improve your score to get a better rate.

    Pros and Cons of Refinancing a Car Loan #auto #air #conditioning #repair


    #refinancing auto loan
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    Pros and Cons of Refinancing a Car Loan

    By Emily Delbridge. Car Insurance and Loans Expert

    Emily Sue Delbridge has a strong family history in the insurance industry. She has been in the insurance business since 2005 with her primary focus on personal lines insurance. Read more

    Refinancing a car loan can seem appealing at times. It is important to take a close look to make sure you will benefit from refinancing. Refinancing has both pros and cons depending on your situation. Making educated decisions about your finances will keep you on the right track to financial well being.

    Pros of Refinancing a Car Loan

    • Get more money out: If you currently owe less than what your vehicle is worth, you may be able to access more money by refinancing. For instance, you have owned your vehicle for three years. Your vehicle is currently worth $8000 and you owe $5000. You need money for a small home improvement. One option would be to refinance your vehicle for $6500. You will still owe less than what the vehicle is worth and have $1500 after the new loan pays off your previous $5000 balance. The $1500 can now be used for your home improvement.
    • Lower your payments by extending the loan: Sometimes a life changing event such as a baby or medical expenses put you in a situation where you absolutely have to reduce your monthly expenses. Refinancing can allow you to extend your loan. For instance, if you owe two more years on your current loan, it may be possible to refinance for four years. Adding two years onto your loan should substantially lower you monthly payments depending on the interest rate you get. You will be paying for two years more, but you will free up some cash on a monthly basis helping you get through a rough patch.

    Continue Reading Below

    • Change Lenders: Changing lender can be a pro or a con depending on the relationship you have with your lender. If your lender is tough to contact or is not getting you your payment information, changing lenders could be a pro. If you like your lender, you can try to refinance with them however you may need to look elsewhere to get the best rate.

    Cons of Refinancing a Car Loan

    PNC Bank – Refinancing an Auto Loan #auto #window #decals


    #auto refinance loans
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    Key Features

    Step 1 – Research

    Step 2 – Apply

    Step 3 – Pay Your Existing Loan Off

    What You Need to Apply

    • The dollar amount that you would like to borrow
    • One form of photo ID (driver’s license, state-issued ID or US passport)
    • Previous address, if at current address less than two years
    • Previous employer, if with current less than two years
    • Your annual income and any other income to be considered

    If you are applying with a co-applicant, you will need their:

    • Current address and previous, if less than two years
    • Current employer and previous, if less than two years
    • Annual income and any other income to be considered
    • Vehicle selling price, year, make and model
    • Vehicle trade in value, year, make and model
    • Down payment, if any

    Servicemembers Civil Relief Act (SCRA)

    The SCRA provides financial relief and protections to eligible servicemembers and their dependents. PNC is grateful for your service and we would like to help you understand your benefits and protections under SCRA as well as other similar benefits that PNC may be able to provide to you.

    Auto Credit Express – Video Resources: Bad credit Car Loan Refinancing #auto #transport #services


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    Auto Loan Refinancing – Refinance Car Loans with Bad Credit Online

    Auto Credit Express Video Resources: Bad credit Car Loan Refinancing

    Applicants often ask how refinancing works. One applicant was interested in financing her car and was wondering if it would reduce her car payment in total or just the monthly payments, which would extend the loan term. The customer further explained her car payments per month were $457 and she had 48 months remaining on the loan.

    There are many reasons to refinance, but the primary two reasons are to lower your payment or to reduce your interest rate. I have spoken with people that had to refinance a loan because they experienced an economic down turn. With the down turn they could no longer afford their current debt load and got behind on some of their bills, as a result their credit score was lowered. They refinanced their loan at a higher rate and a longer term, but they met their primary objective of lowering thier payment so they could meet their other obligations.

    On the other end of the scale are folks bouncing back from an economic down turn. Their current loan is at a higher rate becuase they had a lower credit score at some point in the past when they financed the car. Often these people refinance at a much lower rate with a much shorter term, so they can pay off their loan quicker.

