Credit Union Auto Loans Continue to Dominate the Market Credit Unions Online
The credit union industry continues to flourish thanks to a national surge in auto lending. According to an Equifax May 2011 National Credit Trend Report total auto loan originations hit $1.8 million--the largest amount since 2008. Despite a down mortgage economy, Equifax reported a healthy auto loan market, indicating that $87 billion was dedicated to new auto loans in the first quarter, a 21% increase over first quarter 2010. Nearly every aspect of auto lending is coming up roses--the average loan amount for prime borrowers is nearly equal to or even a little higher than pre-recession levels and delinquencies and write-offs have improved significantly. This data is not only good news for consumers and the economy, but also credit unions. The credit union industry's bread and butter come from auto loans and recent data signals a positive trend. According to Lisa Malone, VP/Lending at Hudson Valley Federal Credit Union , ($2.9 billion, Poughkeepsie, NY),Refinance Help. Fill this form and get help!
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Any auto loan companies that do not require insurance on the car?
I asked another question a minute ago on here, but I didn't have space to ask this.
I want to refinance my car, but I do not want to have full coverage insurance or even liability insurance. Does anyone know *ANY* lenders who I can refinance my car with that will not require insurance??
Any advice or comments appreciated!!
No. You aren't going to find any "auto loans" that don't require insurance. The reason that auto loans have a lower interest rate is that they are being secured by a piece of property. The insurance company has an interest in protecting that property.
If you want a loan for your vehicle without the insurance requirement, then your best bet is to take out an unsecured personal loan, a home equity loan, or put the purchase on a credit card.
Credit score is 620, can I refinance my auto loan?
When I got my current car, I had a terrible credit score, since then it has improved dramatically yet it's still not the best in the world.
I have $3,000 dollars left on a used car from a buy here pay here place, my ideal scenario would be to trade it in for a new used car at a place where the car is of better quality, but I know my car isnt worth 3,000 is it possible to have another car company buy my loan, trade the car in and get a loan through them and add the remaining balance on my old loan for a new car?
I spend 130 every other week, for a grand total of $260 a month, with insurance im pumping almost half of my monthly income after taxes into my car.
What is my best bet?
From a refinance perspective you do not fit the bill for a good refinance. In fact, if I read your situation correctly, you only owe another $3k on your car? Refinance institutions (banks and CUs) won't refinance you at that amount. It's too low. Your best bet is to just pay off the current loan. If there is nothing wrong with the car, you need to stay in it and away from new cars right now. You'll lose more money paying on a new car.
But, if funds are as tight as you say (noone should be spending half of their income on a car unless they're sleeping in it too) - The best bet is to get a loan from a bank, which gives you a better rate than any car company, to pay off the car in full and then you can sell the car and then go get the better car with a good down payment.
Best bank to apply for Auto loan refinancing?
I purchased a new car that was totaled on me after only 2 weeks. My insurance completly paid my loan off. Before it showed up on my credit as being paid off it took my credit score way down. I went ahead and purchased a new car not knowing that was why my financing rate was so high. After a few months it showed up as being paid in full and my score is back to normal. What is the best places/banks to try for better rate refinancing as I deserve a better rate then what I am stuck with now. I called 2 banks that sent me a refinancing offer in the mail but was turned down on both??? What should I do....plz help
Yes there are bad credit auto loans online for people with a poor credit history and low FICO scores who need transportation, and need a fresh start in repairing their credit. Although it may seem hopeless if you have blemishes on your credit there is a solution. First you will want to get rate quotes from various sources. This is very important, you should shop around to find the best deal. However, keep in mind that there are different<!--factors at play with each lender, as to whether or not you get a loan and if so at what interest rate. You can get approved for a auto loan.
http://best-loans.awardspace.com/guaranteed-car-loan.htm
http://best-loans.awardspace.com/auto.html
But lets be clear, obviously you are not going to get the preferred interest rate on a car loan that a person with A+ credit will receive. However with a little research, especially online, you can find the best auto rate quote that meets your circumstances. Most people just dive head first into the auto financing process when-->buying a car, giving no thought to how the auto loan interest rate affects the overall cost of the vehicle or monthly payment. With no plan of action or alternative financing source, this results in them receiving high interest rates and high processing fees which lead to high monthly payments.
That's probably a good place to start ... like 10 birds with oen stone. And if they can't help you, I'd contact some local credit unions ... they would also be happy to help you and usually have some nice low rates on loans.
What can I do to get my name off an auto loan and put it in my cosigners only?
My boyfriend cosigned the loan on my car. We broke up and he took the car and moved across the country with it. I'm fine with that as long as he puts the loan into his name only and my name comes off everything so I'm not liable. There is $1645 left on it. Can we just get the dealership to take my name off and put everything in his name? How would he go about 'refinancing' it so I can get my name off?
