Auto Loan Refinance – Getting Low Refinance Rates in California Subprime Blogger (blog)
14.12.09
There are many car owners in the state of California who would like to refinance to a much lower interest rate. If you currently have an interest rate on your car loan is about 15% than you could greatly benefit by the refinance process. Please understand that if you have very bad credit than you are not going to be able to refinance to a lower interest rate. If your credit scores below 650 you will have to work hard to increase your credit.
The best way to increase your credit scores to pay all your bills on time and in full. Unfortunately, it is going to take several months and possibly even years to build your credit this way but this is the only tried-and-true method. It would be a very good idea to go ahead and get started with this today by making sure all your bills are paid on time. It is also a good idea to pay off high interest cards as soon as possible.
You will never know what interest rate you will get a car loan until you actually get up and apply. Make sure to do your research and find out the best companies available in your area but you will need to actually physically go to these companies and apply for a loan. If you are too lazy to get out of your house and apply for a loan and you probably don’t deserve to save the money on your car loan.
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What Is The Lowest Auto Loan Refinance Company Out There?
Jul 21, 2008 by rita s | Posted in Buying & Selling
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.
Kate | Jul 24, 2008
they are almost all the same. No magical companies with low rates. Credit unions tend to be the lowest in every city. They just like to loan on cars. if your credit is great, you will pay between 7.9% and 9.9%. Probably not much better than you are paying now. Is there any way you can pay the loan off by working double shifts. The choices are pretty lousy otherwise.
Ed Atun | Jul 21, 2008
How Soon Can I Take Out a Home Equity Loan or Refinance After a Cash Purchase of a Foreclosure?
Sep 02, 2007 by don c | Posted in Investing
The house is only 10k. So if I pay 10k cash, how fast can I do a home equity loan for that 10k? I need to make repairs as it is a foreclosure in poor condition. Can I do a refinance loan and get more than I even paid for it if it appraises higher than 10k, which it will? Thanks for any help
It all depends on the difference in the value of the place and the amount owed on the loan - that is what's considered your equity. Many banks will only loan up to about 80% of the equity, but a few go higher. For example, lets say you owe $50,000, but the place is worth $60,000, then you have $10,000 in equity. Take 80% of that and you have about $8,000 you could loan against.
I found a great article about it on
www.payoffmyloansnow.com
Bobbyhaze | Sep 05, 2007
It depends on if you go through a bank or mortgage company. Many mortgage companies are willing to turn it in as soon as the sale is final. Banks generally are more resistent in this type of thing.
Holi | Sep 02, 2007
If you already have a relationship with a lender then approach them and tell them what you want to do with the money. They will more than likely require an appraisal and make a decision based on your credit, income, debt and assets.
Othniel | Sep 02, 2007
What’s the easiest place to get a mobile home refinance loan?
May 07, 2006 by Excellent Credit Service | Posted in Personal Finance
What’s the easiest place to get a mobile home refinance loan?
What I’m getting is my mobile home needs to be on a permanent foundation to get the loan. I need the load to put on a permanent foundation. I’m kind of stick in the middle.
Vanderbilt Mortgage refinanced my mobile home WITHOUT a foundation.
dana803 | May 10, 2006
What would be better, a home equity loan or refinance at lower rate to add on to my home?
Mar 01, 2008 by BamaboynTN | Posted in Renting & Real Estate
I'm wanting to add on to my home but I've never used a home equity loan. I have used the refinance method where you borrow a little extra to add on. What would be the best now, with the way the economy is and the interest rates unstable?
Forget the economy and interest rates in general. The question is, what's best for you? Compare the two scenarios, overall costs of a refi verses the home improvement loan. If you are lowering your first mortgage rate at the same time you take cash out, usually that's the winner. I'd have to have details to make a call but it's your details I need, not the economy or who won the super bowl. If you need more info, send me an email.
Tony D | Mar 01, 2008
home equailty lone
dawnsxlight | Mar 01, 2008
I think a home equity interest rate would be higher. But it would depend on how long you borrow the $ for.
Steve V | Mar 01, 2008
why not do both!
Seriously... you can refinance at a lower rate... lock it in, and maybe leverage some of your equity at the same time.
stanleys_2001 | Mar 01, 2008
Read how your interst is charged and any hidden lines about credit rating and interest rates as well. Fixed rate mortages are usually the best as ARM are adjustable and can go to high in interest to ever pay.
bethbird1960 | Mar 01, 2008
Just make sure whichever you choose to make sure it is a fixed rate. With the home equity, you can pay off or consolidate other bills and put it under your home interest to take off at the end of the year with deductions. Refinancing at a lower rate would be ideal
livn4themin | Mar 01, 2008
re-fi at lower rate,with cash out for add-on,if you can qualify...I heard equity lines were all frozen ,without alot of media coverage,untill the banks review write-downs...