    If you do not qualify for a better interest rate or you do not need to lower you monthly payment you should not refinance. If you qualify for the same rate that you have now and you want to pay off your loan early, simply increase the payment that you send in each month. Most lenders now days use simple interest contracts so any additional payment is applied to the principal.

    We can help you get easy auto financing in minutes. Drive Today

    5 Tips for Refinancing an Auto Loan #auto #one


    #refinancing auto loan
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    5 Tips for Refinancing an Auto Loan

    Page 1 of 4

    5 Tips for Refinancing an Auto Loan

    Since the end of 2008, and until U.S. unemployment and inflation rates drop and stabilize, the Federal Reserve is holding interest rates at historical lows, allowing financial institutions to offer appealing rates for new and used car loans. This regulatory climate also means that refinancing a car loan is a wise idea for people with existing loans at higher interest rates.

    Refinancing auto loans is easier than many people might think. The application process is generally quick, taking no longer than 15 minutes, and many financial websites offer the ability to compare rates for multiple lenders who can compete for your business. When refinancing a car loan, be sure to follow Autobytel s top 5 auto loan refinancing tips.

    Tip #1: Know Your Credit Score

    Before you try to refinance your car loan, you need to know your credit score. This is particularly important for people who may be in a more or less advantageous financial position than they were when the current car loan was finalized.

    If you know that your financial situation and your credit score have improved since your current car loan paperwork was originally signed, you should be able to get a lower interest rate on a new loan. If the opposite is true, it is more likely that a car owner will have a difficult time in obtaining a lower interest rate. That said, people who are currently in financial trouble should still explore their options for refinancing an auto loan as one way to get household finances under control.

    Additionally, knowing your credit score in advance can help people who are refinancing a car loan to avoid being taken advantage of by an unscrupulous lender that might attempt to charge a higher interest rate and justify the higher rate by claiming the loan applicant has imperfect credit.

    Page 2 of 4

    5 Tips for Refinancing an Auto Loan

    Tip #2: Know the Value of Your Car

    If you are upside down on your current car loan, which means that the car is worth less than you owe on the existing loan, you will not be able to refinance the car loan. The reason is because the car itself is the collateral for the new car loan, and a lender will not allow you to finance a greater amount than it is worth.

    To determine what you owe on your existing loan, check the most recent statement you received in the mail or via your online account. Next, determine the market value of your vehicle by cross-referencing at least three trusted sources for used car values. If the balance due on the existing car loan is greater than the current published value for the car, you likely cannot refinance your car loan.

    Tip #3: Shop for Lower Car Loan Rates

    When refinancing a car loan, be sure to talk about your options with your current lender before completing a loan application with another financial institution. Your current lender wants to retain your business, and might be able to make the process even easier because much of your detailed financial information is already on file.

    Even if your current lender is interested in refinancing a car loan at a lower rate, be sure to shop around. Compare the new quoted rate with rates from other lenders using a finance-related website that offers the ability to search a database of financial institutions and rates based on the desired length of the loan, your geographic region, and other factors.

    Page 3 of 4

    5 Tips for Refinancing an Auto Loan

    Tip #4: Watch Out for Restrictions and Hidden Fees

    Oftentimes when refinancing a vehicle, a lender will require a minimum loan value in order to extend financing, so be sure you understand any restrictions associated with a loan program prior to completing a loan application. Also be sure to ask if there are any fees associated with the application. There are many financial institutions willing to help with refinancing auto loans that you shouldn t need to pay any document preparation fees or other tacked on extras.

    Tip #5: Complete Loan Applications One at a Time

    Now is a great time for refinancing a car loan. Interest rates are at record lows, and have nowhere to go but up in the years ahead. If you needed to accept a higher interest rate for your current car loan due to credit problems or other financial difficulties and your financial situation has since improved, refinancing an auto loan can save money every month. Alternatively, if you are struggling to make ends meet but still have excellent credit, refinancing a car loan can help give your monthly budget some breathing room. Either way, for borrowers, rates simply don t get better than they are today.

