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Author: admin | Category: Loan Calculator Canada | Date: 27.06.2014

Advertised rates for car loans, mortgages and even some credit cards are tantalizingly low, promising big savings for borrowers who can refinance. Here are three loans that can be difficult to refinance, as well as strategies for lowering your rate if you are stuck with one of them.
If you bought a new vehicle with little or no money down, or if you're driving a clunker, refinancing it may be tough. Lenders who finance car loans are typically looking at the borrower's credit and income, as well as the value of the car as collateral for the loan. How to refinance: Check with three lenders -- such as a local bank or credit union, or online lenders -- to find out what's available.
The alternative: Sell the vehicle yourself and find a way to come up with the cash -- or line up a personal loan -- to pay off any remaining balance. Despite some recovery in the housing market, an estimated 10 million - 14 million or so homeowners are in negative equity -- meaning their home is worth less than they owe.
There aren't a lot of truly great options for the majority of homeowners in this situation.
How to refinance: First, check whether your loan is owned by Fannie or Freddie and eligible under HARP 2 guidelines. Student loans aren't impossible to refinance, but it can be tricky, depending on the type of loans you have. If you have private student loans, you'll typically need a strong credit score and steady income to refinance those loans.
How to refinance: Read the consolidation checklist provided by the Department of Education first.
The alternative: If your federal student loan payments are too high, check out the Income-Based Repayment Program, including its new iteration Pay As You Earn. Know Your Value: In the case of a car loan, you'll want to know the trade-in or wholesale value of your car before you start negotiating with a lender. Know What You Owe: Ask your lender for a payoff figure on the loan, which may be different from the balance shown on your most recent statement.
Car buyers who do not have enough cash to buy a car outright would need to take an auto loan. That's because you may be upside down on your loan -- you owe more than the vehicle is worth; or the value of your vehicle is so low that the lender may not want to be saddled with it if you default.

You may be able to refinance a three-year loan to a five-year one, for example, thereby lowering your monthly payment, says Reed. The Home Affordable Refinance Program (HARP) was expected to make it much easier for these homeowners whose loans are owned by Fannie Mae or Freddie Mac to refinance into a lower rate and smaller payment, but the program has been hampered by a lack of interest from the lending community. Consider selling your home with a short sale, trying to get a loan modification, or even finding out whether bankruptcy can help make your mortgage affordable. Most private lenders will charge a 1 percent origination fee in addition to the interest rate that is charged. If you decide to proceed with consolidating your federal student loans, you can do so online through the government's Direct Consolidation Loan website. Both of these programs offer loan forgiveness after 10 - 25 years, depending on the program for which you qualify. Remember, you could be saving hundreds -- or thousands -- of dollars over the life of your loan. Check your credit reports and scores at least a month in advance, if possible, to give you time to fix any mistakes you find.
In the case of your home, ask two or three real estate professionals for their opinion of the value. It is a type of financing that allows them to buy a car without delay even if they do not have the full amount to pay the car price. The interest rates in auto loans vary depending on the vehicle and auto loan types, credit score and income of the borrower, loan term, financing source, and down payment. Most auto lenders usually require 20% of the total loan cost to be paid upon the purchase of the vehicle as down payment. Some things that a borrower should avoid as much as possible when taking an auto loan are prepayment penalties, sky-high interest rates, no credit check, and other possible signs of scams. Another option: "You may be able to roll your negative equity into a new auto loan," he says. If you stretch out the process you may wind up with multiple inquiries on your credit reports, which can hurt your scores. That lack of equity makes it very hard to refinance, and makes the news about historically low rates a painful tease for millions who would like to be able to take advantage of them.
And if you are successful in refinancing under HARP or another program, you may wind up in another trap: paying for mortgage insurance for many more years to come.

The benefits are that you can consolidate multiple loans into a single loan, and loans with variable rates may be consolidated into a fixed rate with a repayment period of up to 30 years. Note, you probably won't see the exact score that your lender will use, but you can at least get an idea of where you stand. In today’s context of global economic crisis, more car buyers are seeking financing to buy a car. There is then a need for them to take careful steps in preparing for and taking an auto loan. Finally, if your loan is not owned by Freddie or Fannie, or if you have a large second mortgage that's also underwater, you may be stuck. VA or FHA loans are easier to refinance, and you can contact any mortgage professional that offers those kinds of loans.
However, you may also wind up paying more over the loan run, or you may lose important benefits such as certain interest rate discounts or loan cancellation benefits available for some types of loans. For example, if a borrower has a bad credit, the lender would charge him or her with a higher interest rate than a borrower with good credit. They may be paying bigger monthly payments with such loan terms but they can enjoy the benefits of paying off a loan early. They should also be aware of how auto lenders work it considering that they are businessmen who are after gaining profit more than charity workers wanting to help those in need. They keep getting in deeper and deeper (debt)." He adds that in some cases the dealer may be offering a rebate on the new car that can help offset some of the negative equity.
However, as the automotive industry grew more competitive, car buyers can more easily take an auto loan as more types of car financing are already available in the market. Paying no down payment at all will only increase the monthly payments and the interest that a borrower would have to pay. In here, borrowers will be paying smaller monthly payments but bigger interest at the end of the term. Borrowers can make the down payment either in cash or by consolidating their savings with their current car’s trade-in value.

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