Car Loan | Renault Invests $400 Mln In Car Loan Bank

Renault Credit International bank will invest around $400 million to open a Moscow based-unit to provide services all over Russia in September 2012, RCI Banque Eurasia region director Bruno Kintzinger said on Friday.RCI, operating in 27 countries, provides car loans and brings in about 700 million euros total revenue, Kintzinger told reporters at the opening of AAA Motors, the largest Renault    .. more …

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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.

Can refinance my student loan through MY bank?

Nov 25, 2008 by feeddaneed | Posted in Financial Aid

If I have a student loan at another bank—can refinance them through MY bank where I have my checking account?
I am in repayment now.

If the bank will allow it. But I doubt it, it depends on how much you owe and how good your credit is. It would likely be set up as a signature loan,,, and not a student loan. Meaning this would be bad for you, you could not deduct the interest you pay on your taxes, you could no longer defer payments for hardship circumstances or going back to school. If they are federal loans, you could not have them forgiven if you become disabled or die. Don't do it. It doesn't help you any to refinance... except maybe make your interest rate higher.

Can a bank force you to refinance a car loan to change your last name (due to marriage)?

Jun 17, 2008 by Irene j | Posted in Credit

My then fiance and I co-signed for a car a few months ago. Now that we are married and she has taken my last name, she wants to change her name on the loan. The bank told her today she may have to refinance (at a prevailing higher rate) to get her name changed. This seems illegal. We are waiting to hear back on Monday from someone else, but does anyone have any insight or suggestions assuming they take the same stance on Monday? We live and bought the car in Georgia. Thanks!

Just don't change the name on the loan. It is still the same.

Can I refinance a loan with another bank to the original amount if I need extra cash?

Jun 14, 2008 by traveler#305 | Posted in Personal Finance

I have a loan that is paid on diligently every month. It is secured by a cd of the original loan amount. I would like to refinance this loan to the amount of the original security, take the cash, and keep my original monthly payment

I don't see how you could because I would think the new bank would need to have the CD in their bank before they give you the secured loan. Obviously, you can't put the CD in another bank because it is being used as security for the original loan. Talk to you bank where the loan and CD is about refinancing.

Where I can get a loan or a bank to refinance an ATV?

Sep 12, 2007 by eripapito | Posted in Credit

My score is 578 and I have applied with Honda but because I have a Chapter 7 , alredy Discharged for 5 yrs now they didn't want to refinance. I have $500 to $1000 downpayment. Do you know where I can apply and be approved?

An ATV is considered a luxury item, and with a Credit Score of 578 you are going to find it hard to find a loan with a decent interest rate.

Now, are you talking about a new purchase or a re-finance. Because I am not sure why you would need a downpayment on a re-finance. If it is a re-finance why not just make a $1000 payment and reduce your current principal. If you are talking about a new loan you might need to rethink that until your credit improves just a bit. You will need to get into the 620 range at a minimum before a lot of banks will even consider a loan.

Can we refinance a car loan with another bank to get a better rate and save money?

Oct 20, 2008 by Mark d | Posted in Personal Finance

We have a car loan for $10,000 and a rate of 7.5%. We were looking for a better rate (to save some cash). Would it be possible for us to find a loan with another bank for a lower rate and pay our current bank off, in order to save money?

Yes, that is called refinancing your auto loan and depending on your financial situation you could save a good amount of money. Check out link brokers like rategenius.com and umbrellaauto.com to get your application shopped around to various lenders. But also go see your local credit unions. They have the best rates, you just have to be able to join.

Doing those things should save you some time and hits on your credit. Refinancing can also allow you to skip a payment or two depending on the lender. It takes time between paperwork and payoff of your last loan. This could really come in handy during the holidays!

But be sure to check out any deal that you are given and be 100% comfortable with it. You shouldn't have to pay an application fee, only title transfer fees if you go ahead with the refinance, and those are assessed by your state, not the company that refinances you.

If you have any more questions about this process, please feel free to ask.

did anyone refinance a car loan with chase bank?

Aug 05, 2007 by justina l | Posted in Credit

i have a car loan for 3 months with chase, and they told me that i can refinance the loan in 4 months. my current rate is 12 %. did anyone refinance a loan with chase? how much did they lower the APR. Which bank is the best for car refinancing.

APR will be lowered by 2 percentage. For more details please visit http://loan.sjdinfotech.com

Does Chevy Chase bank refinance auto loans?

Oct 05, 2007 by Anonymous | Posted in Buying & Selling

If I look under "personal loans" on their website, I see they offer auto financing. But what about REfinancing, or does this count as the same thing?
If not, can you recommend any reputable companies through which I can refinance my car?
Thanks!

Any bank that does auto financing will do auto refinancing.

Also check into Capital One. they offer great rates and good service.

What's the best bank to apply for a loan to refinance my car?

Dec 01, 2007 by Sergio B | Posted in Personal Finance

is a bank refinance better than a loan company with a broker?

May 11, 2006 by honnebee77 | Posted in Personal Finance

the bank at 8.5%,3points

Depending on your needs (and credit rating!), you may find that a home equity loan is more appropriate than a total refinance. You would save on closing costs and be able to choose how much to take out and when. These loans are typically higher interest rates, but the savings may work out for you.

At 8%+ that loan sounds very high. I would shop it at several lenders until you get the best rate for you. If you can find a reputable mortgage broker/lender you may be able to submit to several companies at once. (Yes I know "Lend Tree" has the same service, but I've found their lenders are all very similar).

Don't give up! With prime rates still in the 5% range, you can probably save 2-3% by being thorough.

My company does NOT make or sell loans, but I will be glad to help you find a lender if you run out of resources. If you're looking to resolve a load of debts I can help you with that decision as well. Call 888-221-2711 and ask for the Director.