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Author: admin | Category: Loan Car Calculator | Date: 03.05.2014

If you're not happy with the terms of your current auto loan or if you need to lower your monthly car payment, it's a good idea to learn how to refinance a car loan. You cannot comfortably afford your monthly car payment, and you have already paid off part of your loan. You feel that your interest rate is too high and think you would qualify for a better rate.
One of the most popular reasons for refinancing an auto loan is an interest rate that is simply too high.
If you've decided you'd like to explore refinancing your loan, you'll need to do a little research.
Use an auto loan amortization calculator to determine how much you're paying in interest over the life of the loan.
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.
Automotive BlogCar related articlesIt’s Time to Refinance Your Car Loan – Now What? There are a few things that you will need to do in order to make sure that you will be able to pursue car refinancing. These are the main steps that you will need to take in order to really make sure that you’re going to be able to get the car refinancing that you deserve. How to lower your car payments - openroad lending, If you are like most consumers today, we are all looking for a way to spend less each month.
Refinance auto loan rates from nationwide, Apply for an auto refinance loan with nationwide refinance your auto loan with nationwide bank ® and save. Car loan refinancing allows you to reduce your monthly payment, lower the amount of interest paid, or a combination of both.
Copyright © 2012 Autos Weblog, All trademarks are the property of the respective trademark owners. This skill may help you save money, and it will also help you stay in control of your budget.
If you had past credit problems or little credit history at the time you purchased your car, you may have received a high interest rate. You'll want to compare similar loans to determine the best deal, and you'll need to know some information about your current situation and the possible solutions to your problem. This number is very important and can have a dramatic effect on your loan terms and interest rate. 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.
Keep in mind this number may be a bit different than what you paid for the car, because it calculates the interest that you owe as well. Offline rates won’t be as good as online rates, because you want to make sure that the new lender is really fighting for your business.
As long as you take these tips into consideration, there’s really no way that you could fail! In fact, refinancing your mortgage can literally save you thousands of dollars in addition to giving you peace of mind by having a fixed payment each month. That interest rate is costing you money every moment that you have a loan.For example, imagine you purchased a reasonably priced new or used car.
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. Even one piece of incorrect information could lower your credit score to the point where you don’t get the loan that you deserve. For instance, a 15-year home mortgage with a $150,000 balance and a fixed 7 percent interest rate can be refinanced at an interest rate of 5 percent to save over $29,000 in total interest payments throughout the course of the loan. Depending on the terms of your current loan, you may be paying too much in interest each month.
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. Lenders know that when people shop online, they’re automatically looking for the best rates possible.
However, even if you do pay a relatively high interest rate, is it in your best interest to refinance your auto loan? 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.
You see, car refinancing just means that you’re going to be taking out a different loan that will take care of the original loan that you took out to get your car.
While it’s true that creditors do forgive home or auto inquiries when done in a tight period of time, you still don’t want too many inquiries on your credit report. After that, you would need to contact the company again and request a new payoff loan quote.
If you go offline, then the new finance company might think that they can get away with hitting you with a higher rate than what you deserve. Fixed Interest RateRefinancing your home can change your current interest-only or variable-interest mortgage to a better fixed-interest home mortgage loan.
If your loan term is five years, which is typical of many auto loans, and your interest rate is 21%, you'll be paying almost $450 per month.
This new loan will be at a lower interest rate, which means that you will have a much lower monthly payment than you might expect. A fixed interest rate offers more security knowing that your payments will stay the same over the life of your loan. You can save a few hundred dollars in some cases, especially if you had to take out a car loan with a huge interest rate just to get a new car worth driving.
If you currently have a variable-interest loan and choose to refinance it to a fixed loan, you may not always experience a lower monthly payment, but you’ll definitely save thousands of dollars in interest overall.2.


