Credit union celebrates growth in auto loans Bizjournals.com
Has surpassed the $1 billion mark in auto loans.Sonya McDonald , senior vice president of market development for Randolph-Brooks, attributes this area of loan growth to the credit union’s current low auto-loan interest rates and its consistent across-the-board lending policies for both financing and refinancing.
The credit union dropped its auto loan rate to 1.9 percent APR at the beginning of June and has seen an increase in loan applications and approvals since that time.
“I think it’s a milestone because it’s a billion dollars and we’ve done it in an economy where there’s a lot of turmoil going on,” McDonald says. “ ... (And) we’ve done it by being aggressive in marketing and pricing and just offering good old service.”
McDonald says that offering this low rate is one way the credit union is able to give back to and help its members.
Interestingly, Nancy Glennon , vice president of consumer lending, says much of the auto loan volume has come from vehicle refinancing.
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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 ...
Can i cancel a car refinance loan i made three days ago through Wells Fargo in California?
I refinanced my car loan through wells fargo and i don't like the interest rate that they gave me so i want to cancel the loan, want to keep my original loan. I have already tried to call my original loan company and tell them to return the check, but they say there is nothing they can do. I tried to get Wells Fargo to stop payment on the check but they said i had to go to the branch. Are there any other things i can do? Maybe write a letter or something?
No you can't. But you might be able to refinance again.
New Car Loan Vs. Refinance Car Loan Question?
Say i get a loan with a bank for a new car but use it to refinance my old car since the loan rate will be cheaper if i get the loan for a new car instead of a used or refinanced car loan.
the loan would be denied
Would it be good to refinance car loan when the current loan is reported as Included in Bankruptcy wrongly?
I've got a car loan that was kept through my bankruptcy and I've been paying on for approx two years since now and just realized they reported it as part of my bankruptcy and they will not change(included is said because it was written about in the papers even though it was reaffirmed). I'm trying to now fix my credit up some and would like to know if it will help or even effect at all my credit to refinance it now?
I went through this same thing back in 2001 and Ford was not reporting my account, all it took was a simple phone call and they updated the information on the bureaus.
If your lender will not do this, you will have to have proof that you have been making the payments to be approved for a refinance loan.
If you do get refinanced, it will help your credit as long as your lender reports to the credit bureaus.
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If this is not your first time buying a car, then you may be well aware of the various steps that you have to take as well as the pitfalls to avoid. If however, this is your first time around, you may not be aware of this. So here are some guidelines that will help make your car purchase a smooth one:
Know exactly what type of car you want and how much you are willing to spend on it. Use the power of the Internet to do your research. Do not start off with a blank cheque. Always bear in mind that a car loan generally requires a medium to long term financial commitment. You should therefore look at this expenditure with a very futuristic view. You should also factor in as well, the possibility of unexpected expenses such as accident, illness etc.
Always know what your credit score is in advance. This will ultimately determine if lenders will be willing to lend you and how much. Very recently, I met someone who took it for granted that all was well with their credit score. When he applied for the loan, he had serious problems. There were transactions on his credit report that he knew nothing about, and these damaged his credit rating. It turned out that he was a victim of identity theft and was completely unaware of it. So even before approaching any finance house for a loan, please get into the habit of checking your credit score on a regular basis. It can save you a lot of stress.
Shop around for the lowest rate car loan you can find. Car loan repayments are calculated using an amortization schedule. You will be given a fixed monthly payment to make, part of which will be paid towards liquidating your outstanding interest and the rest towards your principal. As the age of the loan increases, the interest accrued each month will decrease resulting in more of your payment going towards your principle. But the point here is that a seemingly small change in the interest rate can significantly impact on the total amount you pay over the term of the loan, particularly for a medium to large principle burrowed.
Most dealers will also offer financing. Always remember that they offer financing on behalf of some financial institution and will get a cut for each loan they get. You will have to pay for that cut. It will be included in the total amount you will pay over the duration of the loan. Even though it may appear to be more convenient and saves you time, it will definitely cost you more. It is therefore better to get financing for your car loan directly from a bank or financial institution.