    More Articles Like This

    Autobytel’s List of Best Black Friday Car Deals

    2016 Toyota Camry: New Car Review

    How to Get Auto Financing for Bad Credit

    How to Apply for Used Car Loans Online

    Tips on Finding the Best Auto Loan Rates

    What Are No Credit Car Loans?

    Refinancing a Car Loan When You Bad Credit. #auto #air #conditioning #repair


    #auto refinance bad credit
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    Refinancing a Car Loan When You Bad Credit

    If you need to refinance a car loan, bad credit can seriously affect your chances of obtaining the best rates. When you find someone to refinance your loan, you will discover that you might be able to decrease the loan term or the interest rate to make handling the loan easier.

    This will help you make the payments on time and improve your credit as a whole.

    Find a Company to Help You

    Looking online for a company with a good reputation is the best way to find a suitor to help with your refinancing requirements. If you happen to know a local company, you can contact them for a quote on a bad credit car loan. If you look online, make sure the company has the proper accreditations and are part of the Better Business Bureau for loan protection.

    Start by searching for a company where the application process is easy, and the auto loan interest rate is better. It is smart to stay away from prime lenders. These places will usually only work with people who have excellent credit. Do some research and look into going with sub-prime or high-risk lenders. These professionals specialize in dealing with bad credit refinancing.

    Most sites have an apply now button where you input your personal details and the amount of money requested. After a credit check, the company will subsequently approve or deny you. If your application is successful, they will advise you of the next steps and anything you need to provide in terms of written proof. Also make sure that when you fill out a form online, that you are redirected to a secure server before you enter your details. Secure servers are usually indicated by the address bar turning a light shade of green and the HTTPS:// will be displayed instead of the usual HTTP://.

    Alternative Options

    If you once had good credit and your circumstances have forced you into hard times, you can always try your bank or local credit union. Banks may be able to help you before you try outside sources. Even with bad credit, some banks will still offer a loan to a well-known customer who has previously been exemplary in paying their bills.

    Trade-In

    Call the lender and find out what the loan balance is. After you have done that, you should figure out what your car is worth. This is very important with bad credit because you need to have a vehicle that is worth more than what you owe on it. Kelley Blue Book is a good resource for this.

    Secure Your Loan

    You may need to secure your loan on your home. If you are a mortgage holder or homeowner, you may be better advised to get a bad credit loan from a company who secure the loan on your home. You will be offered a better rate of interest on your car loan refinance and of course, you will need to keep the payments because they will put a lien on your home until it is paid it full.

    Send Your Application

    Once your application is mailed to you for signing, you need to make sure you have all the necessary information to hand. You may need to supply photocopies or originals of bank statements, pay stubs, tax information and anything relevant to the loan company s request. If you need to mail off originals, then it is a good suggestion to make sure that you mail it recorded delivery so it will be signed for as proof of receipt by the recipient.

    Receive Your Loan Agreement

    While refinancing a car loan with bad credit may seem like a thorough process, you can stop the process whenever you want to do so. You still have the situation that precipitated your request in the first place. If you decide to halt the process, work with your bank or loan officer to find a solution to your problem. Perhaps the bank has a buyer looking for a vehicle that is like yours. This buyer may be willing to take the vehicle off your hands for the remainder of your loan. Be sure there are no resulting penalties from your attempted refinance.

    Refinance Calculator: know how much you can save through refinancing #used #ford


    #refinance auto loan calculator
    #

    Refinance Calculator

    User Rating. ( 37 votes, average: 4.05 out of 5 )

    Should I Refinance Now? Our mortgage refinance calculator tells if you’ll save money, lower your payments save on interest fees. Simply enter information like principal loan balance, and current payment and interest rates to find out if refinancing is the right thing to do now.

    This mortgage refinancing calculator tool compares your existing mortgage against terms of a new loan. To make the most of this calculator, you should have actual mortgage quotes to compare against. You can request up to four free quotes through our free matching service to see what refinance rates are available to you in order to find the best refinance rates.

    * Do not include any escrow contributions, prepaid interest, prepaid taxes, insurance (other than title insurance), or other “prepaids” as closing costs.