The amount of interest that you pay each month depends on your credit score and other factors considered by the lenders.
If you can reduce your interest rate, you can reduce your monthly payment by $50 or more per month depending on the amount of the loan and how long you have left to repay it. For example, a mortgage refinance may lengthen the loan’s terms from 15 years to as long as 30 years, which significantly decreases the total monthly payment.3. However, if you are unable to reduce the interest rate, you should not refinance because that is the determining factor in how much you pay for the car overall.What About Reducing Your Monthly Payment? Cash OutCash-out refinancing enables you to access your home’s equity by taking out an additional mortgage for more than what you owe right now.
While you may think that reducing your monthly payment is worth refinancing your loan for a longer term, you are paying more than you need to for your vehicle.
Remember, your vehicle is a depreciating asset, which means it will be worth less as time goes on.
Therefore, the longer that you take to repay the loan, the more you are paying for something that will no longer be worth the investment.Your Car Only Has So Many Years of Useful Life It is also important to remember that your car only has so much time before it is no longer useful to you. Lower Interest PaymentsIf it’s been awhile since you bought your home and the interest rates are considerably less now, you will likely qualify for refinancing your loan at a much lower interest rate.
Generally, a car owner will keep his or her car for five or six years before trading it in. If you owe more on the car than it is worth, you will have to roll over the balance to your next loan. Reduce the Term of Your Home LoanYou may want to consider refinancing if you’re currently carrying a 30-year home mortgage.
This means that you are going to pay more than what your next car is worth, which creates a cycle of negative equity that can take years to recover from.Do You Qualify For Refinancing? With lower interest rates, it’s quite possible that a shorter 15-year mortgage is only a bit more expensive than your current 30-year loan overall.
Use an online mortgage calculator to determine what your new 15-year mortgage rate will be.6. While you may want to get a lower rate or extend your loan term to pay less each month, a lender will still have to check your credit before giving you a loan.
Refinance Your Loan from an Adjustable to a Fixed Rate LoanIf your current home mortgage loan is an adjustable-rate loan, it may be the right time to ask about refinancing to a more secure fixed-rate loan. Furthermore, you should check to make sure that your current lender will allow you to prepay the loan before the original term is up.
While most lenders accept prepayment, you don’t want to risk paying a penalty just to extend the term of your loan or to get a slightly lower interest rate.How Long Do You Plan on Owning the Car? By locking into a lower fixed interest rate, you can protect yourself from increasing interest rates in the future.
If you plan on owning the car for several more years, it may make sense to refinance even if it will cost you more to do so. Furthermore, a fixed payment is much easier to manage, budget, and plan for when it comes to handling your cash flow.7. In some cases, you may be able to make smaller payments now and make larger payments later on to make up for the principal that you are not paying at the moment. Pay Off Your Mortgage FasterYou could fortunately find that you’re making substantially more money than when you first bought your house.
This may make it easier to manage your debt now without falling behind in the long run as it relates to building equity in your vehicle.Refinancing your auto loan may make sense for you if you can get a lower interest rate or want to make smaller payments now and larger payments later on.
However, make sure that you avoid the trap of extending your loan in exchange for smaller payments.
While you may benefit now, you may lose in the long run when you are more likely to be paying for a car that isn’t worth the monthly payment. Can Refinancing Your Home Mortgage Help You Reach Your Financial Goals?Before you decide to refinance your home mortgage, figure out what your real goals are, both now and in the future.
She is a contributing writer to this and other blogs and also writes email newsletter articles, press releases and web content.
Prior to her writing career, Natalie worked in various fields including real estate, equipment leasing and banking. Remember to consider all the additional costs such as closing fees and other costs as well.
Depending on which specific type of refinancing you end up choosing, you may have to shell out thousands of dollars in standard fees for your new loan. 10 Tips for Better Time Management 15 Ways to Save on Everyday Household Essentials 10 Best Personal Budgeting Tools With Reviews Federal Tax Rates and Brackets for 2016Popular PostsHow Much Is Car Insurance?



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