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If you're planning to refinance your car loan in a few months (at a MUCH lower interest rate) what is the logic in paying a large chunk of money NOW to the company that holds the high-interest loan at the moment?
Seriously, I'm missing the logic here. Wouldn't it be smarter, if you have a chunk of money (which is equal to three high-interest rate car loan payments) why wouldn't you just make your normal payment for the next few months, refinance at the lower rate and THEN pay the big chunk of money?
Modern car loans from reputable financial institutions should be made with simple interest - you pay a portion of your payment is interest and a portion is principal each month. That being said, EVERY DAY THAT YOU HAVE MONEY BORROWED AT A HIGHER INTEREST RATE, IT IS COSTING YOU MORE INTEREST. Make the large payment on the higher interest loan now and next month you will be paying more toward principal, and the month after that you will be paying more toward principal.
Now when it's time to re-finance, you don't have to take out as large of a loan, which in most cases reduces your loan origination fees and taxes that are often charged, and you continue that smaller loan at a smaller interest rate.
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We are working on refinancing our house and so far all is well. We plan to purchase a vehicle in a month or so. I am wondering if there will be a problem getting a car loan with minimal interest rate after refinancing our house. Any advice is much appreciated.
As long as you are not taking out additional equity from your home (you will owe the same amount at a lower or a fixed rate), your refinance shouldn't effect your credit (except for the hard credit inquiries your lender will make up until the loan closes). If you had good credit to begin with, it should be fine.
If you are increasing the amount you owe, it may adversely effect your credit scores. The car loan itself may also negatively impact your credit score depending on your overall credit availability, total borrowed amount and ability to pay (based on your income).
I have an 06 RSX that I bought with a 625 credit score and pay like 500 a month w/ 9-11% interest I think. When I bought it I had 3,000 in credit card debt and had only had a credit history of 2 years. Now that I am 21 and have 3 years of credit history, and have paid off all my debt down to 0, plus made payments on this car for 1 year, I was planning on refinancing the car this year. I am doing this mainly so I can afford the car when I am in the army this year, however I was wondering if the army can provide any discount (like a credit union) for re-financing if I sign an allotment or something so the creditor is sure they will get their money.
Anyone have any info on this?
@ Kathy
I know how a credit union works and I believe my credit is at something like 710, but I know the army has a lot of discount worked out with various institutions and I was wondering if being the army would help lend me credit for something like a refi. Obviousely I would only be doing this once I have been in for at least 6 months.
check out www.military.com as they have a huge list of Servicemen entitlements.
Good Luck
An unconventional question, but...is it possible to refinance a car loan for a longer period of time? For instance, if you have 48 months left on your loan, can one refinance w/another company for 60 months to simply lower the payments for the immediate future? Thanks!
Yes it's possible but only if the lender you're financing with offers a competitive, the same or lower rate than the one you're financing thru right now.
I bought a car in autumn 2005 with a car loan for $26,800(this amount was AFTER tacking on tons of taxes & fees, and AFTER deducting the $6000 down payment I put on the car). Despite credit problems and an Equifax score of 580, I got financing through Bank of America for 9.7% APR. So I'm paying $492/mo. for my car, but hey I understand that the interest coulda been a lot worse.
In the past year-and-a-half, I've paid down the car loan to about $14,900.
I've also beefed up my credit score a LOT. Part of my past credit problems were due to inaccuracies on my credit report. Since then, a collections account has also fallen off my report. The car loan's good payment history has added to it. The only problem with my credit now, is that I have a good chunk of credit card debt(due to a short stint of underemployment), but I always pay on time and more than min payments.
Do I have a good shot at refinancing for lower interest? Or, is my credit card debt hindering me?
I'm not looking to extend the length of my loan...I'm simply looking to keep the loan's length the same(4.5yrs or less), and just reduce the interest. Is this possible?
Also, I've heard that some banks allow you to refinance within their company. By doing this, the loan's account # would stay the same, just the terms of the loan and the interest rate would change. Is this a possibility? My loan is with Bank of America.
I'd prefer keeping my refi with Bank of America and keeping my original loan acct #, so that it appears on my credit report as the same loan that I've had consistently for a long period of time. I've heard that avg. length you'd had your accounts, is one factor that affects your credit score.
And if Bank of America CAN refinance my current loan with them, would this involve a hard inquiry, since the refi would be done within the company? I'd also prefer minimizing the # of hard inquiries on my report, since I know that too many inquiries = lower credit score.
Thanks for the advice!
Since your credit history has improved, you should be able to get a better rate. The only problem is that you may be getting a rate for a used car now, instead of a new car rate and used car rates are generally higher than new car rates. However, some lenders give new car rates for cars that are up to 2 years old, so if you do this pretty quickly, you may still be able to get a new car rate.
First, you should call BoA to see if they will refi you without a hard inquiry. Be explicit that you are not giving them permission to do a credit inquiry right now, you are just seeing if you can get a better rate without them having to pull your credit.
