Higher "Ed" Could be Next Bubble to Burst The New American

08.08.11

Publication for July, 2011. It notes that dollar balances on student loans have increased by double-digit rates in the past decade and the number of loans has continued to increase in recent years as more people have been seeking education and training in a declining job market. But the tightening of lending standard in other sectors of the economy that followed the financial crisis of 2008 has not affected student loans, the report found.

"Unlike other loan segments, recent student loan originations are performing worse than those originated during the lending boom," the report said. "Tighter lending standards on auto loans, credit cards and mortgages during the recession have resulted in sharply improved performance than earlier vintages, even with the unemployment rate hovering around 9%. But default rates on student loans originated since the middle of 2008 are higher than vintages originated in 2006 or 2007 at similar times in their life cycles . The worsening performance of student loans reflects the fact that student loan origination standards were not tightened as they were for other types of consumer loans."

Source:

Refinance Help. Fill this form and get help!

Auto Loan Refinancing. Refinance Car Loans with Bad Credit Online. Lower your Rates ...

Auto refinance online. Refinancing car loans for people with bad credit. We help people get lower automobile rates from banks with auto loan ...

Where can I go online to refinance my current auto loan?

Jan 25, 2007 by chellebeth75 | Posted in Credit

I had to file bankruptcy 08/2005 after my divorce so my credit is poor. But I am needing to refinance my loan? I am single mother who is trying to find ways to cut payments? Anybody please help????

I found a site that lists a couple of services that will help you find an auto loan with poor credit. Just make sure that they don't ask you to pay a fee for finding you a lender. Anyone who does will likely scam you.

Steve D | Jan 25, 2007

You should start by looking at local credit unions. Your credit doesn't have to be perfect, they use common sense in their underwriting of loans, and if they say yes, the rate will be far less than a finance company would offer.

fukinluckyfuker | Jan 25, 2007

Sorry to tell you this, but it will be nearly impossible to find a lender willing to refinance a used car loan, with a person that has poor credit, and a bk in their history.

patrickmcc55 | Jan 25, 2007

Credit Unions are probably your best bet on this one - they tend to have lower rates. You just have to qualify to join them!

barbed_oracle | Jan 25, 2007

I am a mortgage consultant and there is not to many lenders out there that do refinancing on auto loans and you also have a B/K with bad credit. My best advice would be to refinance your home if you have one and include that and any other debt you may have in with it. The interest rate will be a lot better then you would get on any car loan and your credit cards. If you include all of you debt in the mortgage it could help you save hundreds of dollars a month...

Anthony P | Jan 25, 2007

try lendingtree.com

mrx_x | Jan 26, 2007

What Is The Lowest Auto Loan Refinance Company Out There?

Jul 21, 2008 by rita s | Posted in Buying & Selling

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.

Kate | Jul 24, 2008

they are almost all the same. No magical companies with low rates. Credit unions tend to be the lowest in every city. They just like to loan on cars. if your credit is great, you will pay between 7.9% and 9.9%. Probably not much better than you are paying now. Is there any way you can pay the loan off by working double shifts. The choices are pretty lousy otherwise.

Ed Atun | Jul 21, 2008

Best place to refinance auto loan?

Jun 28, 2007 by AmitA25 | Posted in Buying & Selling

I want to refinance my auto loan. Who is the best lender, online or regular?

Your bank or credit union should offer better rates than you can find anywhere else.

Credit unions normally offer better rates than banks, but of course you have to be a member.

Platnum12 | Jun 28, 2007

Probably your bank.

richard t | Jun 28, 2007

Why will noone approve me for an auto refinance loan?

Dec 29, 2008 by Danielle B | Posted in Credit

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.

Morgan C | Dec 30, 2008

That's just the way the credit markets are right now--very slow. I have a friend who was turned down for a 3000 dollar dental loan. She has a credit score of 760 and makes 85000 a year. If credit markets were normal, she would have had no trouble getting this kind of loan.

A lot of banks are holding bad assets right now. However, nobody knows who is holding what, so any one of them could go bust at any time. As a result of this lack of information, banks are lending very warily to each other right now. As a result it's tough to get traditional financing for anything other than a first-time home purchase right now.

You might want to try going through prosper.com. Tell your story and see if you can raise the cash. Otherwise, you may just need to find a second source of income until credit markets improve.

greasymadness | Dec 29, 2008

My friend, why do you have a loan at over 20% interest if you have a good credit score and excellent payment history? I have a couple of suggestions:

1. Avoid going to multiple places looking for credit. Too many hard inquiries on your credit bureau will damage your score.

