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.
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 ...
refinance vehicle?
I am in desperate need of some money. I have a 2001 'ford explorer is there any way I could refinance it?
A 2001 is pushing it. Most lenders will only refinance cars that are 6yrs old and newer. Do you currently have a loan on it? If you are looking to get cash in exchange for the loan, traditional refinancing will not work. Auto refinancing is only to get a better deal on current loans. It's not like a house where you can extract cash from it.
You might try a personal loan, or selling your car and buying a less expensive one.
Is it a good idea to refinance my current vehicle at the same interest rate?
I don't have the greatest credit, but I have an opportunity to refinance my current vehicle. I would be continuing payments on the same remaining terms (not re-extending my loan), but I would be skipping one month, which would allow me to pay off a higher interest credit card. I was told by the new lender that it could actually help improve my score by paying off the existing lender and re-starting under a new one. Other than this, there is really no other benefit, especially since the interest rate is the same (high). Just wondering if it makes sense to do what I am thinking?
This is not likely to be helpful, and could result in you increasing your debt. When a loan is processed and approved there are almost always fees to be paid. This lender may be planning to add the fees onto your loan balance. He is trying to make a buck off of you. Be wary.
Think of lenders as sales persons. They are pushed either by greed or by management to "sell" and ethics are rarely their top priority.
Avoid taking financial advice (or any other sort of advice, for that matter) from someone who stands to gain from one of your choices.
How do you refinance a vehicle with fair credit?
My interest rate on my car is too high. I need to get it lowered to lower my payments. I am paying 400 a month for 5 years on a 16000 dollar vehicle. Help Please!
Plenty of ways. The only caveat is you have to be in a "simple interest loan". Contact your personal bank to find out what they will loan you money for if that rate is attractive, use their new loan to payoff the existing one. You can determine your payoff by calling the current lender or perhaps if you have access online. If your own bank isn't better, try capital one online and see what they will give you.
However, most people don't understand the true nature of finance charges on a small loan. 1 point of interest on a $16k loan equals about $9/month on a standard 60 month loan. So if you can find a rate 2 points lower than you have now that will save you in the neighborhood of $18/month.
Don't know when you started this loan but you also need to understand that interest rates have risen significantly in the last 18 months. If your loan started before that, I would be suprised if you could find a lower rate.
How many times can I refinance my vehicle?
I refinanced back in December, is there a limit on how many times you can refinance. Trying to get my payments down.
You can typically refinance as many times as you want, however each time you refinance, there are typically fees incurred, and your first few months will put hardly a dent in your principle. So if you constantly refinance, you'll end up owing more and more each time as the fees add up.
However, to answer your question, as long as a bank/credit union is willing to refinance you, you can do it again.
Who is a good bank or credit unoin to refinance your vehicle with?
I need to refinance my car and not sure on who I should go with to submit an application, so I can insure a new, good, low interest rate.
A credit union definitely has a better rate, however, you have to meet certain qualifications to join (go to a church, resident of a county, belong to certain groups or your spouse or family member does). Once you find one that you qualify for, you need to fill out an application as you will have to have a checking account with them for at least a period of 6 mos. to then apply for a car loan. This is something you need to begin doing before you can even apply for a car loan. Check online for free credit unions in your state and narrow it down to what you can qualify for. Then apply (they will have certain requirements also).
Good luck.
How do you refinance a vehicle?
Let's say you want to take over some payments on someones vehicle.
Your credit is also in the dump.
Can I refinance a vehicle if I owe more than blue book?
I own a 2003 Tahoe & I owe 22500. The blue book through NADA is 18175. Do banks normally require that the value be at least blue book or less? & how long do banks like you to pay with them to refinance (a year or more?)- I've been paying for 4 months.
No. You can finance that much. Try Capitalone.com.
where can I find a lender to refinance a vehicle my relative is paying for.?
my relative can't afford the vehicle any more and citi financial is planning to pick vehicle up. Citi financial is willing to accecpt $7000. which is below what is owed. Just looking for a lender that can help me help my relative.
It is highly unlikely that you will find a bank to refinance a vehicle. Vehicles go down in value once they are driven off the lot, that's why when you get a loan for a car, you are getting a loan that's higher then the cars worth. If I were you, I take the offer Citi Financial of $7000. Just be sure that you get that in writing and that they don't take the car.
I'm trying to refinance my vehicle. Is it true that a co-borrower will not help my credit in the long run?
I've heard that adding a co-signer only builds credit for the co-signer. Is this true? I'd like to refinace because I'm paying an astronomical rate, but no one will give me a new loan yet since my credit is still building back from bankruptcy. I've had the vehicle almost 6 months and I got the loan on my own. The finance manager told me to try after i've had it for 6 months, but I haven't seen an improvement in my credit score yet.
will my score increase significantly if I am the only borrower? or will having a co-signer make the score increase at a slower rate?
If you get a co-signer with a better credit history than you, it will improve your rate for that loan because it is based on a blended credit score for both borrowers. It doesn't improve your credit score, which is based on your own credit history, it improves just the rate on that loan. If you make regular payments on the loan, your credit will slowly build back. The problem is, the co-borrower is on the hook for the loan. So finding one may not be easy.
What exactly does it mean when you refinance a vehicle?
What is required? (Credit Score, Length of Loan)
What happens? ( I don't quite understand refinancing)
What do you get out of it?
Refinancing just means something on the loan contract is going to be changed, it could be the lender, the APR, the payments, etc. Requirements vary between lenders. You might get a lower/higher APR, lower/higher payments, more/less time to pay it off.