    How to use the Refinance calculator

    When using a refinance calculator, you’ll be asked to enter the following information for your current mortgage loan:

    • The original loan amount
    • Interest rate (APR)
    • Total length (repayment term): mortgage loans usually have repayment terms of 15 or 30 years.
    • Time remaining : If you have a 30 year loan, and have made payments for five years, the time remaining would be 25 years
    • Remaining principle on current loan: This is your present mortgage balance. Your monthly mortgage statement should show this information.

    Now you’ll enter the refinancing terms you’re considering:

    • Amount refinanced: This is the amount you want to borrow for your new mortgage.
    • Interest rate of new mortgage: Enter the interest rate for the new mortgage
    • Term length : Enter how long you’ll have to repay the new loan. (Typically 15 or 30 years for mortgage refinancing loans).
    • Cash out amount, if any: Enter any additional cash you’re taking out, for debt consolidation / payoff, home improvement, vacations, medical expenses or whatever.
    • Closing costs, discount points, down payment amount: The refinance calculator displays an estimated amount of closing costs, not including discount points, on the next screen. You can use this estimate if you don’t know the amount of closing costs.

    Use the drop-down window to select the appropriate option for paying closing costs:

    • Paid by cash or check: You’re contributing funds to cover closing costs
    • Rolled into the loan: Your refinanced mortgage amount will include closing costs.
    • Paid by Lender: Your mortgage lender pays the closing costs (but you’ll pay a slightly higher interest rate).

    After clicking the “calculate” button, the first section of the next screen displays a comparison of your current and proposed mortgage amounts, interest rates, and if applicable, any cash out amount and closing costs for the new mortgage.

    The next section compares the interest you’ll pay for the full term of your existing loan and for the new loan.

    The third section of the screen shows your current monthly payment compared to the estimated monthly payment after refinancing. Finally, the calculator indicates the net estimated savings after payment of closing costs (if applicable.) This is the “bottom line” figure that can help you decide whether or not to refinance. You can use the refinance and comparison calculators for reviewing multiple refinancing options.

    Once you’ve tested different rates and figures, try comparing the lowest rates offered by mortgage refinancing lenders. There results are tailored to you, and there’s no obligation for seeing if you qualify for a refinancing rate lower than your current rate. With lenders competing to offer you their lowest rates, you could end up saving thousands over the course of your loan!

    13 Responses to “Refinance Calculator”

      Lauren 12, Aug, 2012

    Staying with your current lender eases the refi process, and may be best if their rate is comparable to the other lenders. If you do have money to invest in closing costs, and are willing to pay for a lower rate, use the refinance calculator to determine how many months it will take before you recoup your closing costs in monthly savings and make sure there is little chance of you selling the home before that time. We wish you well in your search. One of two things will happen, you’ll either find a way to save yourself some money by refinancing now, or you’ll find yourself better prepared to take advantage of the next refinance opportunity that comes your way. Either way you win. Too many people just resign themselves to their current loan and aren’t so proactive at exploring opportunities for improving their situation. Calculators4Mortgages applauds you for being such a proactive manager of your financial affairs.

    Reply MASH 09, Sep, 2011

    I have a april 2004 manufactured home and need refinance my current 15yr mortgage at 4.75%. I am more than 6yrs into biweekly payment and the left over amount is lower than the current value of the house. I was offered a lower rate 15yrs loan but it doesn’t save me anything and extend the period of loan till 2026 which I don’t want. The calculator doesn’t help on biweekly payents started sometime in the middle of last 6yrs. I was also offered no closing cost.Can anybody help me out with this problem. I would like to save money if I refinance. Lower payment but need to have some saving too.

    Reply Cris 24, Feb, 2010

    We part way through both a 1st and a 2ndwith different $ amounts and time remaining. Do you have a calculator that can help us figure out if we should refi both into a new loan.

    Reply Refinance 10, Feb, 2010

    Interesting.

    Reply Jonathon 08, Jan, 2010

    Works great

    Reply ld 13, May, 2009

    cool

    Reply Linda 20, Mar, 2009

    Low-Interest Rate Auto Loans and Refinancing #auto #insurance #quote


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    Neighborhood Credit Union Auto Loans

    Fuel your dreams with the lowest rate for your new, used or refinanced vehicle!