$andman | Mar 01, 2008
This depends on the conditions of the home loan. If one can make extra repayments without penalty then the lower interest rate is better. The only positive of equity loan one can borrow up to the equity of the property ie if in the future one needs more money its easier to access the cash without having to refinance. The decision is depends what one future plans are! The big downside of an equity loan is the temptation of being to be able to get more cash on a whim.
phred01 | Mar 01, 2008
Can i cancel a car refinance loan i made three days ago through Wells Fargo in California?
Jan 18, 2009 by nikkisix_26 | Posted in Buying & Selling
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.
Bob R | Jan 18, 2009
you are probably stuck with it.
Nigel M | Jan 18, 2009
What do you mean when you say you don't like the interest rate? You signed the documents, right? Was the interest rate posted in the "truth in lending" box? The only way you'll get out of it is if you can prove fraud. Good luck.
dale b | Jan 18, 2009
You signed a contract, right? If so, you can't back out now.
Scott H | Jan 18, 2009
How do you process a FHA refinance loan?
Jan 09, 2009 by blueflamingo117 | Posted in Personal Finance
I'm a mortgage processor, but I've been processing Reverse Mortgages for quite sometime and have forgotten the process regarding regular FHA refinance loans? Any help is greatly appreciated.
I don't understand your questions. Are you asking for help in doing a FHA loan? I am sure that if you were honest and let your boss know that you have no idea on how to do your job he/she would be OK with that and help you out. I would really recommend the honest way. After all you are working on someones biggest life investment. Trust me your boss will totally understand that you have no idea on what to do. They will be happier to help you than you get bad info from a stranger. AndI am sure that your boss knows you well enough that it will not be a shock. Best of luck..I know that it is tough to handle things you don't know how to do,,but I promise it will be ok.
Beth S | Jan 09, 2009
FHA are the hardest loans to do. You might want to double check my info because guidelines are changing every day on all loan types. But I think Sellers are allowed to give buyer up to 15% closing cost. Loan fee is not to go above $1,000. Buyer must be at least 21 years and have han no other homes. You can do NOO if the buyer is over 35 years of age. I also heard forms are only to be signed with black ink but I don't think that is right. Loan limits are still by counties but were raised quite a bit. Remember they can have only two tradelines and have lower Fico scores than non government backed loans with nontraditional credit (phone bills, cable..) Also buyers can be just friends and still go on the loan together. Make sure with pricing you double the SRP. Hope that this helps. Just remember to double check on my info incase I am wrong. I probably am not correct on a few points.
Dave K | Jan 09, 2009
If my Dad cosigns for my student loan will it affect his ability to get a loan to refinance his house?
Sep 26, 2007 by dj51234 | Posted in Financial Aid
I need a cosigner for my student loan this semester which would probably be around $9,000 in January. My dad wants to refinance his house in April but wants to cosign for me. Will he be able to? He has good credit and it is still going to be in my name.
The correct answer is Yes and No.
Being a co-signor on your student loan will be a debt counted against him.
However, presuming your student loan will have a deferment of payment while you are in school and that you have at least 2 years of school remaining. (meaning the payment will not be due until 30 months from now, 24 months of school + 6 month grace period = 30 months) The lender can waive that debt in the calculation of income.
He will need to provide proof of the deferment, so keep all of your student loan paperwork available for him.
Also, it may not be an issue, depending on his credit score. If his score is high enough, 750 or better, and the equity in the home is strong enough, 75% or less loan to value, it probably won't matter as he'll get a 'rapid approval' through automated underwriting.
knight01 | Sep 26, 2007
yes. simple.
skeezbucket | Sep 26, 2007
As long as his credit is good now and you make the loan payments on time, his credit should not be affected adversely. However, the loan may appear on his credit as a debt which would affect his debt to income ratio and that could cause an issue with the house refinance if his debt to income ratio is already high. If this happens, there is a way to counteract it. Consumers have a right to put a statement on their credit report explaining something/anything about a debt. IF the loan appears on his credit as a debt, he can write to the credit bureau and have a statement placed on his report indicating the loan is a co-signed debt and not a personal debt. He can also provide this letter to the loan officer handling his house refinance along with a copy of the student loan paperwork showing he simply co-signed for you. It shouldn't be a problem.
SU | Sep 26, 2007
It most definitely will show up as a liablitly on his credit rating. but if his debt ratios are fine, he will still be able to refinance his home in spite of the fact. so it depends what else is on his credit rating, most loan officers will run a quick report to see if he can get the loan.
KatGotHerTongue | Sep 26, 2007
That's a question for the lending institution.
