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from:Refinancing a Car Loan after Bankruptcy
Refinancing a car loan after bankruptcy can be a little tricky; don’t be discouraged though, because it can be done. Your bankruptcy needs to be discharged for at least 6 months before you try to borrow money for a car loan. More than likely it will take 6 months or so before you can buy anything on credit again, but start with small purchases made on credit and build your credit reputation. It is important to always make your payments on time without any missed or late payments, because they are reported to the credit bureau.
Before refinancing a car loan go onto the Internet and research the lenders; choose the lender that will give you the best quote. Because you have a bankruptcy in your past you may have to pay a higher interest rate than someone without a bankruptcy in their past; but a good lender may be able to lower the fees. A good sub-prime lender will try to make refinancing a car loan after bankruptcy as painless as possible.
If you own your home, you may be able to tap into its equity as a cash-out loan. You would be able to borrow enough for refinancing a car loan and have cash in the bank for emergencies, home improvements or to keep in the bank drawing interest for a nest egg later on. This home equity loan can help to reestablish your creditworthiness after a bankruptcy. In some cases, a home equity loan can be a good alternative—especially if you have other financial issues other than refinancing a car loan. Once you have solidly reestablished your credit after bankruptcy you will never again have a problem finding a lender interested in refinancing a car loan for you.
Lenders are more inclined to approve applications for refinancing a car loan if the bankruptcy was a Chapter 13 bankruptcy, rather than a Chapter 7. In a Chapter 7 bankruptcy, the assets of the individual are taken away and liquidated; however, a Chapter 13 bankruptcy is more of a consolidation. You keep your assets and pay for them over time, and this kind of bankruptcy shows the lender that you wanted to pay your bills. Just the same, a bankruptcy of either type will negatively impact your credit history for up to 10 years in some cases. Finding a lender to help you with refinancing a car loan might be difficult, but it isn’t impossible.
The best way to find lenders to assist you in a loan is to type the words refinancing a car loan after bankruptcy into your search engine and you will find the websites that cater to people that have a bankruptcy in their backgrounds. Don’t be discouraged; many lenders have loan specialists that specialize in working with people who are interested in refinancing a car loan after a bankruptcy has impacted their credit.
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When Does It Make Sense to Refinance? - MarketWatch (press release)
 Eastern Morning Herald | When Does It Make Sense to Refinance? MarketWatch (press release) "For instance, the government has greatly reduced mortgage insurance premiums for borrowers who refinance older FHA loans. Some FHA borrowers may be able to cut their rate significantly, plus reduce their annual mortgage insurance premium by $1000 or ... Refinancing Now: Lower Rates, Fees Coming Soon Refinance your FHA Mortgage regardless of your appraised value or loan amount. The Quick and Easy FHA Streamline Refinance |
TEXT-Fitch raises 2 classes of MSDW 2001-TOP1 - Reuters
TEXT-Fitch raises 2 classes of MSDW 2001-TOP1 Reuters The upgrade is a result of increased credit enhancement to the senior classes due to paydown which is sufficient to offset Fitch expected losses from specially serviced loans and performing loans that do not pass Fitch's refinance test. |
Debt Refinance to Save Bernards Schools $600K or More - Patch.com
Debt Refinance to Save Bernards Schools $600K or More Patch.com Courtesy of Ridge High School Performing Arts Center Refinancing a portion of the school district's debt will reduce the total payment amount by about $600000 with possibly more savings to come, school officials were told this week. |
Somerset officials refinance water system bond - Daily American Online
Somerset officials refinance water system bond Daily American Online The Somerset County General Authority met in executive session prior to the commissioners meeting to consider the refinancing, which would take advantage of the lowest interest rates in 50 years, according to county solicitor Dan Rullo. |
EverBank Financial Corp. Announces First Quarter 2012 Financial Results - MarketWatch (press release)
EverBank Financial Corp. Announces First Quarter 2012 Financial Results MarketWatch (press release) Total loans and leases held for investment were $7.2 billion at March 31, 2012, up $0.8 billion, or 12%, from December 31, 2011. -- Loans and leases originated were $2.2 billion for the first quarter. -- Deposits were $10.6 billion at March 31, 2012, ... |