    Take advantage of our 90 Days No Payments**  offer for a limited time, and make no payments on your Auto Loan until 2016 when you apply today! 

    With vehicle loan rates starting as low as 2.25% APR *, Neighborhood Credit Union is the number one choice in the Dallas-Fort Worth metroplex for all your auto loans.

    Take advantage of our competitive rates on new and used cars, trucks and other recreational vehicles, including boats, RVs and motorcycles for up to 120 months. Or refinance today to lower your monthly payments!

    Extend the life of your vehicle and get protection from the unexpected! Our extended Warranty includes:

    GAP Protection If your vehicle is declared a total loss by your insurance company due to accident, fire or theft, GAP pays up to 150% of the value of the vehicle.

    Mechanical Breakdown Protection Benefits include: Roadside Assistance, Rental Vehicle Assistance, Tire Road Hazard Trip Interruption Reimbursement

    Dent Guard Paintless Dent Repairs Automobile Deductible Reimbursement

    Auto loan refinancing – myFICO® Forums #german #auto #parts


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    Website Navigation:

    Yesterday I was able to refinance my car loan that I hade previously got from Chase auto at an interest of 6.5 from a rate of 20.99. After making 11 payments on time I tried to refinance with Chase auto and I was declined. My credit has been improving and with TU I had 635 and 662 with EQ. When I got my car loan my credit was less than 600.

    Healthcare Associates Credit Union (HACU) (website. hacu.org) refinanced my loan at a 6.5% rate.

    Needless to say how happy I am right now. Big banks do not care about little people, I guess I am switching to small banks/credit unions right now.

    I called Chase to ask them if they wanted to match HACU offer and they were like “Mr. ***** we can help you if you allow us to run your credit again.” I told them that they just declined my request for refinancing few weeks ago, and that I didn’t want them to run my credit again. LOL. To make the story short, the rep tried to apologize and I simply told her that I was taking my business somewhere else.

    BTW my goal is to have my score with TU EQX and EXP to be over 700 by then end of the year. Way to go!

    To all of you out there in need of car refinancing try HACU.ORG they can help you out.

    Refinancing a Car Loan – Auto Refinancing 101 – Wells Fargo #auto #loan


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    Car Loan Refinancing 101

    Auto refinancing from every angle

    An auto refinance loan is a secured loan used to pay the existing balance on a current car loan. The car is used as collateral for the new refinanced loan. The refinanced car loan has a fixed interest rate and fixed monthly payments for a set period of time.

    If you are approved to refinance your car loan, you may be able to:

    • Lower your interest rate. Vehicle refinance loans with lower APRs mean you pay less overall interest if the repayment term decreases or remains unchanged.
    • Reduce your monthly payments. If your refinanced loan has a lower APR or an extended new loan term, you could lower your monthly payments.
    • Access funds for your financial needs. Your refinanced loan could pay off an existing auto loan and you could receive available funds to help manage debt.
    • Enjoy convenience and flexibility. You may be able to choose a different term and different payment options that better fit your needs.
    • Take a pause in your payment cycle. You may be able to take a month off from making a car payment when you refinance depending on your closing date.
    • Have peace of mind. You benefit from consistent monthly payments with a fixed rate, paying the same amount each month. Plus, you will not be penalized for paying your loan off early.

    And, if you’re a Wells Fargo customer:

    You may be eligible for a rate discount with a qualifying Wells Fargo consumer checking account while maintaining automatic payments.*

    Personal and contact information

    • Date of birth
    • Social Security Number
    • Citizenship status
    • Marital status (Wisconsin only)
    • Email address
    • Home address

    Primary telephone number

  • Previous address (if at current address less than 3 years)
  • Residence status (own or rent)
  • Monthly mortgage or rent payment
  • Employment and income information

    • Employment status
    • Employer name
    • Occupation
    • Work phone number
    • Previous employment information (if at current employer less than 3 years)
    • Gross monthly income amount and income sources

    Auto information

    • Year of vehicle, VIN number, and mileage
    • Remaining loan balance
    • Lender information

    When applying for your auto loan refinance, you may want to consider a co-applicant. A co-applicant is an individual that enters into the refinance loan with you, and may maintain part ownership of the refinanced vehicle under that loan.

