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Reasons to Consider Auto Loan Refinancing
There are many reasons that people consider auto loan refinancing. After purchasing their car they may not be so happy with the terms of the auto loan. Sometimes we are so in love with a car that we want it no matter what the terms are, and then have buyer’s remorse because the payments are too high or the term is too long, or the interest rate is too high. For whatever reason, auto loan refinancing is available for people who feel they took out a bad loan.
Bad credit will force the borrower to pay a higher interest rate; you got the loan, but you may be paying twice as much interest as someone with a better credit history. Typically a person with bad credit pays 8 percent more than someone with good credit; therefore, if you are considering auto loan refinancing and your credit is less than perfect, you will need to improve your FICO score. Auto loan refinancing is advisable within the first two years of your present auto loan.
The economy is bad, people lose hours at work or they lose their job entirely and have to file unemployment. Whatever the reason, some people find themselves in a financial fix where they cannot make their car payment. Auto loan refinancing can extend the term of the loan and make the payments lower, which could mean the difference between keeping your car and losing it to repossession.
Some people want to get out of debt, and they don’t want the long drawn out payments. They would rather pay higher payments and be free and clear of the debt. In this case, auto loan refinancing could significantly lower the amount of interest paid back with a shorter loan period.
On the other hand, people often buy a car that they clearly cannot afford. They loved the car and wanted it, and decided they would fit the car payments into their budget somehow. The problem with this thinking is that life gets in the way, and if you cannot afford a car, something will have to go unpaid. Auto loan refinancing is the best option to lower the payments, even though you will pay more interest over the term of the loan. Auto loan refinancing can stretch your payments out over a 5 year period, which could cut your car payments in half.
Often people choose auto loan refinancing because for whatever reason they don’t like the terms of the present loan or they don’t like the policies of the lending institution. They often go to a different bank, or lending company for better terms, and for a better lender/client relationship. Whatever your reason is for seeking auto loan refinancing, your goal should be to be happy with your decision.
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A Law Shielded Many Texans When the Housing Bubble Burst - New York Times
A Law Shielded Many Texans When the Housing Bubble Burst New York Times But a major difference between Texas and other states during the boom was that Texas required any homeowner seeking to refinance a mortgage or take out a home equity loan to have at least 20 percent equity after taking out the new loan. |
Push intensifies to pass home-loan refinancing bill - The Hill (blog)
 The Mortgage Reports (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 ... Q & A : Why Won't My Bank Do HARP Mortgages With PMI Or LPMI? Northen Virginia Refinancing Expert Explains New Home Affordable Refinance Program |
Realtors(R) Offer Support for Bill to Help Responsible Homeowners Refinance - MarketWatch (press release)
 Bloomberg | Realtors(R) Offer Support for Bill to Help Responsible Homeowners Refinance MarketWatch (press release) WASHINGTON, DC, May 24, 2012 (MARKETWIRE via COMTEX) -- A proposed bill to streamline and align the refinance processes of Fannie Mae and Freddie Mac may soon make it easier for homeowners who are current on their mortgage payments but who have been ... Freddie Mac: 30-year mortgage rate down a tick at 3.78% BofA May Turn Profit on Mortgage Buybacks, Credit Suisse Says Mortgage rates hit 4th straight record low |
When Does It Make Sense to Refinance? - MarketWatch (press release)
 New Zealand Herald | When Does It Make Sense to Refinance? MarketWatch (press release) Rate reductions may cut monthly costs and the overall expense of ownership, making a home more affordable. The big question: When is the right time to refinance? "Many borrowers have the opportunity to reduce mortgage payments at a time when expenses ... HSH.com Weekly Mortgage Rates Radar: Fixed Mortgage Rates at New Record Low Again The Case for Refinancing 3 Reasons Why You Might Not Get Freddie Mac's 3.79% Mortgage Rate |
Should I refinance my home to pay down credit card debt? - News & Observer
Should I refinance my home to pay down credit card debt? News & Observer By Holly Nicholson Q: I have several credit-card debts and a lot of equity in my home. In my last meeting with my financial adviser he suggested that I refinance my home and take the cash to invest in the stock market. His rationale was that I'd have a ... |