2. Read the book The Total Money Makeover by Dave Ramsey. You will find out that debt is NOT a tool, it is designed to make banks rich.

3. Sell this vehicle, rid yourself of this ridiculous loan, and buy yourself a good used vehicle for a couple thousand dollars. Then continue making "car payments" into a savings account, say $300 per month for the next year. At the end of one year, you'll have $3600 in cash. Sell your used beater for about $1700, add in the $3600, and you can now go buy a car for $5,300 in CASH.
If you like, continue saving the $300 per month for another year. Take that $3600, sell your existing car for about $5000, and you can now go looking for a vehicle worth close to $9000, and pay CASH for it. No interest, no stupid payments, no refinancing. Do that for as long as you like.
Think about it, in four years you could be driving a $15-16,000 car you paid cash for, instead of fighting interest payments on something that starts to lose value the moment you buy it.

William | Dec 29, 2008

Sounds like you have been taken advantage of by a disreputable car dealer. They really take advantage of people who are not in a habit of negotiating; sadly most Americans are not in the habit of negotiating.

Go to a credit union and see if you can get the car refinanced. I have had extremely good experiences with credit unions over banks for car loans, interest paid on deposits, etc. You will find the banking experience more compatible there than with other financial institutions.

You'll have to look for a credit union that you can join, as many have certain qualifications, like union membership, school teachers, federal employees, military personnel, etc. But look, ask, etc. because many have exceptions to the rule and are happy to have new accounts.

Good Luck, you deserve a break!!!

Anna | Dec 29, 2008

First of all, it appears that you have been applying all over the place to various companies to get refinanced. Every time you do this, they run hard inquiries on your credit profile and each of those inquiries causes your credit score to go down. If you've done many of these applications then your credit score is likely to be a lot lower now than the range you quoted. Each lender that you apply to will be able to see that you've been applying to all these other places for credit and that you've been declined. That will raise a red flag and cause them to decline you also.

The other thing you should realize is that you recently financed a car at a 20% interest rate and the loan is only 7 months old. This and the depreciation means you are way upside down in that car right now and owe the original lender far more than what the car is worth. It is unlikely that any lender is going to touch that loan. There is too much negative equity because you haven't been paying on the car long enough.

I also don't understand why you took a 20% interest rate on an auto loan when you have such decent credit scores. Hopefully you realize that you could have done much better than 20%. Did you shop around before accepting that financing offer?

I'm afraid you've put yourself in a tough situation by buying that car. The banks and credit unions all now have more strict requirements for loan applications, and the fact that you now have all those other inquiries on your credit will not work in your favor if you apply with them to get a loan right now. I suggest that you stop applying for more credit for the time being and give your credit some time to recover from all these inquiries. Sell the car and use the cash to pay off the loan early and start over with a cheaper used car. Hopefully there are no prepayment penalties on this loan, but given the shady person that the car dealer obviously is, it probably does. Sorry to have to tell you this but that dealer gave you the royal screw.

webhead28 | Dec 29, 2008

Most likely you are being rejected because you are upside down in the loan, and the loan amount you are needing exceeds what the car is worth, and what they could sell it for if they had to repossess it. You have only been paying 7 mos (not even a year!) on a 6 year loan...that isn't even long enough to make a dent.

I would say you aren't going to get refinanced at this time, and by going and having multiple places running your credit you are actually hurting your credit score.

Obviously you got a car loan with 20% interest because of your credit rating. It hasn't changed that dramatically in 7 mos to warrant a reputable place financing you.

☼AstrologerJuliAnne☼ | Dec 29, 2008

You should have started with banks/credit unions and bypassed the online "lenders." One factor is how old the car is, how much your current balance is and what the current market value of the car is. If you put little down, depreciation may make the car worth less than your current loan balance.

bud68 | Dec 29, 2008

Well for one your car is most likely worth less than you owe on it and at 20% interest over only 6 months you owe very less than what your loan was for. Next your rating has dropped because of you applying for loans

Pengy | Dec 29, 2008

Please give me tips on how to refinance my car.?

Sep 08, 2007 by xratedmami05 | Posted in Personal Finance

Few months ago I bought a used 2002 tahoe. THe monthly paments are pretty high. I want to refinance it to bring down the monthly payments. I need some tips. I've done research and found out that I should go w/ credit union. I also found Recommended Refinance Car Loan Companies Online such as Auto Purchase Loans,
Car Loan Authority, or National Car Financing
Instant Car Loan. With these loans I simply fill out an application and will be able to help get the lowest rate possible. But I'm not sure if i should fill out the application online. My loan is currently with Bank of America. PLEASE HELP w/ tips.