    A co-applicant could help you get more out of your refinance:

    • If you are establishing or building credit
    • If you have a lower credit score
    • If you know you will need additional income from another person to qualify

    You will need to discuss the responsibilities and details of your refinance with your co-applicant so they can know what to expect. Co-applicants may refer to our application checklist, as well.

    Should I refinance my auto loan?

    An auto refinance loan may be right for you if you:

    • Feel like you’re paying too much for your current auto loan balance each month
    • Need extra cash for items like home improvements or unexpected expenses
    • Have a better credit score since first financing your vehicle
    • Want a secured loan and a potentially lower rate

    If I have a lower credit score, can I still refinance my car loan?

    Even if you have a lower credit score, you may still have options. Wells Fargo provides auto refinance options for customers with most types of credit.

    Is it easy to apply for car loan refinancing?

    Yes. It only takes about 5-10 minutes to apply and get a credit decision and rate. A Wells Fargo Auto Finance Specialist will contact you shortly after applying, and if approved, you may receive your loan the next day. See our checklist to prepare for your application.

    How does the auto refinance loan application process work?

    Applying is simple and only takes 5-10 minutes to get your credit decision.

    Refinancing Your Car Loan #cheap #second #hand #cars


    #auto refinance rates
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    “The First Payment Hangover”

    How Auto Refinance Companies Can Help Cure that Headache Save You Money on Your Auto Loan!

    Buying a new car is an exciting time in your life. That “new car smell,” clean carpet, and an odometer that reads less than 100 miles will instantly put a smile on your face and a bounce in your step! As you drive your new car off the dealership’s lot, you are truly on a high… until your first car payment is due the following month. That’s where we’ve coined the term, “the first payment hangover.”

    When your monthly car payments start rolling in, reality sinks in with your new auto loan and how expensive it can be. However, what most people don’t realize is, the car financing rate that you receive from the dealership isn’t always the lowest (the dealerships make money on auto loans too). That’s where BlueHarbor comes in, as our auto refinance rates can help save you money on your monthly car payments. We have refinancing rates as low as 1.99%. With a simple 10 minute application, you can find out your rate.

    In addition to providing lower auto refinance rates than most dealerships, BlueHarbor has a few helpful tips for the car buyer, which can also save you money:

    • If you have already negotiated a low APR rate with your bank, don’t tell the dealership that when you’re negotiating the price for the vehicle. If they know that you already have a loan established with a bank, they make not give you the “best” deal on the car, because they realize that they cannot make money on the car loan too.
    • Never tell a dealership what you want to pay for your monthly car payment (but know this number in your head). Why? If the bank loan through the dealership is lower than your “desired” monthly payment, dealerships can increase the interest rate you pay so that it meets your monthly criteria. Then, they make money on the difference between what the bank charges them and what they charge you!

    Interested in decreasing your monthly car payment? Contact BlueHarbor today to learn about one of the top auto refinance companies: (866) 677-8630.

    Refinance Auto Loan with Bad Credit – Car Loan Refinancing at Low Rates #auto #leases


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    Best Car Refinance Loans for Bad Credit Situation

    You may think of applying for a refinance auto loan for bad credit program if you are facing some difficulty in paying monthly instalments on your existing poor credit auto loan. There could be loan dealers that might be willing to provide you new credit for getting rid of your unaffordable car loan. Auto refinancing loans have lower interest rates. Carloansnomoneydown.com can assist you to find auto loan refinancing with bad credit in your state.

    Valid Reasons for Getting Low Rate Bad Credit Car Refinance Loans

    Most people usually consider securing bad credit auto refinance loans for the below mentioned reasons.