If you are looking at refinancing an existing loan, first ensure that everything is in order – particularly if you are seeking to refinance after filing for bankruptcy. I must repeat – keep your eye on your credit report.
Be truthful in filling out the application for the car loan. Do not try to burrow more that you can comfortably afford. This will backfire on you and could negatively impact on your credit score. If the car you want is more than your credit rate allows, then settle for less while you build on your credit score and you savings.
Best Regards
http://www.smartecredit.com/online_car_loan_application.php
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.
Best place to refinance car loan?
I want to refinance my car loan. Who is the best lender, online or regular?
Your bank or credit union should offer better rates than you can find anywhere else.
You'll want to check these guys out....99% approval they say.
http://www.123thebest.info/go.php?link=auto
Take care.
Will it be difficult for me to refinance my car loan?
I applied yesterday for a new apartment, so obviously my credit will be checked, among other things. My mom co-signed for a new car for me about a year ago and I am now plan to refinance my car loan in just my name. Am I going to have a difficult time getting the loan being that I just had my credit checked for a new place? I have about 2.5 years credit history with a fairly average credit score.
if these are the only two inquiries on your credit report than I don't think that it have much if any negitive impact on your score but realize this banks don't' look at a score they look at your payment history and length of time good standing accounts have been open, I don't think that you will have much problems if you refinace that the same place that you currently have the loan if you have been on time and making the current payments. Best of Luck
You'll want to check these guys out....99% approval they say.
http://www.123thebest.info/go.php?link=auto
Take care.
why don't you keep the car in your mom's name for awhile til you get "settled" then switch so it's not doing so much at one time?
good luck!
Also important will be the value of the car as compared to the amount of the loan that you expect to get. If you got a good deal on a used car, then getting an equivalent loan will be doable. If it was a new car with a long loan and the car has depreciated quite a bit (as brand new cars do), then it may well be valued less than the outstanding loan.
As far as your refinance, its tough to say. When the loan was in both your mom's name as well as your own, they were considering both of your incomes. Therefore, your combined income greatly exceeded the amount of debt you guys had. Now, not only will only 1 income be considered, but you will be taking on more debt in the form of rent, utilities, etc. Ofcourse, I don't know how much you make for income, so how much this affects you will vary. Also, lenders want to make sure the value of your car is within the range of the amount you're looking to borrow. Note that a refinance closes the old account and opens a new one. Did you add on sales tax to your loan when you bought your car? Any dealer add ons? These things are extra money that are more than the value of your car, so the car might not be worth as much as the amount owed. Then again, you may have made enough payments where the value of your car is worth more than the amount needed to borrow. This is all because in the event you don't make your payments, the bank wants to be assured that they can repossess your car and cover the losses by selling it.
One thing that may help, if you can, is to put a down payment down. This does alot in your favor. For one, it shows the lender you are serious about your investment if your willing to put money down up front. It also may help if you do owe more than your car's worth, as it will lower the amount needed to be borrowed and bring it closer to the car's value.
As far as your credit history, as long as you have a credit score, that won't matter. That one of the things reflected in your score anyways, so if your score is "average" than you have sufficient history. It's different than having no score, because lenders have no idea about your repayment trends, and can't predict what how you repay your debts. 2.5 years of credit history is plenty. Heck, 6 months of credit history is enough.
Lastly, before you do anything, I would find out what your scores are by going to annualcreditreport.com. By law, you are entitled to a free credit report once a year from each credit agency. This is the site to get it, though you will have to pay $5.00 for each score. If your score is above 760, you will get the best interest rates. 690-759 would be good credit, and you will get reasonable interest rates. 650-689 would be average, and you will have to pay a bit more interest, but still favorable. 600-649 is fair, but expect higher interest rates, alot of emphasis on your debt to income ratio, and you may need to provide some referances. If your score is below 600, I would suggest you establish some better credit first, because you're likely to be turned down. Some lenders will accept you all the way down to a score of 530(?) but you will pay dearly.
