Standard & Poor's Downgrade: What it Means to You Patch.com
The debate surrounding the debt ceiling circus in Washington, D.C., had barely died down before a storm of public opinion engulfed Standard & Poor’s move to downgrade America’s credit rating from AAA to AA+ earlier this month.
S&P’s decision was a mirror image of public opinion surrounding high debt, high spending and high drama by elected officials. I’ve been speaking to some of the best economists of our times to obtain expert perspectives. One of them is the former chief economist at the International Monetary Fund.
Raghuram Rajan reminded me that policymakers in Washington are a divided bunch because the people who sent them there are so severely divided themselves. We’ve just reached an impasse as a nation, and that is quite troubling.
Closer to home, there is one thing we can all agree on. The immediate relief we feel in the wake of the Federal Reserve’s intervention to keep discount rate close to zero for nearly two years is good news for borrowers. However, individuals receiving interest on U.S. Treasury bonds will have less money in their pockets on the heels of low yields.
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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.
Hi! How can I refinance an auto with lower interest rate? With Good credit report by now? ?
Your best bet will be your own bank or credit union.
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.
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.
what are the best Auto Refinance companies with low interest rates?
what are the best Auto Refinance companies with low interest rates
Check out this site, you can search for auto loan providers by state...
http://www.e-wisdom.com/loans/auto.html
Will GMAC refinance an auto loan during this period of financial crisis?
I have a perfect record with the lender and had purchased about7 months ago, long before this crisis began to develop. Although I know at the time I purchased it wouldn't be hard to get refinanced at a lower rate/payment, how has this recent activity hurt my chances? I haven't had an issue making the payments but I also am beginning to feel the crunch at my work with the lower amount of sales/volume. A lower payment would be nice.
The credit crunch has just made lenders a little more wary of high risk loans. If you are a top tier, you will have no issue refinancing. If you have some financial issues, it might be a little more difficult, but rates have not changed. The rules of the game haven't changed. There are tons of lending institutions that would be happy to help anyone lower their rates/payments. Just depends on the person.
If you have sparkling credit, you probably won't have a problem finding a new loan - you don't have to go back to GMAC by the way, many banks and credit unions will refinance car loans.
What you need to figure out is if the rate you are going to get is lower than what you have today (unless you're just looking to extend the length of your contract). Check bankrate.com to see the prevailing rates for your particular situation (i.e. older cars have higer rates than newer ones).
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!
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!
Looking for an auto refinancing company?
I currently have my auto loan with HSBC and it's 13.8% 60 month with a current balance of $7800. Can you recommend any reputable lenders I should look into for refinancing at a lower rate.
With a current balance of $7800, you are going to be hard pressed to find a refinancing deal. Most lenders will only consider loans with a balance of over $10K. While the 13.8% is high, it's not the worst I've seen. I think you'd be better off just paying it off.
If you really want to check, try negotiating with your current lender and some credit unions in your area.
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Low Rate Auto Refinancing, Bad Credit Car Refinance - SheKnows.com
SheKnows.comLow Rate Auto Refinancing, Bad Credit Car Refinance However, online auto refinancing lenders are typically able to help these people out of their bad car loans and into a refinance car loan that more Refinance Car Loan
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