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in need of a my car title to do auto refinance. do i need the co-owners approval to get it from the dmv?

Oct 31, 2007 by MiaDiva28 | Posted in Insurance & Registration

in im wi and i need to get a duplicate title from the dmv in order to complete the refinance process. i believe we are in an "and/or" state. when i go to the dmv do you think i will need to bring along that person with me?

Whoever is financing your car holds the title, not the dmv. If you are to refinance you need the legal owner (the finance co. or individual ) to give you the information.

Do I need to pay sale tax for my car when I refinance my auto loan?

Mar 07, 2008 by nwn | Posted in Buying & Selling

I am told that refinancing a car is like selling it, so I have to pay sale tax and car license including smog check again. Is this true?

Sales Tax - NO-Never

That would be double taxation

How many times can I do auto-refinance to my car ? Is there a limit ? Can I just do only once ?

Jun 10, 2007 by Tamil | Posted in Buying & Selling

i don't believe there is such a limit. There are actually people who keep refinancing a credit their entire life. Unless your country's National Bank, has issued such limits, than happy refinancing.

Is it possible to refinance a car loan with one's current auto loan bank or institution?

May 04, 2007 by lightning_strikes | Posted in Credit

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.

threatening to refinance the auto loan but we are both on the loan and title of the car!?

Aug 24, 2006 by MiaDiva28 | Posted in Personal Finance

hello, i have a question here. if two people are listed on the loan and the title of the auto loan, can one refinance the car or take the car w/o the other persons approval if two people are legally the owners? what if one is the co-signer?
this is what happened. we switched the names around on the loan so that i could get a better rate, therefore making me the co-signer. i will be making the payments on the car. he keeps telling me that he can take the car and refi or keep the car because he can make the payments on it. but both of our names are on the title and the loan but me as the co-signer on the loan. now hes threatening to refinance the loan and take the car back from me and i wanted to know if this was legal. where can i get some free legal advice incase he tries to get the car?
i guess i should add that nothing is past due. i make all the payments. the insurance is in my name which i dont think carries any weight. i think he's just dangling it over my head that he could take it anytime for any reason

If both are listed as joint primary owner then both must agree, or one part must buy out the other share of the car.
if on the other hand one of the parties is only listed as a co-signer, thy only have right to the car if the other does not make payments on it. a co-signer is only some one who guaranties to pay the loan if the primary signer fails to do so.

Where can I get an auto refinance loan that will give me extra cash over and above the payoff for my car?

Nov 08, 2007 by jeldredmitchell | Posted in Buying & Selling

I want to do some extra work on my car to enhance it's value and condition, rather than just trade up. I like my car and I know what I've got into it already. I don't want to get another used car--something that I have to start all over learning about, in terms of its mechanical needs. I just want to make my current car better, with the extra cash imbedded in the refinance.

you can get cash above the payoff for your car if you have enough equity to meet the LTV guidelines for the bank, and still have room. Check with all the local banks to see what their guidelines are, and what they would lend on your car.

How can I refinance my auto loan in USA when moving to Canada with the car?

Jan 27, 2007 by SUPRA | Posted in Buying & Selling

I bought a car in USA with an auto loan from toyota financial services. Now I got a job in Canada. I want to take my car with me. But problem is TFS is not allowing me to take the car to Canada and instead asking me to payoff the whole amount now before moving. I thought I can pay my monthly instalment from Canada. But they are not allowing that. In this case I want refinancing from other institution, who can allow me to pay instalment from Canada. So that I can pay TFS now and take my car to Canada.Can any one help me in this matter? I really appreciate and thak you in advance.

when i was getting my car, i used this site to get quotes on a car loan. i think it's a great site, check it out (it's free too)!

What is a good website or place to refinance an existing car/auto loan? My apr is 13 percent.?

Dec 19, 2008 by Drew | Posted in Buying & Selling

Different lenders will react to the same situation completely different from each other. They like their "sweet spot." So there is no one "best place." Try a broker like RateGenius (http://www.rategenius.com) and a local credit union. From there you can try other place, but a refinancing broker is probably the best way to go.

Do anyone know any auto refinance company that will refinance a 2001 model car?

Jan 17, 2009 by sticks900 | Posted in Buying & Selling

No, you will be very hard pressed to find someone that will refinance an 01. There are probably a few things against you. It's not only 8 years old but probably has over 80K miles on it. It has to do with the age of the car. They don't want to finance something that could possibly die on them, not a good investment for them.

Auto Refinance/Refinancing older car but good credit?

Apr 27, 2008 by Kid B | Posted in Buying & Selling

I've seen a few questions on this subject, but not exactly my situation.Bought a used vehicle using Roadloans. (2003) I'm almost a year into the loan and it's in perfect standing. My credit score was good then, it's better now. (750)
I'm paying around 10%. Seems pretty bad. What I'd like to do is refinance with a company to get me down a few points, but it seems like I've read that some will only refi newer cars. That seems odd, as most smart lenders should want to take over a loan in good standing. So, I'm wondering if anyone has done this with a car a few years old? I'd like to keep it a "secured" loan, meaning that I'd prefer not to just take out a personal loan at a lower rate. I've found that keeping a mix of debt types keeps your credit score better. (A car loan being a secured loan, in theory as opposed to revolving or installment.) Thanks!

Would love advice from those who may have done this and any specific companies, or just anyone who is versed. I'm in LA, CA.

If you are at 10% on an 03, then your best bet is to not muck with it. 10% on a 5 yr old car is not bad at all. You might be able to shave a point, but its not worth it IMHO, unless you can save better than $30-40/month.

A word of caution - if you do decide to refinance a car, do NOT extend the term. If you only have 48 payments left, dont refinance and stretch to 60 or more. Any savings you may have had in the rate change will be lost in the longer term. You will be paying much longe on the car, therefor upside down longer, therefore paying MORE than if you had just left it go.

Check places like Lendingtree.com, eloan.com and credit unions. I havent seen rates dramatically below 10% on a 5 yr old car, but you may find one there.

Cheers - Good Luck