Also, am I vulnerable from a legal standpoint? Can I get sued for any accident the car is involved in? I don't know if he's paid the insurance but he told me that in Illinois only the driver is at fault.
Anyone know?
The ONLY way to get your name off the title and off the loan is if he refinances the car IN HIS OWN NAME. There are no ifs ands or butts to this situation.
The only way to know if you are legally liable for the car as far as accidents go is if the state the accident was in automatically imputes liabilty to the registered owner. If it does automatically carries over to the registered owner then you are on the hook. If it doesn't, it falls solely with the driver. In most states however, it does ultimately fall on the owner of the car and no one else. It would be up to YOU to sue the driver for damages.
Question about Auto loan and such!?
I just bought a 2007 Mercury Milan for 15,900. it has 18,000 miles on it. The retail is 20,000. It has full Warrenty and GAP insurance. OK so, if I wanted to trade this car in and get a check from the dealership then I can Basically sell the Milan for like 17,000 which is like 2000 more than what i bought it for. Then I want to go and buy a 2000 car and end up paying like 5000 all together for a new car. How does this sound?
New Car 15,000
Loan 25,000
Sell 17,000
+2000 from selling car and can use towards new cheaper car and now i only have to pay off 8,000 of the loan right? is there any other way to go about this smarter. Refinance for a lower loan rate??
First off - did you put any money down on the Milan? What is the payoff on the loan? Beacuase if you got Warranty and gap, you owe wellmore than the $15,900 you paid. Depending on how much you put down, you likely owe for dealer fees and sales tax too. Get the payoff on the loan
Add to that the odds of you getting $18k for it are slim. You didn't pay $18k. What makes you think you can find someone who will?
If you trade the car in, you will get NO WHERE near the $20k you think its worth. Be prepared to hear m ore like $12K (EDIT - just booked a 2007 Milan Premier AWD. $12,800 is trade value and that is reaching)
I think you need to really re-examine your numbers too. they dont add up at all.
I have a Auto loan which they charged me 21.50% interest rate I guess due to my credit. Is that too high?
I recently had my car repossessed due to non-payment bcause I was very sick. I am trying to refinance to get another vehicle and possibly lower monthly payments. I currently paid $498 a month in car payments. I pay over $700 a month between that and my insurance. I need help.
I have a 2005 Ford Explorer.
I never had a repo prior to this. I am just looking to refinance to get lower payments some where else. I just need a break here. Right now they need $3000 in order for me to get my vehicle back. I am a christian man and I believe GOD will take care of it.
Auto finance is what I do for a living and the repossession is what caused your high rate.
Anytime someone goes to buy a vehicle and they have a recent repossession they can expect to pay whatever the State maximum interest rate is due to the risk that the lender is taking.
Keep making your payments for 18-24 months reestablish your credit and then either refinance it or trade for something else.
I suggest you sell the explorer, pay off the difference on the loan, and then go buy a used car that you can actually afford.
Edited: Really, people. You ones who gave me the thumbs down need to go back to school and do basic math again. It costs $1.50 for a bus ride. If the average bus rider makes 4 trips a day, that's $6 per day times 30 days a month. That is $180 per month. The person asking the question is paying over $700 per month. It is cheaper to take the bus. Geeze, get a clue people.
No one wants to pay for the accident and health insurance, but if you had, payments would have been made for you while you were sick and your car would not have been repossessed. You may want to at least consider that on future loans if you are living paycheck to paycheck like most of us.
That is Credit Card interest on a Car loan, and you probably can't refinance it. you got taken!!! Sorry.
Im on disability insurance and i need a loan realy bad. i have bad credit. can i get a loan?
I have tryed many places already and no luck. i know this is a pretty stupid question, but can u refinace ur car and get extra cash like u would with a home refinance. or i know u can put up a car as qolateral, but im still making payments. does the car have to be paid off to do one of those pawn auto things. anyone have any ideas to get some cash? im moving in a month and need money to move.thanks
Hey, try this find out the info on title pawn if you do not get the answer you want with the title pawn please go to the website www.helpgetfunded.com,www.thinkcash.com,www.cashcall.com these places help with loans or you can go with a private lender Matin Ellis at bemco_investments@yahoo.com. I am currently working with Martin to secure me a loan.Also contact jeffnorberts12@yahoo.com regarding a loan but do be careful in whatever you do. Please do not let anyone scam you check things out before you agree to anything or sign anything. Best of Luck to you
Lots of Luck
if this helps you are like 25 percent
Auto loans suck what to do?
