Low rates boost loan activity Toledo Blade
With mortgage rates at record lows, Marty Sutter would like for more customers to refinance their home loans at Genoa Bank. Unfortunately, he said, it's difficult to find homeowners who qualify.
Mr. Sutter, president of the Genoa-based bank, said 99 percent of his mortgage customers are current on their loans and make timely payments. But the recession has left many with lower incomes and depleted home values, making them ineligible for refinancing that could lower their interest rate.
"We're trying," said Mr. Sutter, who expects Genoa Bank's mortgage business to decline 68 percent this year compared with five years ago. "We want to approve people, but values and job times and employment are having a significant impact."
The average rate for 30-year fixed-rate loans was 4.32 percent nationally last week, and the average for a 15-year fixed-rate was 3.5 percent, according to mortgage provider Freddie Mac.
Frank Nothaft, vice president and chief economist for the government-controlled firm, said the 30-year rate is the lowest this year, and the 15-year rate is the lowest since Freddie Mac began releasing weekly rate reports 20 years ago.
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Does Chevy Chase bank refinance auto loans?
If I look under "personal loans" on their website, I see they offer auto financing. But what about REfinancing, or does this count as the same thing?
If not, can you recommend any reputable companies through which I can refinance my car?
Thanks!
Any bank that does auto financing will do auto refinancing.
Also check into Capital One. they offer great rates and good service.
Is it possible to refinance a car loan with one's current auto loan bank or institution?
I currently have an auto loan with Bank of America. I am paying 9.7% APR. I'm considering refinancing just to get my interest rate lower.
In fall 05, I started it w/ a loan balance of ~$27K. In 1.5yrs, I've paid down the loan to a little under $15K. Currently the car has a trade-in value of ~$19,500 and a retail resale value of ~$23K(I looked this up on Kelly Blue Book's website). So I know that I'm not upside-down on my loan.
Do I have a good chance of refinancing? My credit is solid, but the only thing that I'm afraid might hinder me is the credit card balances that I currently have(although I've been paying them on time).
More importantly--Is there a chance Bank of America might be able to refinance my car loan for a lower rate? If they do this, is it possible for the loan acct.# to stay the same?(since it's within the same bank) Do banks sometimes refinance car loans that they already manage? And if I tried to refi with Bank of America, would it create a hard inquiry?
I asked about it at my credit union and I'd say it's a no-no. The credit union said they only determine int. rates based on what tier my credit score falls in, so my good loan-to-value ratio, length of loan, etc won't help me. They also said that I'd only qualify for a "used car" loan, and the rates are higher for those. But I will definitely try Bank of America...except I called 2X today and got disconnected each time after waiting a while. >:( Anyone have any specific car loan experience dealing with Bank of America?
Yes it is possible. Since you have paid the loan down so much your loan to value has changed greatly. This is one of the main things that lenders base rate on.
You should have no problem refinancing with your own bank, if you do? Try a credit union, they will always beat a bank on rate anyway.
And yes it will be a hard inquire.
Which is the best bank to approach for Auto Refinance for a credit score in 600's?
Bought my new car in FEB 07 with very high APR? Which is the best bank to approach for Auto Refinancing and how do i approach them - New Jersey
just a thought but is it is a new car -- go to your insurance company -- most brand name insurance companies have a financial dept that do loans!!!
Which is the Best bank to apply for Auto Refinance?
What Banks offer less APR for Auto Refinance. I got my new vehicle 6 months ago with higher APR - %10.28
if you are near a credit union try there than you locate bank!!!
They're better than banks b/c they are not-for-profit and give profits back to their members in the form of higher rates on savings and lower rates on loans. In addition, most of the time, their used and new auto rates are exactly the same low rate.
Which bank is more foregiving to refinance an auto loan to lower payments to someone with not so good credit?
I would think not very many in the current financial climate.
Refinance auto loan with us bank/cars inc.?
has anyone ever refianced their auto loan with this company? cars inc. who uses us bank to refi your car loan. it says i may be able to lower my apr% to as low as 5.99% and lower my monthly payments. please check out the web site and let me know what you think if you have never heard of them, or let me know what i should do. my current loan is is w/chase is 10.14% and 539.41 monthly payments for 6yrs (72months). www.autorefi.com
if i refinance it will they need to also check my income? beacause when i got the loan the guys really wanted to get us the loan so they used my credit with myhusbands income. i dont think another comany will do the same. also i got the loan in may 07 for a 07 car.
US Bank, has been around for many years and is used by many car dealerships to finance their vehicles. From what you stated, they are not guarantying the 5% rate. You will have to apply to find out the rate you will qualify for. There should be no application fee or refinance fee! If you qualify for the lower rate, then refinance the loan! However, do not finance for longer than what payments remain on your loan now and if you can afford your current payment, finance it for a shorter time to reduce the finance charges you will pay far less interest and accelerate your equity position.
CHECK WITH THE ATTORNEY GENERALS OFFICE AND SEE WHAT THEY HAVE TO SAY.
GOOD LUCK
Hope this helps.
Are there any good banks or insurance companies that will refinance your auto loan with good rates?
I am tring to refinance my auto loan , but the only place that I came across is StateFarm. Are there any other places that I can look into?
Local banks, credit unions.
Best way to refinance auto loan, St. Louis, MO?
Hi, I want to know whats the best bank or credit union to refinance my auto loan. Currently I pay an interest rate of 13%. Which financier or credit union offers most guaranteedly a reasonable low interest rate auto refinance option for both good or bad credit score? I live in st. louis 63132.
If you think that you are paying a higher repayment amount for your existing car loan<!--then you can bring it down. With the help of refinance car loans, you can switch the loan plan with effective loan management.
http://best-loans.awardspace.com/refinance-car-loan-bad-credit.htm
If you think your lender is charging a higher interest rate on your car loans then you can look at the refinance car loans option. With the help of a refinance car loan, you can avail multiple benefits. Firstly, you may reduce-->your monthly costs. Secondly, you may avail a competitive interest rate. Thirdly, you could be getting a flexible repayment period. Overall, you will be managing your loan a lot better.
Why will noone approve me for an auto refinance loan?
I have a decent credit score (650-700), lived at my resident long enough, been at my job long enough (almost 2 years) and make more than enough money to get a loan. I have paid on the car for 7 months on a 6 year loan. The interest rate is over 20% right now and have an excellent payment history on all my accounts/credit cards. So far, most reputable financing companies have rejected me online. I will soon go to banks and credit unions. Any suggestions?
Your best bet is to go to a credit union first- they tend to be more lenient and offer better rates, usually. What you are describing about your situation does not add up at all. If you really have 650-700 for a score, been at your residence for 3 years, had a STABLE employment history for at least 2 years and make more than enough money- you sould have a much lower interest rate.
Also, a good place to check is...
http://www.knowledged.info/go.php?link=auto
Hope that helps.
Will I be able to refinance my auto loan without a paying job?
I am unhappy with my current bank that my loan is through, and would like to refinance through another company. However, I am a stay at home mom. Can I use my husbands paystub as proof of income? he is not a co- owner of my vehicle.
no
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