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Loan Refinancing Article
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Refinancing a Car Loan after Bankruptcy
Refinancing a car loan after bankruptcy can be a little tricky; don’t be discouraged though, because it can be done. Your bankruptcy needs to be discharged for at least 6 months before you try to borrow money for a car loan. More than likely it will take 6 months or so before you can buy anything on credit again, but start with small purchases made on credit and build your credit reputation. It is important to always make your payments on time without any missed or late payments, because they are reported to the credit bureau.
Before refinancing a car loan go onto the Internet and research the lenders; choose the lender that will give you the best quote. Because you have a bankruptcy in your past you may have to pay a higher interest rate than someone without a bankruptcy in their past; but a good lender may be able to lower the fees. A good sub-prime lender will try to make refinancing a car loan after bankruptcy as painless as possible.
If you own your home, you may be able to tap into its equity as a cash-out loan. You would be able to borrow enough for refinancing a car loan and have cash in the bank for emergencies, home improvements or to keep in the bank drawing interest for a nest egg later on. This home equity loan can help to reestablish your creditworthiness after a bankruptcy. In some cases, a home equity loan can be a good alternative—especially if you have other financial issues other than refinancing a car loan. Once you have solidly reestablished your credit after bankruptcy you will never again have a problem finding a lender interested in refinancing a car loan for you.
Lenders are more inclined to approve applications for refinancing a car loan if the bankruptcy was a Chapter 13 bankruptcy, rather than a Chapter 7. In a Chapter 7 bankruptcy, the assets of the individual are taken away and liquidated; however, a Chapter 13 bankruptcy is more of a consolidation. You keep your assets and pay for them over time, and this kind of bankruptcy shows the lender that you wanted to pay your bills. Just the same, a bankruptcy of either type will negatively impact your credit history for up to 10 years in some cases. Finding a lender to help you with refinancing a car loan might be difficult, but it isn’t impossible.
The best way to find lenders to assist you in a loan is to type the words refinancing a car loan after bankruptcy into your search engine and you will find the websites that cater to people that have a bankruptcy in their backgrounds. Don’t be discouraged; many lenders have loan specialists that specialize in working with people who are interested in refinancing a car loan after a bankruptcy has impacted their credit.
Loan Refinancing Specific links
Loan Refinancing News
Obama pushes new plan for home loan refinancing - Financial Times
 Fox News | Obama pushes new plan for home loan refinancing Financial Times The plan, previewed by senior administration officials last week, calls for the US Federal Housing Administration to expand its balance sheet by insuring refinancings of loans not already guaranteed by taxpayers. The White House also wants ... Obama unveils details on refinancing proposal for underwater loans Obama's Refinancing Swindle White House proposes aid for underwater homeowners |
Obama Proposes New Home Loan Refinancing Plan - NBC Montana
 Wall Street Journal | Obama Proposes New Home Loan Refinancing Plan NBC Montana The plan, which requires approval by Congress, would allow borrowers who are current on their mortgage to save an average of $3000 a year by refinancing into loans backed by the Federal Housing Administration, according to the US Department of Housing ... Obama Seeks Refinancing Aid to Lift Housing Obama Plans Assistance for Rentals, Mortgage Refinancing Can't Refinance Your Home Loan?: New Plan Offered |
Schaeffler Said to Set Pricing on 6 Billion Euros of Loans - BusinessWeek
Schaeffler Said to Set Pricing on 6 Billion Euros of Loans BusinessWeek 3 (Bloomberg) -- Schaeffler AG, the roller-bearing maker that controls tire company Continental AG, has set pricing on 6 billion euros ($7.9 billion) of loans used to refinance debt, according to three people with direct knowledge of the deal. |
Refinancing: Time to Act? - Wall Street Journal
 Wall Street Journal | Refinancing: Time to Act? Wall Street Journal 2, according to mortgage-finance giant Freddie Mac. Rates on fixed-rate 15-year loans dropped to 3.14%. Many homeowners who are able to refinance are holding out because they believe rates still have more to fall. Jason Riggs, a consultant to a San ... 85 Percent of Refinancing Homeowners Maintain or Reduce Mortgage Debt in ... With Rates This Low, Should You Refinance Again? Refinancing bad for business? |
Mortgage Refinance Rates: 15 Year Refinance Mortgage Rates at 3.29% - MonitorBankRates.com
 MonitorBankRates.com | Mortgage Refinance Rates: 15 Year Refinance Mortgage Rates at 3.29% MonitorBankRates.com Mortgage refinance rates on 30 year conforming home loans are averaging 3.98%, unchanged from yesterday's average 30 year mortgage refinance rate. Mortgage refinance rates today on 15 year home mortgage loans are averaging 3.29%, down from yesterday's ... |