Welcome to Loan Refinancing Guide
New Car Auto Loan Refinancing Article
. For a permanent link or to bookmark this article for further reading, click here.
Refinancing Auto Loan Tips
Refinancing an auto loan can be one of the best decisions you ever made. Refinancing an auto loan is similar to refinancing a house, except with one difference. With a house, you have to get it appraised before a lender will do a re-fi for you; however, refinancing an auto loan is based solely on what you owe on the existing loan.
Your primary goals to refinancing an auto loan are to lower your interest rate and lowering your monthly payments. This is a fairly new concept, mainly stemming from the way the economy is now. In the past we bought a new car, drove it off the lot and paid the monthly payments for the term of the loan, and we felt good when we made that last payment. Now it makes more sense to refinance with a lender of your choosing and negotiate for the best auto loan terms possible. A rule of thumb is that you will need to seek out another lender than the one holding your existing loan, because most lenders don’t re-fi an existing loan.
Before refinancing an auto loan, you need to check your credit record. You can ask one of the credit bureaus, Experian, Equiax, or True Credit for your credit report; it is important to check to see that your credit report is accurate. Any errors should be addressed and cleared up, and any bad debt should be cleared up to take the negative marks off your record. People with better credit ratings are approved for the lower interest rates.
When buying a new car, if you did not get a 3 percent APR, you might want to consider get some refinancing auto loan information from a well known lender. You may be able to find a refinancing auto loan with an APR 1 or more percentage points lower than you are paying with your existing loan. Before refinancing, look around for the best refinancing auto loan rates. You can go online and use a loan calculator and how much you will save by refinancing.
If you are considering a refinancing auto loan, it is best to refinance within the first two years of the loan. Automobiles depreciate in value over time; by waiting too long to refinance the lender may not be able to refinance your car because you would owe more than the car is worth.
When filling out a refinancing auto loan application, be sure the spelling on the form is correct. If you have recently married and changed your last name, you need to use the name that is on the existing loan. You can save yourself a lot of trouble, because if the spelling is not correct, or the name is not the same as what is on the original account the computer will reject your application, and your request will be denied. Refinancing an auto loan should not be difficult, and if you shop around for the best lender and do your research, you shouldn’t run into any problems.
New Car Auto Loan Refinancing Specific links
New Car Auto Loan Refinancing News
SocGen Search for Funding Takes Bank to German Car Buyers - San Francisco Chronicle
SocGen Search for Funding Takes Bank to German Car Buyers San Francisco Chronicle May 25 (Bloomberg) -- Societe Generale SA's quest for funding is prompting the bank, France's second-largest, to mine sources not tapped before: German car loans and Dim Sum debt. Seeking shelter from Europe's resurgent sovereign debt crisis, ... |
SocGen Search for Funding Takes Bank to German Car Buyers - San Francisco Chronicle
SocGen Search for Funding Takes Bank to German Car Buyers San Francisco Chronicle May 25 (Bloomberg) -- Societe Generale SA's quest for funding is prompting the bank, France's second-largest, to mine sources not tapped before: German car loans and Dim Sum debt. Seeking shelter from Europe's resurgent sovereign debt crisis, ... |
TEXT-S&P cuts Bankinter ratings - Reuters
TEXT-S&P cuts Bankinter ratings Reuters We think that Bankinter SA may encounter difficulties in adapting its business model in what we now anticipate is going to be a more difficult economic environment. The revision of the economic score and Spain's new regulatory provisioning requirement ... |
Refinancing stadium bonds helps Aberdeen save millions, cut budget - Baltimore Sun
Refinancing stadium bonds helps Aberdeen save millions, cut budget Baltimore Sun The city made most of its savings on the debt service, as the stadium debt of $9.3 million was refinanced in October 2011. "We decided to refinance because the savings on the interest was huge," Finance Director Opiribo Jack said Tuesday, ... |
Beware of consolidation mortgages - Ottawa Sun
Beware of consolidation mortgages Ottawa Sun You also had a car loan of $18000 at $364 per month (with 48 months remaining), a holiday loan of $5600 at $176 per month (with 35 months remaining), an RRSP loan of $5000 at $400 per month (with 13 months remaining), and various credit cards totaling ... |