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Author: admin | Category: Lease Car Calculator | Date: 17.11.2014

As the economy has improved, lenders are increasingly giving auto loans to consumers with low credit scores. In a review of second-quarter automobile financing, credit bureau Experian outlined year-over-year changes in the market. Overall, outstanding loan balances increased $69 billion from the second quarter of 2012 to about $751 billion.
When looking at the year-over-year risk distribution of the loans that originated in the second quarter, it seems lenders are more frequently approving financing for higher-risk customers.
While new prime and super prime loans decreased slightly, they still make up the majority of new lending. Used-vehicle financing followed a similar pattern, with an increase in deep subprime, subprime and nonprime loans, and a decrease in prime and super prime loans. These changes in loan risk distribution coincided with a seven-year low in auto repossessions and 30-day delinquencies. In fact, the average credit score on a new car loan is lower than it was in the second quarter of 2007. Though not at a seven-year low, the average credit score for someone financing a used car is also down year-over-year, to 660 from 662.
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Comments on articles and responses to those comments are not provided or commissioned by a bank advertiser.
Please note that our comments are moderated, so it may take a little time before you see them on the page. 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.
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When you have a car loan, you may be anxious to get to the point where you own the car free and clear, without the burdensome monthly payment.


If your credit score has improved a lot since you got your car loan, you can see a lot of savings by refinancing your loan at a lower rate. Rather than making a payment once each month, get yourself set up on a biweekly payment plan to make half a payment every two weeks. Seeking a loan need not necessarily be a cumbersome process, especially when you are regular in your payments and have a particular financial standing.
Your savings here is in the form of lower time spent and is slightly difficult to quantify as it will be different for various people. This means less strain on your pocket, and you save a significant amount in case it is a premium car. Banks offer another facility in the form of waiving the condition of submitting an income proof.
Its first disadvantage would be that the loan offered would be a lower one (only for 60 per cent of the value of the car as against 80 per cent in normal cases) as the bank would like to keep their risk low.
This year, it was 749, down four points from last year and a large change from the peak of 774 in 2009. This compensation may influence the selection, appearance, and order of appearance of the offers listed on the website.
Any opinions, analyses, reviews, or recommendations expressed here are those of the author's alone, and have not been reviewed, approved, or otherwise endorsed by any issuer. 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.
Particularly if you got a loan with a long term, you will also be paying a lot of interest over the course of the loan if you stick to the regular payment schedule. Rather than keeping the same repayment term, just keep the same payment amount and choose a shorter term so you can pay off the auto loan more quickly.
Because there are slightly more than four weeks each month, you’ll end up making extra payments to pay off your auto loan sooner.
However, this is useful in ensuring that the car loan is available from a reputed bank offering a favourable rate of interest.


Your bank can finance you a larger amount of loan (for example, you will get 95 per cent of the car value as a loan instead of the normal 80 per cent). The reason is that the bank will consider your fixed deposit as a security against the loan given. Many people would like to utilise this facility, but they should be aware that this offer has various conditions attached to it.
At the same time, the loan would also be for a shorter time duration (only for up to 3 years against 7 years for a normal loan). 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.
There are several great ways to pay off a car loan more quickly, one of which is our biweekly payment plan. You can use our biweekly payment calculator to determine what your biweekly amortization schedule will look like.
Adding even an extra $10 or $20 can help, especially if you’re adding it to your biweekly payments.
Every bank will not offer all of the benefits, so one has to check the exact benefits available. In most cases, such benefits are stipulated to high net worth credit card holders of leading banks. Also, this facility would be available only for a specific category of people who have the necessary confidence of the bank.
For this reason, you have to see whether the bank allows for several conditions under which the approval is quicker. The website does not include all financial services companies or all of their available product and service offerings. Some of the benefits are difficult to quantify and will be different for different situation but will end up as a few thousand rupees. An account with the bank and a good past repayment history are the two common conditions that expedite loan approval.
Then wait 30 days or so before applying for refinancing and your score should have come much better then.




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