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Loan Refinancing Article
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from:Refinancing Auto Loan Tips
Refinancing an auto loan can be one of the best decisions you ever made. Refinancing an auto loan is similar to refinancing a house, except with one difference. With a house, you have to get it appraised before a lender will do a re-fi for you; however, refinancing an auto loan is based solely on what you owe on the existing loan.
Your primary goals to refinancing an auto loan are to lower your interest rate and lowering your monthly payments. This is a fairly new concept, mainly stemming from the way the economy is now. In the past we bought a new car, drove it off the lot and paid the monthly payments for the term of the loan, and we felt good when we made that last payment. Now it makes more sense to refinance with a lender of your choosing and negotiate for the best auto loan terms possible. A rule of thumb is that you will need to seek out another lender than the one holding your existing loan, because most lenders don’t re-fi an existing loan.
Before refinancing an auto loan, you need to check your credit record. You can ask one of the credit bureaus, Experian, Equiax, or True Credit for your credit report; it is important to check to see that your credit report is accurate. Any errors should be addressed and cleared up, and any bad debt should be cleared up to take the negative marks off your record. People with better credit ratings are approved for the lower interest rates.
When buying a new car, if you did not get a 3 percent APR, you might want to consider get some refinancing auto loan information from a well known lender. You may be able to find a refinancing auto loan with an APR 1 or more percentage points lower than you are paying with your existing loan. Before refinancing, look around for the best refinancing auto loan rates. You can go online and use a loan calculator and how much you will save by refinancing.
If you are considering a refinancing auto loan, it is best to refinance within the first two years of the loan. Automobiles depreciate in value over time; by waiting too long to refinance the lender may not be able to refinance your car because you would owe more than the car is worth.
When filling out a refinancing auto loan application, be sure the spelling on the form is correct. If you have recently married and changed your last name, you need to use the name that is on the existing loan. You can save yourself a lot of trouble, because if the spelling is not correct, or the name is not the same as what is on the original account the computer will reject your application, and your request will be denied. Refinancing an auto loan should not be difficult, and if you shop around for the best lender and do your research, you shouldn’t run into any problems.
Loan Refinancing Specific links
Loan Refinancing News
Obama pushes new plan for home loan refinancing - Financial Times
 Fox News | Obama pushes new plan for home loan refinancing Financial Times The plan, previewed by senior administration officials last week, calls for the US Federal Housing Administration to expand its balance sheet by insuring refinancings of loans not already guaranteed by taxpayers. The White House also wants ... Obama unveils details on refinancing proposal for underwater loans Obama's Refinancing Swindle White House proposes aid for underwater homeowners |
Obama Proposes New Home Loan Refinancing Plan - NBC Montana
 Wall Street Journal | Obama Proposes New Home Loan Refinancing Plan NBC Montana The plan, which requires approval by Congress, would allow borrowers who are current on their mortgage to save an average of $3000 a year by refinancing into loans backed by the Federal Housing Administration, according to the US Department of Housing ... Obama Seeks Refinancing Aid to Lift Housing Obama Plans Assistance for Rentals, Mortgage Refinancing Mortgage Relief Plan Aims at Refinancing |
Schaeffler Said to Set Pricing on 6 Billion Euros of Loans - BusinessWeek
Schaeffler Said to Set Pricing on 6 Billion Euros of Loans BusinessWeek 3 (Bloomberg) -- Schaeffler AG, the roller-bearing maker that controls tire company Continental AG, has set pricing on 6 billion euros ($7.9 billion) of loans used to refinance debt, according to three people with direct knowledge of the deal. |
Refinancing: Time to Act? - Wall Street Journal
 Wall Street Journal | Refinancing: Time to Act? Wall Street Journal 2, according to mortgage-finance giant Freddie Mac. Rates on fixed-rate 15-year loans dropped to 3.14%. Many homeowners who are able to refinance are holding out because they believe rates still have more to fall. Jason Riggs, a consultant to a San ... With Rates This Low, Should You Refinance Again? 85 Percent of Refinancing Homeowners Maintain or Reduce Mortgage Debt in ... Refinancing bad for business? |
Borrower needs to refinance - Detroit Free Press
Borrower needs to refinance Detroit Free Press I have been with my lender (a big national bank) for almost 13 years, and I have been trying unsuccessfully to refinance with them for the past couple of years. I applied for a loan modification, and during the original process I was told it looked ... |