If you think that you are paying a higher repayment amount for your existing car loanyour 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.

Soft p | Sep 08, 2007

You might want to try bankrate.com, click on the auto tab, then click compare auto rates in your area. It's a completly independent site, which will give you contact information for lenders in your area, as well as information regarding the types of loans and interest rates that they offer. Hope this helps.

Marvin J | Sep 08, 2007

dont fill stuff out online its dangerous.....if you must do it then stick with lending tree, they are an established company and should pose no threat to your identity theft

speedolime | Sep 08, 2007

Filing out online applications has another problem. Multiple companies doing credit checks. Your score will take a hit with each credit check.

Go with the credit union. They tend to have good interest rates and don't have gottchas like interest loaded upfront or early payment penalties.

It's always a good idea to shop for financing before you shop for a car. That way you get a payment you can afford.

bdancer222 | Sep 08, 2007

If you refinance you always take a hit.Interest and finance charges will mount,as will the length of time to pay it off.A credit union is probably smarter.If you can try to pay off a car loan by making extra payments when you can,even if it's a half payment.

rusty s | Sep 08, 2007

Hi,

You can visit http://www.autoloanguide.info for some useful tips. Good luck!

Percy | Sep 08, 2007

You have already done some research. Why not print out your research and go back to Bank of America and ask them if they can do better or match? They may be able to give you a better deal - they make money by lending money and want to keep you as a customer.

Linda B | Sep 08, 2007

refinancing an auto loan?

Jun 19, 2007 by girl on a 660 raptor | Posted in Credit

I need to refinance my auto loan it is currently through wells fargo, and WOW they are ridiculous! Every month ieither send in my payment, make it by phone or pay it online, and every month they are calling about the payment. I have to send them proof that it was paid. I understand that everyone can make a mistake but this company is just stupid! So i want to refinance my loan with another company. Know of any great ones? I would prefer to have a company that will only call if the payment is actually late, and not just missplaced by one of their workers.

Start with a local community bank or credit union. Keeping it local keeps it real.

The national lenders suck at customer service -- the main reason that I refuse to do business with BofA ever again. They fooked up a car loan on me over 20 years ago and I still haven't let them off the hook from that fiasco.

bostonianinmo | Jun 19, 2007

Auto finance is what I do for a living and there is something wrong here. Wells Fargo is one of the largest banks in this Country and also one of the best.

If you are having this type of problem, call their customer service department and complain.

As far as answering your question, there are several H.S.B.C., Citifinancial Auto Finance and Capital-One are all good banks. You can apply on line to all three.

spifiman1 | Jun 19, 2007

Yes i also had the same problem with them and i think that they still don't use to keep their data. you can find some good one over here.
To know more you can visit
http://www.debtconsolidationmanagement.blogspot.com
and
http://www.geteasyloans.blogspot.com

Della G | Jun 19, 2007

Do you have a checking account? If so, go to the bank or credit union where your account is and ask them about refinancing your loan. Banks are usually pretty easy to deal with.

angela | Jun 19, 2007

Refinancing a really bad auto loan, Credit Union Recommendations?

Mar 06, 2008 by gamblingsucks | Posted in Credit

i have an auto loan that I got from Capital one right after Ch 7 discharge for 21k at 25% apr $557. I paid for it for 7 months and then had it refinanced through wells fargo for 20% apr $505 a month.

Obviously this is ridiculous to pay for a car and since im well past my discharge can I refinance again? Someone told me I should look at credit unions and Im wondering if someone can recommend a credit union i can check out online to maybe get my apr to a reasonable rate

Best thing you can do is go to your local credit unions and compare their offers.

akReyes | Mar 06, 2008

There are many auto loan options available today. Today, stiff competition among auto loan financing companiesfinance option. You can apply for online car loans on the Internet, or get it from your car dealer.

Lucia | Mar 06, 2008

The best answer herewww.1788my.com

Jiang F | Mar 06, 2008

I found The best info about your Question HERE:
(VERY good loans - c.cards - credit repair & score; info)
http://new-loans-center.blogspot.com
Good luck!

Jeta O | Mar 06, 2008

Not saying much just visit this link - http://www.autofinancing123.com/auto_refinancing.php
or
http://www.autoloan123.net/

Hope you will find the answer of your question.

Simon D | Mar 07, 2008

How to get out of a BADDD Auto Loan?