~Shortstuff~ | Sep 26, 2007
Students who are looking for a bad credit student loan should pick three schools they are most interested in, talk to the admissions office, and ask what is needed to apply in their school.A bad credit<!--student loan is payable only after the student has completed his or her education, and has started earning a certain minimum amount. You can find more information on Student Loan here,
The minimum amount that the candidate of the bad credit student loan is required to earn has also increased. Bad credit student loans are available as both secured and unsecured loans-->depending on whether you are a homeowner or not. The rate of interest to be paid on unsecured bad credit student loans is higher than that on secured bad credit student loans. This is because the secured bad credit student loans are backed by your home as a security.
Sweet C | Sep 26, 2007
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.
Andrea | Jun 14, 2008
Can i refinance and auto loan after 6 months for a better apr?
Jan 21, 2008 by Justcurious | Posted in Credit
I got approved for a used car with a very high APR of 21%. I am thinking about taking the loan b/c my credit isnt the best but using it to help build my credit and then refinancing it. How soon after can i refinance my loan and will i get a much better apr on the car?
Depending on the company you are going w/. Sometimes it's only 6 months, sometimes it takes a year before they will let you refinance.
BB | Jan 21, 2008
What should a refinance loan cost?
Jun 02, 2007 by mary e | Posted in Renting & Real Estate
My credit union wants to charge me $5,654 in closing costs to refinance my house for $200k. The house is worth more. I'm shocked! What are all these fees--origination, underwriting, processing, administration, preparation and "loan discount" and should I pay them? Why do they want prepaid interest when it is in the payments? Why reserve 2 mos insurance? The "estimated settlement charges" are $8,365--is that excessive?? Thanks anyone for any help. If I carry it myself and my son makes payments to me (he lives in the house but can't get his own loan yet) can I get a home equity loan any cheaper?
Actually, for a $200k loan that sounds well below market. What I'd expect from a credit union.
The loan origination fee is typically 1% of the amount of the loan and is standard practice industry wide.
Underwriting, processing, administration, and preparation are common "junk fees" that you'll just have to live with for the most part. You can negotiate them in theory but most lenders are "take it or leave it."
Closing fee is mandatory, the closing agent has to get paid!
Titlle insurance is mandatory, at least the lender's coverage, and the borrower has to pay the premium. If you have a current title policy within the past 5 or so years they may accept that, however.
The loan discount fee is the points on the mortgage. It buys down the interest rate. You can negotiate this but if they are reduced or eliminated your interest rate will rise. A VERY rough rule of thumb is 1/2% discount fee reduces the interest rate by 1/8% - 1/4%. Once your rate lock expires the loan will float to market rates up or down.
Prepaid interest covers the interest on the loan from the closing date through the end of the month. This is because mortgage payments are paid in arrears, unlike rent which is paid in advance.
The 2 month reserve for insurance is deposited into your impound account with the lender. Part of your payment is advance payments on future insurance and property tax bills. Lenders are allowed a 2 month cusion over and above estimated expenses to cover for bills that are sometimes higher than estimated. Having an impound account is pretty standard but is not legally required. If you have very strong credit it's possible to get a loan without impounds -- my loan is like that, I manage my own property insurance and property taxes. If you self-manage the lender may require copies of the paid bills from time to time. If your lender agrees to drop the impound (if your credit is strong, by all means ask!) the estimated settlement charges will be lower as will the monthly payments.
A home equity loan is almost always more expensive than a conventional mortgage, at least as far as the interest rates go. Locally where I am, first mortgages are about 6.4% right now but a home equity loan is 7.5%. Home equity loans are very rarely fixed rate so the rate is subject to periodic adjustment, often as frequently as every month. The closing costs MIGHT be lower, you'll have to ask for a Good Faith Estimate to get some idea on that.
bostonianinmo | Jun 02, 2007
Tips To Secure A Low-Rate Refinance Loan
In today’s housing market, there aren’t many silver linings—except for the fact that falling interest rates mean it’s a great time to refinance your mortgage. However, as everyone else scrambles to do the same, many people are left wondering how they can ensure they don’t miss out on a refinancing ...(148 words)
The Plain Dealer - cleveland.com, OH - Feb 16, 2009
Forest City confirms refinancing of key Atlantic Yards loan Forest City Enterprises Inc. confirmed in a statement this afternoon that lenders have agreed to refinance a key loan on the company's embattled Atlantic Forest City gets refinancing on key loan for its Atlantic Yards
As mortgage loan costs fall, refinancing perks up Johnny Cardosi, a senior loan officer for Belleair Bluffs-based HomeBanc, estimates his branch has seen a 75 percent increase in refinance applications in
Refinance Auto Loan for good Credit or Bad Credit Auto loan refinance for people with no credit, such as if you when you bought your vehicle and you credit score was below 610, the rates on your car loan
Want a mortgage or to refinance? Follow the 4 tenets that the Looking for a new loan or to refinance? Follow these 4 tenets for a better chance By Mary Umberger | Special to the Tribune You don't have to be a rocket