    • To take advantage of lower rates of interest and for obtaining better loan repayment terms.
    • For reducing monthly payments drastically and making them more affordable thereby saving money.
    • Save some dollars every month on interests depending on the duration of the new loan.
    • Pay monthly instalments regularly and improve credit ratings within a stipulated time frame.
    • Helps in avoiding a bankruptcy like situation particularly if it is a broad consolidation package.
    • Secure program which allows deferment of monthly car payments by 30 or 60 days.

    Know How the Refinancing Car Loan Bad Credit Actually Works

    • Search for online lenders that specialize in providing refinance auto loans for bad credit situations.
    • Obtain free non-binding quotes from 4 to 5 different specialized loan dealers and compare them.
    • Choose the right lender for your circumstances and give details of annual income, credit score and debt.
    • Inquire about registration, processing or any other kind of fees with the lender that has been chosen.
    • Apply by filling an online application form and get approved. On closing of the deal, the new lender will pay current unpaid loan and car title will get transferred to new lender.

    Explore Other Options to Refinancing Car Loans with Bad Credit

    Although it could be possible to secure a low rate refinancing car loan with bad credit, obtaining an approval from one of the specialized lender can be a challenging proposition.

    Besides, there could be few vital factors which you need to be aware of prior to researching various bad credit auto loan refinance options that are available at your disposal for getting your vehicle refinanced. Some of these are:

    • You can think of trading-in your present vehicle for paying the existing loan.
    • To qualify for lower bad credit auto loan refinancing rate take steps to build improve some credit.
    • Existing unaffordable bad credit car loan can also be paid-off by obtaining an easy to get unsecured auto loan.

    Some Important Benefits Offered By a Bad Credit Car Loan Refinance

    • Lower rate of interest and loan amount
    • Obtain a new loan repayment schedule
    • Monthly payments are easier to manage
    • Get loan finance despite having bad credit
    • Opportunity to customize your existing car
    • No need to pay any commission to resellers
    • Have chance to take advantage of special offers
    • Work with top rated lenders in the car loan market

    Refinance Car Loan With Bad Credit From Carloansnomoneydown

    At Carloansnomoneydown.com, we teach people the steps for refinancing auto loan with bad credit and enhance chances of qualifying for a solution that fits their specific type of financial needs.

    Get started with the process to drive a vehicle by refinance your car loan with bad credit, Apply Now to refinance your car loan online

    Pros and Cons of Refinancing a Car Loan #auto #accident #lawyer


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    Pros and Cons of Refinancing a Car Loan

    By Emily Delbridge. Car Insurance and Loans Expert

    Emily Sue Delbridge has a strong family history in the insurance industry. She has been in the insurance business since 2005 with her primary focus on personal lines insurance. Read more

    Refinancing a car loan can seem appealing at times. It is important to take a close look to make sure you will benefit from refinancing. Refinancing has both pros and cons depending on your situation. Making educated decisions about your finances will keep you on the right track to financial well being.

    Pros of Refinancing a Car Loan

    • Get more money out: If you currently owe less than what your vehicle is worth, you may be able to access more money by refinancing. For instance, you have owned your vehicle for three years. Your vehicle is currently worth $8000 and you owe $5000. You need money for a small home improvement. One option would be to refinance your vehicle for $6500. You will still owe less than what the vehicle is worth and have $1500 after the new loan pays off your previous $5000 balance. The $1500 can now be used for your home improvement.
    • Lower your payments by extending the loan: Sometimes a life changing event such as a baby or medical expenses put you in a situation where you absolutely have to reduce your monthly expenses. Refinancing can allow you to extend your loan. For instance, if you owe two more years on your current loan, it may be possible to refinance for four years. Adding two years onto your loan should substantially lower you monthly payments depending on the interest rate you get. You will be paying for two years more, but you will free up some cash on a monthly basis helping you get through a rough patch.

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    • Change Lenders: Changing lender can be a pro or a con depending on the relationship you have with your lender. If your lender is tough to contact or is not getting you your payment information, changing lenders could be a pro. If you like your lender, you can try to refinance with them however you may need to look elsewhere to get the best rate.

    Cons of Refinancing a Car Loan