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from:Automobile Loan Refinancing and You
Automobile loan refinancing is a smart move if you want to lower your APR; by refinancing you can borrow money to pay your present car loan off and then pay off the new loan, and save money in the process. If your credit is good you won’t have a problem getting automobile loan refinancing; and if your credit is not so good, you still will be able to refinance if you go to the right lender, because there are lenders that specialize in bad credit loans.
Automobile loan refinancing is all about you; you wouldn’t refinance unless you stood to gain from it. If everything was perfect with your original car loan, you wouldn’t think of refinancing; however, most car buyers don’t know what they are getting into when they finance their car through a dealership. They will be locked into a very high APR, and by the time the first payment is do, they often wish they had not been in such a hurry to finance that way. It is better to secure your financing somewhere else, but since most people don’t, they will either continue to pay the existing loan off, or they will do the smart thing and refinance.
You cannot refinance if you are upside-down on your loan, meaning that you owe more than the car is worth. To avoid being turned down for automobile loan refinancing, be sure to refinance within the first two years of your present car loan. There is an exception to the two year rule though, if you are presently upside-down on your present loan, you can make extra payments, so that that the amount owed on the loan is less than the car is worth. Once your car is worth more than you owe you can then refinance, no matter how old your car is, as long as it isn’t older than a 1998 model car.
Automobile loan refinancing is not like home refinancing. With a home you can tap into the equity of your home and borrow up to 80 percent of the equity, but not so with a car. A car depreciates in value once it is driven off the car lot. You cannot refinance for more than $7,500.
Although bad credit isn’t too much of a problem with automobile loan refinancing, you would be only qualified for a subprime interest rate, which is much higher than prime. A bad credit history will follow you around for 7 years, and a bankruptcy can stay on your credit history for up to 10 years. To avoid a subprime interest rate, it is always helpful to clean up your credit before applying for an automobile refinance loan. Though your credit might have been marred when you took out your original loan, you can improve your credit rating by making your payments on your new automobile loan refinancing, on time every month, this means don’t be late or miss a payment even once. By improving your credit score, you increase your chances of getting a lower interest rate, and that’s a good thing.
Loan Information Home Refinancing News
Push intensifies to pass home-loan refinancing bill - The Hill (blog)
Push intensifies to pass home-loan refinancing bill The Hill (blog) Mark Zandi, chief economist with Moody's Analytics, told a Senate panel Thursday that he supports a measure to eliminate hurdles for homeowners to refinance into lower interest rates under the Home Affordable Refinance Program (HARP), and suggested ... HARP 2.0: Good News For Home Owners Who Are Upside Down Don't HARP on it, refinance program too good to pass up Real estate industry pushes Senate on refi bill |
Realtors(R) Offer Support for Bill to Help Responsible Homeowners Refinance - MarketWatch (press release)
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Real: FHA streamline refinance gets cheaper - The Republic
Real: FHA streamline refinance gets cheaper The Republic The Federal Housing Administration will reduce mortgage fees significantly for borrowers who qualify for the FHA's streamline refinance program. The lower fees go into effect June 11 and will be available to borrowers who refinance loans that were ... FHA Streamline Refinance Set To Spur Refinance Boom |
Tree.com sets date for sale of Home Loan Center - Charlotte Observer
Tree.com sets date for sale of Home Loan Center Charlotte Observer Tree.com posted a profit of $13.1 million in the first quarter of 2012 on the strength of the Home Loan Center, which is being buoyed by a wave of refinancing. Andrew Dunn More anti-smoking groups are calling on Family Dollar to reverse its recent ... |
When that home loan starts to bite - Daily News & Analysis
When that home loan starts to bite Daily News & Analysis By Nupur Anand & Aswathy Varughese | Place: Mumbai | Agency: DNA Rate hikes over the years and the BPLR regime have spelt trouble for some home-owners who availed of bank loans between 2007 and 2009. Refinancing outstanding loans through new loans ... |