I hope that helps you a bit. There's so much more, but this should get you in the right direction.
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 pay off my car loan quicker? Refinance an option???
I currently owe $26,000.00 on my car loan, with 8.9% interest. Would it be worth the refinance charge if it brought the interest down to 4.8% (the refinance charge would be approximately $2,000)? I'm on a six year loan. Is there any way to pay it off quicker?
It depends on how many months are left on the loan. If you just took the loan out, then yes it would be a good idea to refinance the loan at 4.8% rate if that is the best you can do. It is possible that you can pay off your loan by over paying your monthly payment (assuming there are not penalities for doing so) but, check you loan agreement first.
Based on what you told me you are paying about $416/month for your car loan over a six year loan at 8.9% for a original loan amount of $26,000.
Your savings per month would be $51 dollars and over a six year period at 4.8% discount rate that would have a present value of $3,188, so paying $2000 to buy down the loan rate is an ok idea but, why did you sign up for a 9.9% interest rate? That is a sky high rate. What is your credit score? I think you can get a better deal at a credit union.
how much will my interest rate go down after i refinance my car loan?
i bought a car 2 months ago and the dealer told me that i can refinance my loan after 7 months. my current interest rate is 12, what will it be after i refinance? please help!!! i live in NY if that helps
You don't really give us much information about your credit so it's hard to say. It's going to depend on 4 important factors
1. equity in your car
2. credit
3. age of car
4. miles on car
Assuming it's a some what new car and low miles, and this is your first car and your just have limited credit.
You might be able to cut your rate in half. But, I don't think we have enough information to say.
I've had good luck here...
http://auto.deal4-you.com
Best wishes
There is NO LIMIT to the amount of time between initial loan and refinance. It can be a few days to a few years. As long as the loan shows on your Credit Report and we can get the payoff, you're good to refinance.
Send us an app and we can help out as much as possible. We'll get our best lenders to help you out.
How fast should i refinance my car loan?
Car loan is 17000 dollars apr is 17 %.
Dealer told me that i can refinance in 4-6 months, but i think he lied to me. Bank told me that i can refinance only once.
So 4 months passed.
SHould i try to refinance it or wait at least 12 months???
Thank you.
At that apr and assuming the 17000 was the value of the car, you will be "upside-down" for 2-3 years, i.e., your car will be worth less than the loan balance. Make double--even triple--payments as you can, or you will need thousands to refinance.
Can i refinance my car loan to pay off credit card debt?
I would like to refinance my car loan to pay off about $3500.00 in credit card debt. I currently owe around $3200.00 on my current car loan. If I go to my credit union will they be receptive to refinancing, or is it not possible to do this?
I agree. What type of car do you have? Look it up on kbb.com and see how much the trade-in value is. Take that, and subract out the amount you still have to pay on the car. That's how much you can get from the new loan. But really the focus of refinancing is going to be reducing your money payment or interest rate. If you can do both of those, then go for it.
Once you refinance the amount you OWE on the car, take the money saved and apply it directly to the high interest cards. Pay the minimum on the car until the high interest car dis paid off.
Always pay off high interest things first with any extra money you get.
So overall is it possible? Yes, but it depends on your financial situation, what kind of deal you can get, and what value your car still holds.
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Get Your Auto Financing in minutes - BigNews.biz (press release) Get Your Auto Financing in minutes One can refinance their auto loan with simple and fast process of an online auto loan company where one can easily refinance their auto loan or car loan. |
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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?
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US unveils new financial rescue plan
Seattle Post Intelligencer But many others fell victim to terrible lending practices that left them exposed, overextended, and with no way to refinance," Geithner said. Video: Geithner Talks Bank Bailout Plan on Capitol Hill John Kemp is a Reuters columnist. The views expressed are his own Treasury’s Financial Stability Plan: Will It Work? -
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