Post-Downgrade, Higher Rates for Borrowers Smartmoney.com
Of course, no one knows for certain whether rates will rise, or how quickly, or whether they'll affect all borrowers equally. But if the historical relationships hold between what consumer borrowers pay and what the government does, here's a look at what's likely to happen.
Car loansEven before the downgrade, rates for car buyers had started to rise. Last week, the average rate on a 5-year new car loan crept up to 5.6% from 5.44% the week prior -- the biggest weekly increase this year, according to Bankrate.com. Given that car loan rates are often pegged to Treasury yields, it's possible that rates will continue to rise, says Greg McBride, senior financial analyst at Bankrate.com. Better rates may still be available for consumers who are looking to buy a less-popular car, like a large sport-utility vehicle or a pick-up truck, says Alec Gutierrez, manager of vehicle valuation at Kelley Blue Book.
Credit cardsCredit card rates have so far stayed stable, but they could rise soon as well. Cardholders pay a rate that's usually made up of the prime rate, which is influenced by the Fed, and an additional interest rate that's set by the card issuer. The Fed today said it would keep rates low for the next two years, which means the prime rate isn't likely to change. But the rate set by the banks could, says Moebs. With some certainty about the prime rate, banks can take this opportunity to issue new cards with higher rates that would be more profitable for the bank.
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What Is The Lowest Auto Loan Refinance Company Out There?
I am trying to refinance my Mazda car and currently, I am making a payment of $300 a month. What company has the lowest auto loan refinance interest rate? Needs to be available to Florida residents and it does not matter if it is an online company only. Thank you.
Sorry, you posted this twice, so I'm answering twice. I want to be sure that people down the road get the right information.
There is no one lender with the "lowest rates." We have many lenders that, depending on the situation, have the "lower" rate than the others. It just depends on your car and your finances.
Please note that Florida is enforcing a law that will make you pay sales taxes on your car again if you are refinancing to remove or add someone onto the loan (co-signer). Please just be aware of that as you are moving through the process.
I would start with a local credit union, but really, any one of the major auto refinance brokers are going to be talking to the same financers.
Is it possible to negotiate an lower interest rate for an auto loan or should I refinance my auto loan?
Has anyone done this before? What is the process?
If you have an excellent history with your current lender, you can ask them if they would refi to a lower rate. Let them know that you have an offer for (what ever rate you are trying to obtain) but that you would like to remain with them. If they say know, start shopping for a better rate with another lender.
I've found some good information here too...
http://auto.deal4-you.com
Hope that helps.
see your banker first
It can really save you some money to just get a car loan quote online to check out what todays rates are. You might be pleasantly happy. Also if your credit is not the best, a lot of them are more able to help you.
What I most often tell friends is that an online quote at http://auto.lowratetoday.com is a no brainer.
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.
How can I lower auto loan interest rate without refinancing?
It shows that the minimum payoff amount in order to refinance a car is $7500 in California. Currently we owe $6800 some odd dollars on the car. We have 34 months left but the APR is at 19% because at the time we got it a little over 2 years ago, our credit was pretty bad. Our credit has recently improved. We don't qualify for auto refinancing apparently even though we've paid on time every month for over 2 years. The only reason we can't apply is because we owe too little!
Is there a way we can work around this? Should we ask our current auto lender for a lower interest rate or should we refinance, saying we owe $7500, and then get back the remainder? I don't know how this works.
Thanks
Also, the car is worth more than we owe. Just wanted to state that. We just want to get the interest rate lowered and hopefully cut down the monthly payment.
Our payoff amount to our lender is $6800 but we cannot refinance our car because the minimum to refinance is $7500. We looked everywhere and it says you have to owe at least $7500 in order for them to do a loan for you. We do not owe enough money to our lender.
Auto finance is what I do for a living and if everything is as you say the answer is to refinance $7,500.00 for 30-months at a lower rate and have them cut you a check back for $700.00.
We do this all the time at my dealership.
Additional details.
I don't know who your lender is but every lender I have bases the amount they will loan on the value of the vehicle not the payoff and since you say yours is worth more then the payoff this should not be a problem.
