Q&A: Is it possible to refinance a car loan with one’s current auto loan bank or institution?

September 1st, 2010 by Bank Loan | 1 Comment | Filed in Loans
bank loan
by The Labour Party

Question by lightning_strikes: 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?

Best answer:

Answer by threeboysmamma
You really should have no problem refinancing as long as you do not owe more than the vehicle is worth and you have ok credit.

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September 1st, 2010 by Bank Loan | No Comments | Filed in Loans

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Fast Auto Loans: Get These Loans Really Fast and Accelerate Your Life

September 1st, 2010 by Bank Loan | No Comments | Filed in Loans
auto loan
by Curtis Gregory Perry

Fast Auto Loans: Get These Loans Really Fast and Accelerate Your Life

 

Cars, trucks and bikes are just a few examples of things that form the part of the automobile industry group. This industry has grown many folds over the past decades. The most important reason for the boom in the industry is due to the mentality of the people where car was a luxury and then it got converted as a need of everyone.

Still there are people who find the auto loans tough to get according to their terms and conditions. To correct that now for the borrowers the lenders have the fast auto loans. Auto loans have proved a boon for many a people in their requirements. Requirements such as:

• Many people take the auto loans for the domestic uses that are required to be fulfilled in order to move forward.

• Many a transport companies need auto loans to buy new assets in order to expand their operations. But the money cannot be spared from the current business.

• Many people still like to buy assets as luxuries, Automobiles such as bikes, utility cars or any other auto mobile.

That is also one of the primary reasons that the sector has come up by leaps and bounds in the past years.

People who want to apply for the Fast Auto Loan have two options available to them. Either they can apply to the local lender or as many people do they can also apply to online lenders. The benefits of this method are:

• This facilitates quick approval of loans

• The customers with instant approval auto loans get all the options available to them, i.e. both secured auto loans and unsecured auto loan.

• The borrowers can get details regarding the terms of both used as well as new cars.

 

• The borrowers can get easy loan terms if they can negotiate properly. This will include low interest rates, low monthly installments and flexibility to choose any loan amount.

• While online the borrowers can get expert counseling if they want to.

• People with bad credit history can also choose fast auto loan and use it for their purpose. Another benefit for them is that they can improve on their credit score and make it better.

With all the benefits it is always preferable to go in for such loans by applying online rather than going other ways.

Frank Dervin completed his Masters in Finance from Oxford University, he undertook to provide useful advice through his articles that have been found very useful by the residents of the US. To find Used Auto Loan Approval, Auto Loans, Best Auto Loans visit http://www.nationalautoapproval.com

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How long do I need to be on my job in order to qualify for a used auto loan?

September 1st, 2010 by Bank Loan | 5 Comments | Filed in Loans

Question by closure: How long do I need to be on my job in order to qualify for a used auto loan?
Any other information you can provide about the process would be helpful, but I’m mostly concerned with the length of time I need to be employed in order to qualify for a used auto loan. thx

Best answer:

Answer by SOUTH LAKE
6 months is a good start . You will probably need at least 20 % as a down payment .

What do you think? Answer below!

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Should I save my money for a house or pay off a car loan and put less money down on a house?

September 1st, 2010 by Bank Loan | 3 Comments | Filed in Loans
house loan
by Florida Community Loan Fund

Question by yahoo1289: Should I save my money for a house or pay off a car loan and put less money down on a house?
My car loans are a $ 1000 a month. Would it be better to pay off a car loan and put less money down or keep the loans and put it all into a house.

Best answer:

Answer by ed
Consider the interest rate on your car and what it will be on a morgtage.
Pay down the highest interest rate.
Bear in mind too that auto interest is not deductible from gross income for tax savings. Morgtage interest is deductible.
Be sure that you are permitted to pay extra on the principal according to the auto loan terms.

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I just started working in US and no i have no credit history. Can i get an auto loan showing my salary?

September 1st, 2010 by Bank Loan | 1 Comment | Filed in Loans

Question by Lapidus: I just started working in US and no i have no credit history. Can i get an auto loan showing my salary?
I am earning good amount to pay back monthly for the total sum i need. I need like 6-7K financing. Can i get an auto loan with not high interest rate anywhere?

Best answer:

Answer by David B
Asking for a low-interest loan with no credit history is like asking a bank to let you enter their vault without you showing them a police or government id. Your credit history proves your financial responsibility and ability to repay loans. Without credit history, you would be a major risk. For example, after your 6-7k loan, will you leave the US with their money? You might say no, but the creditors will have no proof that you mean what you say.

You might be able to work out a plan with a dealer. However, note that your interest rate will be really high. Dealerships need to keep selling their inventory, so they’ll be glad to sell their cars to anyone. But without credit history, you’re a risk, so they’ll tack on a high interest rate so that they can get more of their money each time you pay (higher interest rate means higher loan amount, which means higher monthly payment).

What do you think? Answer below!

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Best Auto Insurance and Car Loan?

September 1st, 2010 by Bank Loan | 4 Comments | Filed in Loans

Question by Eduardo Tomas: Best Auto Insurance and Car Loan?
I have my eye on a car. I know how much it costs and it’s details.

How do I find the best inexpensive auto insurance price?
I need to find out how much it will cost me before I buy the car
to see if I can afford it.

Is there a good place to calculate how much my car loan would run me per month?

Best answer:

Answer by Thomas
autoinsurance.noneto.com – try this one. I personally have their car insurance, cause it is the cheapest for me in our area.

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Do you know any good auto loan for a 677 credit score?

August 31st, 2010 by Bank Loan | 1 Comment | Filed in Loans

Question by sheila: Do you know any good auto loan for a 677 credit score?
Hi guys, I am in need of a car. I am going to buy a used car from a private seller. I need to know any auto loans to pay my private seller off and make payments. Do you know any?

You can give me a website or even local places that can show me auto loans. Thanks!

Best answer:

Answer by Todd C
credit union

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677 credit score auto loan

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False hopes, hassles and auto-loan-modification offers

August 31st, 2010 by Bank Loan | No Comments | Filed in Loans

False hopes, hassles and auto-loan-modification offers
Having reliable transportation is essential. If you have ever been without a car and had to rely on public transportation, you know the value of having access to a set of wheels. However, high unemployment has complicated things.
Read more on Main Line Suburban Life

Roseland-based group gives advice on starting a business
ROSELAND –A recession may seem like a bad time to launch a company, but many people are considering this option, according to the Roseland-based New Jersey Society of Certified Public Accountants (NJSCPA).
Read more on The Progress

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Will taking out a car loan hurt my chances of buying a house?

August 31st, 2010 by Bank Loan | 6 Comments | Filed in Loans

Question by saylasmommy: Will taking out a car loan hurt my chances of buying a house?
My Husband and I are stil unsure of renting or buying right now…Its kind of complicated since he just got out of the military and we just moved back to MA across the country and are currently staying with my family. We always used one car because e lived on a small military base…now we NEED to cars because Im starting a part-time job and I have to small children…My husband also works a hour away 48 hours at a time! So a car is a MUST! I have money in my savings but im saving that for the house (we are using the VA Loan) Will it hurt us to take out a small auto loan for like $ 4,000? My husbands credit score is about 710…We also have no credit card debt at all….We have three cards but only charge gas and pay them off right away…And we have one car loan out thats a couple years old for $ 12,000. thanks!

Best answer:

Answer by mazziatplay
With your limited other debt, you should be just fine.

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