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I've got a car loan that was kept through my bankruptcy and I've been paying on for approx two years since now and just realized they reported it as part of my bankruptcy and they will not change(included is said because it was written about in the papers even though it was reaffirmed). I'm trying to now fix my credit up some and would like to know if it will help or even effect at all my credit to refinance it now?
I went through this same thing back in 2001 and Ford was not reporting my account, all it took was a simple phone call and they updated the information on the bureaus.
If your lender will not do this, you will have to have proof that you have been making the payments to be approved for a refinance loan.
If you do get refinanced, it will help your credit as long as your lender reports to the credit bureaus.
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I refinanced my car loan through wells fargo and i don't like the interest rate that they gave me so i want to cancel the loan, want to keep my original loan. I have already tried to call my original loan company and tell them to return the check, but they say there is nothing they can do. I tried to get Wells Fargo to stop payment on the check but they said i had to go to the branch. Are there any other things i can do? Maybe write a letter or something?
No you can't. But you might be able to refinance again.
I currently have an auto loan with Bank of America. I am paying 9.7% APR. I'm considering refinancing just to get my interest rate lower.
In fall 05, I started it w/ a loan balance of ~$27K. In 1.5yrs, I've paid down the loan to a little under $15K. Currently the car has a trade-in value of ~$19,500 and a retail resale value of ~$23K(I looked this up on Kelly Blue Book's website). So I know that I'm not upside-down on my loan.
Do I have a good chance of refinancing? My credit is solid, but the only thing that I'm afraid might hinder me is the credit card balances that I currently have(although I've been paying them on time).
More importantly--Is there a chance Bank of America might be able to refinance my car loan for a lower rate? If they do this, is it possible for the loan acct.# to stay the same?(since it's within the same bank) Do banks sometimes refinance car loans that they already manage? And if I tried to refi with Bank of America, would it create a hard inquiry?
I asked about it at my credit union and I'd say it's a no-no. The credit union said they only determine int. rates based on what tier my credit score falls in, so my good loan-to-value ratio, length of loan, etc won't help me. They also said that I'd only qualify for a "used car" loan, and the rates are higher for those. But I will definitely try Bank of America...except I called 2X today and got disconnected each time after waiting a while. >:( Anyone have any specific car loan experience dealing with Bank of America?
Yes it is possible. Since you have paid the loan down so much your loan to value has changed greatly. This is one of the main things that lenders base rate on.
You should have no problem refinancing with your own bank, if you do? Try a credit union, they will always beat a bank on rate anyway.
And yes it will be a hard inquire.
I want to refinance my car loan. Who is the best lender, online or regular?
Your bank or credit union should offer better rates than you can find anywhere else.
You'll want to check these guys out....99% approval they say.
http://www.123thebest.info/go.php?link=auto
Take care.
My friend is getting divorce and she has a car loan with her ex as primary. She is looking into getting a loan but the credit union with which she has the loan denied her since she has not enough credit. She has applied though US bank and got denied as well. what other place is good for obtaining refinancing loan for this situation
Talk to RoadLoans or Americredit. They specialize in people with bad credit, but really this was a bad time for her. I know she didn't pick it, but lenders are being really picky right now. Few will finance her with bad credit.
Her other option (I don't see keeping it in his name as an option) is to get the car legally in the divorce. Or give it to him, get cash for her half and buy a clunker to survive in until she and her credit can get back on her feet. Get rid of the car and the note basically. Then take the money and get another car that doesn't need a loan to buy. Pay cash and start working on getting that credit back in line.
Best of luck!
i bought a car 2 months ago and the dealer told me that i can refinance my loan after 7 months. my current interest rate is 12, what will it be after i refinance? please help!!! i live in NY if that helps
You don't really give us much information about your credit so it's hard to say. It's going to depend on 4 important factors
1. equity in your car
2. credit
3. age of car
4. miles on car
Assuming it's a some what new car and low miles, and this is your first car and your just have limited credit.
You might be able to cut your rate in half. But, I don't think we have enough information to say.
Auto Loan Refinance – Cheap Car Loan Rates for Your Vehicle Payments Subprime Blogger (blog)
If you currently have an auto loan outstanding and you have not refinanced in the last year there is a very good opportunity for you to save with a lower interest rate. Unfortunately, the only way you’ll know what interest rate you qualify for is to go to the auto loan refinance application process. After submitting an application you can then find out our 100% accurate rate quote.
After you have found out your rate quote you can then use a financial calculator to determine just how much money you would save by refinancing . It is important to note that refinancing takes time and effort and there are often costs involved. If you are not going to save several hundred dollars over the next year then it might not be worth it to refinance your auto loan.
If you can save a significant amount of money by refinancing then it would be worth it to seek a lender who will offer you a competitive interest rate. By submitting several applications you could have the ability to negotiate a lower overall interest rate on your car loan. Make sure to take advantage of this as the auto loan industry is a competitive environment.
News
RLPC-Porsche ups fees on 12.5 bln euro loan refinancing Reuters- Feb 26, 2009
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 26, 2009
Reply to commentScienceBlog.com, CAThere are a variety of people that qualify for used auto loans. People who may be interested in online auto refinancing include those that applied for their current car loan when they had credit problems. However with hard work and dedication in recent- Feb 26, 2009
Bernanke: TALF will support auto lendingNashville City Paper, TNFloorplan loans are taken out by dealerships to finance cars that are on the lot. Each loan is paid off when a car is sold, and the payment is used to finance more cars. The TALF may be used to refinance bonds backed by floorplan payments maturing this- Feb 26, 2009
Easy and Quickest Way to Get a New or Used Auto LoanBigNews.biz (press release), MAYou can utilize these lenders as a starting point to rebuild your credit over the duration of your loan so that you can either refinance or get a new car loan at even lower rates in the future. There is no reason to settle for less when it comes to- 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
