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Author: admin | Category: Car Loan Canada | Date: 06.01.2015

Financing auto loans is one of those things that most of us never even think to look into more detail. The only conditions for refinancing would be to find another lender willing to provide a loan. If you have excellent credit score above 750, just start applying for auto refinance lenders:  The truth is that you can refinance your loan with any credit account, as long as you can find a lender to do so.
If you have a reasonable or score of around 620, do a little homework first: A score above 620 is considered “fair” and a score above 660 is considered “good”. Related Blog ArticlesThe time needed to improve a FICO score Your FICO score is one of the most important number sin your financial life. Let’s stay in touchStay up-to-date with the latest financial news and advices from top experts and community members. DisclaimerThe material provided on this Website should be used for informational purposes only and in no way should be relied upon for financial advice.
If the conditions are right, the right refinancing deal could save you a pretty penny over the life of your car loan. If you suspect it might be time to re-run the numbers to see if refinancing makes sense, hit our auto loan calculator to experiment with the variables: loan amount, loan term, interest rate, and monthly payment. This is a moderated blog; all content will be reviewed before posting and is considered accurate as of the date posted. The content found on this blog is for informational purposes only and should not be used as tax or investment advice.
When new or used Connecticut car customers from Key Hyundai of Milford, Key Hyundai of Manchester, or any CT car dealership, attempt to refinance an auto loan, they are sometimes faced with what is called negative equity.
As Key Hyundai solution providers, it is our mission to help our customers understand the best way to keep value in your vehicle, and more cash in your wallet. We naturally assume that we are locked in our current car loan – and interest rates – until we pay the loan or sell the car. In most cases, you will want to go ahead with the car refinance if the new lender can promise you a lower APR (interest rate) than the one you have on your existing loan. If you have an “excellent” credit score of 750 or more, you really have nothing to do to prepare to get a loan.
If you are in any of these ranges, you will want to see if you can beat your score up a bit before applying.
Also, note that such material is not updated regularly and some of the information may not, therefore, be current. We ask that you stay focused on the story topic, respect other people's opinions, and avoid profanity, offensive statements, illegal contents and advertisement posts.


Please refer to Bankrate's privacy policy for more information regarding Bankrate's privacy practices. Bankrate may be compensated in exchange for featured placement of certain sponsored products and services, or your clicking on certain links posted on this website. Just remember, in order to refinance an existing PenFed auto loan, the advertised rate must be equal to or greater than your current PenFed auto rate. Views and opinions expressed in comments are for informational purposes only and do not constitute official endorsement by PenFed.
To do this, start by running your current report from each of the three major credit monitoring agencies. Please be sure to consult your own financial advisor when making decisions regarding your financial management. Just because you had a high credit score and unblemished credit history doesn't mean you got the best rate you could have received when you purchased the car. Refinancing a new car essentially means converting your loan to a used-car loan, although PenFed considers current (2015) and previous model (2014) years to be a new car refinance. If you’ve tuned up your credit score since you bought your car, you might qualify for a lower interest rate. If your budget has gotten significantly tighter since you got your car, you might need to stretch out the term of your loan to lower your monthly payments. PenFed offers financing up to 100%, and you may be eligible for an instant decision on your application. Here is my Dealer For The People automotive advice on the best way to make sure your car keeps its value, and you are not hit with negative equity while you own your vehicle. Dealer-sourced vehicle loans commonly carry a higher rate than the consumer deserves because the consumer simply didn't know better.
Since interest rates for used-car loans are normally higher than rates for new cars, refinancing won’t make any sense unless your new used-car rate will be lower than your old new-car rate.
Especially if your loan is for a longer payment term, a lower rate can keep that interest snowball from gaining speed on you. In the long run, you’ll pay more that way, but a refinance can help if you need some serious belt-tightening in the meantime. If interest rates have dropped more than a couple of points since purchasing your vehicle, you could save some money.
The extra money is a profit source to the dealer, like rust-proofing or extended warranties. Please avoid posting private or confidential information, and also keep in mind that anything you post may be disclosed, published, transmitted or reused.


Then wait 30 days or so before applying for refinancing and your score should have come much better then. In this case, loans at refi rates are considered used car loans and as such, the rates usually are higher than new car loans. When this is discovered after the fact, it may pay to refinance.Your personal financial landscape has deteriorated. We do not permit the inclusion of hyperlinks in comments and may remove any comment that includes a hyperlink.
Remember, even a percentage point or 2 can make a big difference over the life of the loan.Your credit score has improved. If you have had a financial setback and need to reduce your payments, refinancing could be a solution by increasing the loan term, thereby lowering the monthly payment.Your car lease is expiring and you want to purchase the vehicle. If you had a few negatives on your credit report -- or had no history of credit -- when you bought your car, but your credit is healthier now, you may qualify for a lower interest rate. When you fulfill the terms of a lease, you typically have the option to buy the vehicle.Finding a lender that refinances is the easiest step in the process. Several months of on-time payments could entice a lender to refinance that loan at a lower rate. You will need to open a checking or savings account at one if you're not already a member.How much can you expect to save? Steve Schooff, a former spokesman for Capital One Auto Finance, says consumers should check their credit scores before refinancing. If the vehicle is worth less than the loan balance (upside down), a lender probably won't take the chance and at the same time lower your interest rate. This will impact how much they can save from refinancing."Call your lender and request the current payoff amount of your loan.
It is also the figure you'll compare against the vehicle's value to determine if the vehicle is worth more than the amount you need to borrow.There is no required amount of time from the date of the original loan until you can refinance. Actually, because of the way most auto loans are structured, the majority of the interest is paid during the first half of the term of the loan.
The earlier you open communications with your lender, the better the chance of coming to an arrangement.



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