If they say no, then you need to start shopping around at credit unions and banks to see what their definition of 'new car' is and what their rates are for both new and used. Be sure to look at the rates for different length of loans - shorter loans often have lower rates.
Once you find the combo you like, apply there.
My credit is fair and the banks won't refinance my car loan wich is now @ 24.95%, this is too high for me. i need to know what happens is i turn the car in or what other options do i have?
If you turn the car in, it will still be a black mark on your credit. It sounds like your only option is to refi with a cosigner. You should qualify for that no problem, as long as your co-signer has good credit.
MONEYWISE: Refinancing a bad car loan is a good option Daily Breeze
By Stephanie Enright
Many consumers who hit the auto-showroom floor make the mistake of buying more car than they can afford or taking a loan with lousy terms. Some people do both, and feel the pinch when they've been making payments for a year and are getting nowhere. One Hermosa Beach reader, a 29-year-old computer programmer who is in that boat, asks if there's a way out.
Q. Though I should have known better and really couldn't afford it, 15 months ago I walked into a dealership and bought a $33,000 car. Because of a minor glitch in my credit history, which I've since resolved, I got nailed with a 14.9 percent loan. I'm embarrassed that I have blown it to this extent, but what I want to know is whether I can do anything about it. Selling the car is a long shot, with the economy, but what about refinancing?
A. Refinancing could save a bundle over the long term. An interest-rate reduction of even a single percentage point can make a substantial difference in the payment
Home prices back to 2005 levels
A typical house in the Seattle area is now worth less than it was worth in October 2005 or more than at the end of 2006, depending on which of two new reports one reads.
The value in King, Pierce and Snohomish counties in December 2008 decreased 3.6 percent from November, 13.4 percent from a year earlier and 16.7 percent from the all-time peak in July 2007, Standard and Poor's S&P/Case-Shiller Home Price Indices reported. It was the 11th consecutive record annual decline and second consecutive record monthly drop for the Seattle index, which goes back to the start of 1990.
Meanwhile, the Federal Housing Finance Agency reported the value of a typical house in King and Snohomish counties down just 5 percent in the fourth quarter from an all-time high in the fourth quarter of 2007 and 1.6 percent from the third quarter. Pierce County's typical value was down 5.1 percent from a year earlier and 0.8 percent from the third quarter, the agency said.
The biggest difference between the two reports is that the Federal Housing Finance Agency only looks at loans through mortgage giants Fannie Mae and Freddie Mac. It excludes "jumbo" mortgages larger than government-imposed caps or subprime and Alt-A mortgages that do not comply with Fannie and Freddie standards, said Glenn Crellin, director of the Washington Center for Real Estate Research at Washington State University.
"That's probably becoming a critical distinction," he said, adding that the magnitude of the discrepancy surprised him.
Seattle-area houses worth less than $281,354 fared worst in December, with values falling 4.2 percent from November and 15.3 percent from a year earlier, according to S&P. This boosts the argument that subprime loans are a big reason for the difference between the indexes, Crellin said.
Houses in the middle-price tier fared the best, with values dropping only 2.7 percent from November and 12.4...
News
Obama's big plan will it work? Chicago Sun-Times- Feb 27, 2009
Voice of AmericaObama's big plan - will it work?Chicago Sun-Times, United StatesHe explained this would be done by "refinancing loans for millions of families in traditional mortgages who are underwater or close to it, by modifying loans for families stuck in subprime mortgages they can't afford as a result of skyrocketing Will new housing aid plan help me? HUD secretary, Congress debate foreclosure plans How Obama’s Program Can Save Your Home
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RLPC-Porsche ups fees on 12.5 bln euro loan refinancingReutersLONDON, Feb 26 (Reuters) - German car manufacturer Porsche (PSHG_p.DE) has increased the fees on its 12.5 billion euro ($15.92 billion) loan refinancing to boost support for the deal before a deadline at the end of March, banking sources said on- Feb 18, 2009
AutoLoanDaily.comRefinancing a Car Loan Can Save Money and Improve CreditAutoLoanDaily.com, FLBy Liz Opsitnik When most people hear the word “refinance”, they associate it with their home mortgage, a lot of paperwork and expensive fees. What consumers don't really know is that by refinancing their car loan, they can save money on the interest 10 things to consider before you refinance The Best Situations For Refinancing Your Home
- Feb 27, 2009
The Market OracleFed Watch: Will TALF Do the Job?Seeking Alpha, NYIf the maturing debt cannot be refinanced at reasonable interest rates, then rising defaults and additional asset markdowns will wreak further havoc on the banking industry. The Fed cannot fix this if they limit their loan programs to AAA-rated ABS, Bernanke: TALF will support auto lending
- Feb 26, 2009
TEXT-Fitch cuts TRW Automotive, may cut furtherReutersTRW also benefits from the refinancing actions it took in 2007, which lowered the company's interest costs and extended debt maturities. Additionally, Fitch believes TRW has the ability to decrease capital expenditures in 2009, which may be necessary
