Refinance My Auto Loan
Many times when any person deals with financing there is enough bogus scuttlebutt floating around from time to time about loans in general, and auto loans in particular, to fill a bathroom bathtub. Confusing information can often be like ants at a lakeside picnic, everywhere. Sure many folks living in the United States came upon “hard times” several years ago during the “financial crunch” when greedy lenders allowed buyers to purchase everything from homes to condos to new and used vehicles even if they had no credit, marginal credit, or noted their current residence on the application as nothing but a canvas tent under Interstate 10 outside Tucson, Arizona.
Thankfully those times have been put in the rearview mirror and things have changed for the better. With interest rates remaining relatively low, there are situations today where an auto refinance may have crossed your mind – and from all reports, that sounds like a great idea. Actually if you select the right refinance loan, doing so could save you hundreds of dollars each year; perhaps even thousands over the life of the loan. If your next question is about interest rates, yes they have dropped. What you should be cognizant of is if interest rates have dropped more that 2 points (percent) since you’re bought your vehicle, you could save some money. But keep in mind that the refinance rates are considered “used car” loans and as such, the rates most times, will be higher than if you had made a new car purchase. But even a 2 percent margin drop can make a monolithic dent in your favor over the life of your loan.
All that said if you are considering a refinance of your auto loan, with the right lender you will find that the process is quick, painless, and no appraisal will be required. And in most cases, the fees are nominal, if any. Yet the interest rate on your auto loan refinance may be determined on your credit history and credit score. So the first step for any new applicant is to become acquainted with your credit history. Free copies of your three credit reports from Equifax, Experian and TransUnion can be had from the government site of free annual credit report.com. By law you are entitled to one each year. However this free report does not include FICO scores. For those scores you’ll pay an extra nominal fee of less than $20 bucks.
When you make a firm decision to refinance your vehicle look for a direct lender, not a “middle-man” broker agent. You need a lender who funds loans, not an agent in the middle who takes a “slice of the pie” for doing some minor required paperwork. Generally you can fill out an application online and if you pass muster, your approval is sent to you via your email address. For the most part there are no upfront application fees, no inspections, and no appraisal costs. Once you get approval on your refinance loan, your new low interest rate loan is used to pay off any high interest rate loan you had on your old loan. The title to your vehicle is then transferred to the new lender who will be the annuitant of all your future payments.
An auto refinance company like roadloans.com has been in the auto financing business for over a decade. They have a mantra that is appropriate: “We try to finance all credit types and specialize in servicing and financing loans for customers with a less than perfect credit history.” Which in today’s marketplace can be a boat full of homeowners and former homeowners who lost their way because of suspect financial decisions? RoadLoans is one of the leading global banks in the world and part of Banco Santander which was voted by EuroMoney Magazine as the world’s best bank. With that recommendation you can rest assured that once you have been approved for an auto refinance, download your loan documents, sign and return them, your personal information will remain safe, treated like gold bullion, and not be sent, transferred. or sold to any ancillary third party.
RoadLoan auto loans also offer another caveat worth noting. You won’t be bogged down with a risky adjustable loan. Their loans are fixed rate only, which basically means that your interest rate, once set, will never change. What you see on the documents is what you get as long as you own the vehicle. Also, down the road if you opt to pay off your loan earlier than originally scheduled, there will be no “prepayment penalty” shock to be concerned about.
Another nice surprise that awaits a refinance customer is that you’ll be able to eschew (skip) the first month payment on your new loan. Your new auto loan will be arranged wherein your first month payment will be due a certain period of time after the closing date of your loan. Ergo, you will not have your first scheduled monthly payment due date for 30 to 60 days after the most recent monthly due date of your existing loan. In plain English this basically means that the interest will still accrue on your old existing loan until it’s paid in full. Interest will accrue on your new refinance loan beginning on the date the loan is funded.
Cash-back auto refinance: Use your car to consolidate your debt… and save!
f you are like many Americans, chances are the bad economy has affected you in some way. Maybe your credit card company has increased your interest rate and fees and lowered your limit, maybe your home equity line has been cut or closed, and maybe you even had to resort to a payday loan while the going was tough. Chances are that the interest rates you are paying today are higher than they used to be, and chances are that it is getting ever more expensive to manage multiple accounts, because late fees, payment fees and overdraft fees have been on the rise.
Despite the economic turmoil, we at RoadLoans have developed an auto refinance product that may not only help you save money on your car, but also consolidate your debt and benefit you in multiple ways!
The latest addition to our family of products is called cash-back refinance, and it allows you to do exactly what the name says: get cash-back when you refinance your car!
When refinancing with RoadLoans, you may be able to turn your car into a rolling ATM and use the value of your car to borrow extra cash up to $5,000*. full article @ RoadLoans.com
Used Car Refinance
When interest rates begin to drop, people often consider refinancing their mortgages. Very few people realize, however, that used car refinancing is also an option. When the federal interest rate drops, so do rates for auto loans. refinancing a used car is much easier than refinancing a mortgage, and in many cases, it can save you just as much money.
What makes it so simple? For a start, there are no inspections, no appraisals and no waiting around for answers. In most cases, taking 10 minutes to fill out an online application is the extent of your work. Most companies don’t even charge application or refinancing fees. So, really what do you have to lose?
Who can benefit from used car refinancing? Just about anyone. If you like to save money and keep a watch on the Fed for drops in interest rates, you could cash in. If you believe your credit score has improved since buying your vehicle, you probably qualify for a lower rate now and stand to save a bundle. If you feel like you didn’t get the best possible rate from your current lender, you probably have been paying too much. If you bought a car on a short term loan and now can’t afford those high payments, you could also benefit.full article @ RoadLoans.com
Refinance My Auto Loan
When is it a good time to refinance my auto loan?
There are several situations in which a person might think “maybe I should Refinance My Auto Loan.” If you currently have a high interest rate auto loan because your credit was bad when your purchased your vehicle, if interest rates have taken a significant drop since you purchased your vehicle or if you are struggling to pay off a short-term auto loan, these are all good reasons to consider refinancing.
How do I know how much money I could save if I refinance?
Using an online auto loan calculator is a great way to see how much refinancing your auto loan will save you. By trying out different interest rates and loan terms, you will be able to see instantly how much your loan payment could decrease.
How does the interest rate affect my savings?
In general, the lower the interest rate, the lower the monthly payment will be even if the loan term and the loan amount remain the same. When you are refinancing an auto loan, you should wait until the new interest rate is at least one full percentage point less than your original interest rate. For any change less than 1%, the difference in your monthly payment would not be significant.full article @ RoadLoans.com