Oct 24, 2008 by steama1973 | Posted in Buying & Selling

So I moved to California a while back and I've been back home for about 4 months now, while I was there I got myself into a bad car loan. (Young and stupid).. they gave me a huge interest rate, almost the highest one they have. The car is a 2000 and is only worth like 7,000 but I owe about 10,000 (again, young and stupid). I make descent money (bout 35,000/year) and I have better then average credit. I have applied for refinance through BOA, Capital One and everything else online and got declined for everything I was wondering how to get rid of this bad loan or get rid of this car and get myself a new one!!!

Here's something else you need to chalk up to your learning experience ... all your turn-downs. Every place that did not approve you contacted all three credit bureaus with your turn down. You most likely have far too many on your credit report now. Any lender you go to now will see all these on your history report and immediately turn you down too.

Why? Because they will see you've been shopping everywhere without getting approved. That's a red flag to all lenders and nobody will take a chance on you. You're now labeled a high risk and an ITD ... instant turn-down. All it takes is two or more TDs in less than 30 days to become an ITD to all lenders.

This is very bad news for you. Don't make it even worse by continuing to apply for a loan. Your only option now is to pay your current loan off ASAP. And start rebuilding your credit so that in another year or two, you'll be able to buy another car and get a better deal than you currently have. And it will take at least 12 to 24 months for all those TDs on your credit report to lose their impact.

insidebuy | Oct 24, 2008

Should I file my taxes online for free, pay for it and do it myself or with a co?

Jan 13, 2008 by Ty | Posted in United States

I have had A LOT of changes this yr, left jobs got new ones, moved out of state, full time in school still, bought a new vehicle on my own (no cosigner,) and looking to buy a house and refinance that auto loan, plus now Im an independent (I think-turning 24 on may 11th 2008)..... so do you think the box, the web, or the tax preparers are the best shot?
lots of job interview deductions, anything big I might be missing?

No deductions = do online yourself.

Some deductions = H&R Block or you can try it yourself. Check your calculator batteries.

Major deductions = accountant

Capt. Murphy | Jan 13, 2008

Had good credit and then #$%^% a disaster!!!?

Feb 05, 2009 by Love&Independance | Posted in Personal Finance

I had a credit score of 740. I have an AUTO Loan through a credit union. I called them last August @ Member Connect Customer Service and spoke with a lady who assured me I could pay late and she would make a note about it. I had NEVER been late before. Well. I did and somehow the payment has been a month behind even though I have continued to make payments for my regular scheduled time and I though I was paying on time. Apparently I needed to make 2 payments to get caught up. I just found this out a few weeks back because I was going to refinance my house. Suprise!! The Credit Union had been reporting me month after month- 1 month late. My credit score was a 620! That low in a matter of a few months. I never recieved a late notice or anything. I pay the loan online through a transferr and never realised what was going on! Today I made 2 payments to get caught up. How long before my credit score goes back up? Will it go up as quickly as it was lowered??? Thanks!!!

Probably you have some wrong items in your credit report. Use credit repair service to find and remove such bad stuff from your credit - freecreditreport.deep-ice.com

Tony R | Feb 07, 2009

auto loan online refinance - News

Obama's auto adviser has Wall Street, labor ties

The Associated Press - Feb 17, 2009

ABC News The Goodyear contract required the tire maker to refinance its debt quickly, maintain its US plants, and limit executive pay. Asked by Business Week if he Video: Obama Cuts Plans for 'Car Czar' Car czar without a crown: Auto-pilot

Get Your Auto Financing in minutes - BigNews.biz (press release)

BigNews.biz (press release), MA - Feb 17, 2009

Get Your Auto Financing in minutes The refinance auto loan is a loan that pays off your current auto loan. One can refinance their auto loan with simple and fast process of an online auto

Should You Declare Bankruptcy? - Alibaba News Channel

Alibaba News Channel, NEW YORK - Feb 17, 2009

Should You Declare Bankruptcy? If that doesn't work (and chances are, it won't), she should seek help from a local credit union that could refinance the loan at a lower interest rate.

Consumers face stricter standards for loans -- if they're even ... - The Plain Dealer - cleveland.com

The Plain Dealer - cleveland.com, OH - Feb 15, 2009

The Plain Dealer - cleveland.comConsumers face stricter standards for loans -- if they're even But when they decided to refinance last month, they wondered about the credit storm everyone was talking about. Would they even qualify for a new loan?

Pentagon Federal Credit Union Offers New & Used Auto Loans at 3.99 ...

MSNBC - Feb 05, 2009

If you are paying more than 3.99% APR on your existing auto loan, you should absolutely refinance because there is no cost to do so and the process takes

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