| Copyright RebuildCreditScores 2010. All Rights Reserved |
Refinancing Your Auto Loan
by rebuildcreditscores.com
September 2007
by rebuildcreditscores.com
September 2007
Even consumers with less than perfect credit are getting lower
interest rate auto loans. Low interest rate auto loans means you
pay less for the monthly car note, saving thousands of dollars over
the life of the loan.
The Basics to Refinancing:
Why Refinance
Auto refinancing is a way to save money. If you have an expensive
auto loan or if you desire to reduce your monthly payments then
refinancing may be an option for you. Your monthly payments may
not dramatically decrease but the total amount of interest over the
life of the loan will be reduced. Borrowers with poor credit often pay
higher rates, sometimes up to 20 percent more than good credit
borrowers. The higher your auto loan rates, the more you can save
through refinancing.
Who should refinance
Consumers who have improved their credit scores since purchasing
a car should consider auto refinance. Your options may have been
limited when you the bad credit car loan; however, if you have
improved your credit scores it’s time to get rid of that expensive car
loan. Consumers with who are leasing and want to purchase the
car should also consider refinancing.
Current car Value
Auto refinancing is primarily based upon the amount you need to
pay off your current loan. The current value of the car is not as
important and a car appraisal is unnecessary.
Where to find a lender
Most banks and credit unions offer auto loan refinancing. A good
place to start would be your local credit union as they often use
less stringent credit criteria and have lower rates than banks. A
good way to compare rates is to search online resources.
Qualifications for refinancing
Most lenders require an amount due of $7,500 and above on your
current loan in order to qualify for refinancing. Lenders will also view
the age, model and mileage of the automobile. Lenders may also
require fees and costs to refinance. You should analyze the savings
of refinancing against the cost of refinancing before you proceed.
You don’t want to be in a position where your fees required for the
new loan are greater than the money you would save through
refinancing. Refinancing may also extend the term of your loan.
Longer loan terms generally mean reduced monthly payments but
increased costs over the life of the loan.
interest rate auto loans. Low interest rate auto loans means you
pay less for the monthly car note, saving thousands of dollars over
the life of the loan.
The Basics to Refinancing:
Why Refinance
Auto refinancing is a way to save money. If you have an expensive
auto loan or if you desire to reduce your monthly payments then
refinancing may be an option for you. Your monthly payments may
not dramatically decrease but the total amount of interest over the
life of the loan will be reduced. Borrowers with poor credit often pay
higher rates, sometimes up to 20 percent more than good credit
borrowers. The higher your auto loan rates, the more you can save
through refinancing.
Who should refinance
Consumers who have improved their credit scores since purchasing
a car should consider auto refinance. Your options may have been
limited when you the bad credit car loan; however, if you have
improved your credit scores it’s time to get rid of that expensive car
loan. Consumers with who are leasing and want to purchase the
car should also consider refinancing.
Current car Value
Auto refinancing is primarily based upon the amount you need to
pay off your current loan. The current value of the car is not as
important and a car appraisal is unnecessary.
Where to find a lender
Most banks and credit unions offer auto loan refinancing. A good
place to start would be your local credit union as they often use
less stringent credit criteria and have lower rates than banks. A
good way to compare rates is to search online resources.
Qualifications for refinancing
Most lenders require an amount due of $7,500 and above on your
current loan in order to qualify for refinancing. Lenders will also view
the age, model and mileage of the automobile. Lenders may also
require fees and costs to refinance. You should analyze the savings
of refinancing against the cost of refinancing before you proceed.
You don’t want to be in a position where your fees required for the
new loan are greater than the money you would save through
refinancing. Refinancing may also extend the term of your loan.
Longer loan terms generally mean reduced monthly payments but
increased costs over the life of the loan.
Links
With the threat of a recession looming over our heads, consumers
are looking for ways to save money and tighten up their budgets.
Auto loan refinancing may be one way to put more money back into
your hands.
are looking for ways to save money and tighten up their budgets.
Auto loan refinancing may be one way to put more money back into
your hands.
More Resources
Get a Car Loan Today
Auto Loan Bailout helps consumers with bad
credit and good credit obtain loans.
Bad Credit Auto Loans
Learn how to get a bad auto loan during the
credit crunch.
Your Credit and Car Insurance
Credit scores can determine how much
you pay for auto insurance.
Get Car Insurance Instant Quotes
Quote Wizard provides free auto insurance
quotes from multiple companies so you can get
best deal!
Auto Loan Bailout helps consumers with bad
credit and good credit obtain loans.
Bad Credit Auto Loans
Learn how to get a bad auto loan during the
credit crunch.
Your Credit and Car Insurance
Credit scores can determine how much
you pay for auto insurance.
Get Car Insurance Instant Quotes
Quote Wizard provides free auto insurance
quotes from multiple companies so you can get
best deal!
Several years ago auto loan
refinancing was rare.
Consumers accepted the rate
they were given and paid
high interest rates and auto
payments throughout the
term of the loan.
In the past few years it has
become increasingly more
common to refinance your
auto loan because interest
rates for auto loans have
gone down and continue to
remain relatively low.
refinancing was rare.
Consumers accepted the rate
they were given and paid
high interest rates and auto
payments throughout the
term of the loan.
In the past few years it has
become increasingly more
common to refinance your
auto loan because interest
rates for auto loans have
gone down and continue to
remain relatively low.
 |
 |
 |
 |
|
 |
|
 |
|
 |
|
 |
|
 |
 |