If this is actually what your encountering you need to find another lender.
am i better off refinancing my auto loan or taking a lower interest rate loan and paying the car off with that
we got a used auto and financed through the dealership and the interest rate is extremely high. Should i refinance this loan or take a loan from my bank with a lower interest rate and pay off my vehicle and just pay the bank back.
Auto loans are difficult to refinance because you will almost never have equity in a car. If you are one of those luck people that has a car that is worth more than what you owe, it can be done but keep in mind you will pay some fees which may be more than what you would save in the long run. If you have equity in your house (if you own one) you could take out a "home equity line of credit" or refinance your home to get a little money, home interest rates are still relatively low if you have a good credit score (720+). If you don't have a home, you can try to get a loan from a bank for the amount you need but you typically need "double collateral" ie. if you want a loan for $20k you would need at least something/s worth $40k
Good Luck!
here are a few good ideas.
1 if you are getting the money on a home equity loan and its less than the rate you are paying now.
2. if you are refinancing against the car and the rate is lower than you are paying now.
3. dont pay your loan off now, you would be paying off a depriciating asset.(cash from a savings or any type of account that earns interest) actually cost more in the long run than any interest rate.
before you do any of the above see what your bank is offering and also see the term i.e. 36 months verses whatever you term is now. and see if they can beat it. if they beat it by .50 or under its still not worth it.
i hope that helped and good luck.
i have to add this, first you dont need a 720+ credit score to refinance a car, you can be between 620 and up and as far as using an equity loan from your house, its a good idea as long as you financing at least $10000.00 because then you can wright off you interest and acctually pay yourself back the interest(see an accountant for the details on that) and i wouldnt put too much credit on someone with little or no experience in the field of auto loans.
again good luck.
For more details visit
http://loan.sjdinfotech.com
should i consolidate another loan into my auto refinance loan?
i am refinancing my current auto loan. i have a lot of equity in my car, so i was told that if i wanted to, i had the option of using that equity in my car to pay off a current student loan and consolidate it into one with one interest rate. my student loan amount is around $7,000 with 12.5% interest. the interest rate is lower on the auto refinance loan, and i would have it payed off in a shorter period, plus it's a fixed rate so i am guaranteed it won't raise over time. my question is, would it be a smart decision on my part to use the equity in my car to do this? it sounds a lot better to me having the lower interest and having this paid off in 4 years rather than the 10 more i have to pay on it, but i'm really unsure which move to make. someone out there that is smart in this kind of thing please give me some input on the advantages, or disadvantages to using my equity for this. thanks in advance!
Auto Loan Refinance question?
With unfavorable credit I received an auto loan at a very high interest rate. I have made made payments on time for the last ten months, and have had some improvement with my credit score. I've been approved to refinance my auto loan 4% lower than my original note. How would this transaction impact my credit? Is it better to let the account age?
You should definitely go ahead and refinance. A 4% reduction in your APR will literally save you thousands of dollars over the life of your loan. You'll get the same benefit of staying current with your new loan so it's best to go ahead and refinance as soon as possible.
auto loan refinance .... ?
i have a auto loan with chase ...can i refinance with chase again and get a lower interest rate .... as the fed cut the interest rates im thinking they will cut my rates if i refinance ... but i donno if i can refinance at the same place where i took the load i.e chase bank
You can refinance any time and at any lending institution you want. Yes, even your current lender if they are interested. The Fed rate cut is not directly impacted on their refinance rates thought. It's worth a shot, but don't get discouraged if they turn you down. Lenders are being very stingy right now.
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.
Will refinancing my auto loan to a lower monthly payment and less interest paid out, hurt my credit score?
I'm preparing to buy a house next year and doing everything in my power to increase my credit score when the mortgage process starts. I have an auto loan @ 6.24% interest rate, and my truck will be paid off in 3 years. I've pretty good credit right now. However, if I decide to refinance my auto loan for a lower interest rate and monthly payments, will that hurt my credit score?
the real answer is yes. paying off your loan can hurt your credit score. The first auto credit score will be paid off and that builds credit. However your new loan will have a high balance and will add new debt that lenders will look at. If you want to increase your credit score make larger payments on the car loan. In order to increase your credit score make sure you pay off balances and DO NOT GET YOUR CREDIT PULLED BY A LENDER. Also make sure you order a copy of your credit score (this does not count against you) so you can check for errors. finally make sure your good credit is updated as this can really help build your score.
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