Refinance Car Loan to Cut Interest Payment Fox Business
Dear Driving for Dollars,
I bought a car six months ago and I just realized that I am paying more toward the interest than I am toward the principal. Why is this? Is there anything I can do to change it?
-- Abel
Dear Abel,
You must have a high interest rate on a smaller car loan. For example, if you have a $25,000 auto loan with a 15% interest rate for five years, you would be paying more in interest than toward your principal in the beginning of your loan period.
As you progress in your loan, the amount paid in interest decreases, while the amount going toward your principal increases. To change your situation, you could look at refinancing your car loan at a lower interest rate, or start paying extra toward your principal each month if that's allowed on your car loan.
To see exactly what's happening in your situation, use Bankrate's auto loan amortization schedule calculator; enter in your loan amount, the term, the interest rate and the start date, then click "Show/Recalculate Amortization Table" to see the breakdown between principal and interest in each payment. It's quite likely that more of your payment will be allocated to the principal soon.
Refinance Help. Fill this form and get help!
Auto Loan Advice : How to Refinance a Car
Refinancing a car for a good interest rate can be done at a bank or credit union but can depend on an individual's credit score. Use secondary ...
Who has the best auto loan refinance rate?
My credit is fair...
http://www.worldbestloans.com/autoloans.htm
Unless you have a 700 or higher credit score, it might be a good idea to look at your credit report and see what you can do to improve your credit score. A 700 score will get you the best rates at the best loan terms.t.
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.
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.
Where is the best place to refinance my auto loan?
When I first got my auto in March 2006 my interest rate was 17.9% I refinance in September 2006 with E-loan for a rate of 11.04% we recently bought a home and our finally establishing some credit. So I think its time to refinance again. Does anyone recommend a great place to get a great rate?
Thanks I really appreciate it!
Why not use E-loan again?
Realize that interest rates have risen during the past 2 years and with your mortgage, you may not be able to do better than 11%. Plus, your car has continued to depreciate and there may not be any equity remaining for a refinance. Just be happy with what you have and make timely payments until the balance is $0.
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.
Recent drop in interest rates - can I refinance my auto loan?
Given the recent drop in interest rates, I'd like to look into refinancing my auto loan. I have a 2004 F-150 and I'm sure I own more on the truck than it's worth....will I be able to refinance with a better new rate?
Thanks!
You won't get a refinance for anything more than the current value of the truck. You COULD refinance if you could come up with the difference between what is owed and the value of the truck, getting a new loan only for the truck's value.
Good luck.
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!
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.
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