With insurance my car is half my monthly paycheck I'm 19 so I don't make that much, I'm trying to get an account with navy fed but they won't touch me right now because of my low credit score. How long do I have to pay on my loan until I can refinance? Or can I get a cheaper car life sucks :( I feel trapped
You are trapped.
First and foremost, you will need to pay on your loan until the loan balance is less than or equal to what the car is worth IF you owe more than what the car is worth. If not, find out what interest rate you are currently paying and search for a better one elsewhere. Usually, you have to pay on a car loan for 1 year (seasoning the loan) to refinance.
Getting a cheaper car is not an option unless you plan to have the current one repossessed or you're going to pay cash for the cheap (second) car. If you were to trade in the car, that loan amount left will be tacked onto the new car loan which will immediately make you upside-down on the new loan. By the way, your payment amount most likely will not budge and your credit score will drop due to the excessive amount of inquires required to get a person with low credit a new loan. If you decide to do it anyway, check to see if there are any prepayment penalties on the current loan agreement.
On the bright side, these are your options: If you do not owe more than the car is worth then you need to sell the car and pay off the outstanding loan. If, per chance, you are upside down on the car loan (owe more than the car is worth) than you have a slightly bigger problem. So, here is how to work this problem out in a stretch: You will need to acquire a bank loan that will cover the amount difference between the vehicle's sale value and the amount left on the loan. If you get the loan, IMMEDIATELY put the car up for sale for the remainder needed to pay it off (DO NOT spend the loan money in the mean time). The better option is to borrow the difference from a friend or relative. If neither is an option, see if a relative can co-sign the loan and make the payments for you... in most cases that means you're giving up your wheels to that relative, but some may be gracious.
God bless.
Should my wife file bankruptcy?
My wife and I have separate credit card debt as well as auto loans. We share the $900 rent and utilities. She brings home about $3500/mo and I about $3000/mo. I owe about $5000 on a refinanced auto loan that costs me $178/mo. My auto ins is $100/mo. I have $10,400 in credit card debt over 6 cards that I manage easily by paying more than the minimum monthly. I have a plan to pay off at least 75% of that cc debt by the end of the year because I would like to begin the mortgage qualification process in 2009.
My wife has about $50,000 in credit card debt over 10 cards. Three of those are severely delinquent. She has been playing the interest rate reduction game with the cc companies for some time now, but she also has other financial obligations due to a DWI conviction last year + a $700 car pmt +$125/mo insurance bill.
Should she cut her losses, file for bankruptcy and will this allow her more take home cash for savings? How does this work under our circumstances? Thanks.
We live in TX. That's part of my question...I'm not sure if and how it will affect my credit. I am thinking it will affect my attempts to qualify for future credit, especially a mortgage, but I just don't know.
Texas is a community property state. You need to discuss this plan with a BK attorney before you try anything.
Also, based on your wife's income, she will fail the means test and be forced into a Chapter 13. There will not be a lot of money left over for savings.
You need to discuss this with your local BK attorney. Way too many variables in this to answer here.
Help! My car payment is ruining my life!?
Okay, some may think that the title of this questions sounds drastic, but it is so true. My fiance (before we were together) purchased a 2006 Dodge Charger R/T about 2 1/2 years ago. At the time, he was making very good money. After a fall-out with his employer (long story, but not his fault), he quit his job and makes much less money now. We have been together since shortly after he started his new job and have struggled with this car payment ever since. The loan was originally a $30,000 loan (approx.) at 14.9% interest (yuck) and a payment of $670 per month. We have been trying to sell the car for at least the last year and a half, dropping the price all the way down to $18,000 (even though we currently owe $23,500 on it yet). It seems that so little of the money we pay each month actually goes to the loan, which is why the balance is still so high. The car only has 50,000 miles on it. But it seems that nobody wants to buy a V-8 car with gas prices the way they are... we tried to refinance, but the bank won't do this based on our credit and because the loan is higher than the car's worth. We cannot borrow any money. We have a one year old child together and it breaks my heart to spend almost $800 per month on this car (we have it parked, but still have to cover it with insurance because of the loan) when there could be so many things I could be doing for my son. We struggle every month to make ends meet and I curse the car almost daily.... does anyone have any ideas as to what we could do here? I refuse to allow the car to be repossessed and further damage our credit which I am working so hard at to fix... We have advertised everywhere; online, fliers, auto traders, local papers, etc... nobody seems to have an interest in buying.... I am at my wit's end and just want this nightmare to go away... please help!
**P.S. serious suggestions/answers only please. I appreciate it.**
I think you've covered all of your possible options so all you have left is to increase income and/or reduce other expenses to fit the payment into your budget. Because of the high interest rate you took on it will be hard to pass that expense on to a new buyer especially since you now have a car with 50,000 miles on it.
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