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Can you refinance an auto loan when you owe more than it is worth?
Wiki User
∙ 9y ago
Absolutely.
Most people who are refinancing a car loan are, indeed, underwater. The reason is that your car value depreciates much faster than the loan is paid down.
Lenders understand that the LTV will be above 100%, which is why most have LTV threshold around 115-125% (depending on credit worthiness of the consumer).
Wiki User
∙ 9y ago
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What should you consider when thinking about refinance options on car loans?
When thinking about refinance options on car loans, you should consider the terms and hidden fees involved. You can get more information at www.carloancalculator.net.au/refinance.php or auto-loans.wellsfargo.com/refinance/auto-loan-refinancing.html
Can you refinance a car loan?
Even the most experienced of borrowers and financial mavens may not realize that the term "refinance," commonly used in conjunction with home mortgages and lenders, can also be applied to car loans. More importantly, yes, you can refinance your car loan in an effort to get yourself a better interest rate, a lower monthly payment, or possibly both. The only thing that is essential is that most lenders will require that you don't have an upside down auto loan (owing more than the vehicle is worth). If you do decide refinancing your auto loan is not the right choice for you, consider paying off your loan quicker, which will essentially reduce your interest rate.
How can you refinance a home loan if you owe more than your property is worth?
More than likely if your credit is good you can still refinance a home that is valued at less than you owe. You would have to roll the difference in what it's worth and what you owe into the new loan. This would only be beneficial if the new loan had a much lower interest rate than your current loan. You can consult a mortgage professional for further details on your options regarding the situation.
Where could someone find home refinance loan rates?
Zilliow have home refinance loan rates. Also you can find more information on MSN money. The company bank rate also have home refinance loan rates avalible.
How can one with bad credit refinance a home loan?
There are many ways one can refinance a home loan with bad credit. One can visit websites such as FHA or Mortgage Digger to get more information and apply for a loan.
What exactly is refinance auto loan?
To refinance an auto loan, work with your bank or credit union to pay off your existing loan and get better or more spread-out terms for a new loan. Often, it is not worth the hassle of refinancing, unless your current interest rate is 1 to 1-1/2 points higher than what you could get with a new loan.
What should you consider when thinking about refinance options on car loans?
When thinking about refinance options on car loans, you should consider the terms and hidden fees involved. You can get more information at www.carloancalculator.net.au/refinance.php or auto-loans.wellsfargo.com/refinance/auto-loan-refinancing.html
Can you refinance a car loan?
Even the most experienced of borrowers and financial mavens may not realize that the term "refinance," commonly used in conjunction with home mortgages and lenders, can also be applied to car loans. More importantly, yes, you can refinance your car loan in an effort to get yourself a better interest rate, a lower monthly payment, or possibly both. The only thing that is essential is that most lenders will require that you don't have an upside down auto loan (owing more than the vehicle is worth). If you do decide refinancing your auto loan is not the right choice for you, consider paying off your loan quicker, which will essentially reduce your interest rate.
Where can I find more information about auto refinance calculator?
Here is a site that will help you learn more about an auto refinance calculator and how to use one. http://www.refinanceitt.com/auto-refinance-calculator.php
What is the meaning of vehicle refinance calculator.?
A vehicle refinance calculator helps you calculate if refinancing your current car loan will help you save money. Refinancing a car loan is especially helpful when you owe more on a car then its actual worth.
How can you refinance a home loan if you owe more than your property is worth?
More than likely if your credit is good you can still refinance a home that is valued at less than you owe. You would have to roll the difference in what it's worth and what you owe into the new loan. This would only be beneficial if the new loan had a much lower interest rate than your current loan. You can consult a mortgage professional for further details on your options regarding the situation.
Where could someone find home refinance loan rates?
Zilliow have home refinance loan rates. Also you can find more information on MSN money. The company bank rate also have home refinance loan rates avalible.
Where can one find more information about auto refinance companies?
With the help of internet, one can get more information about auto refinance companies. Some of the websites to get this information are: sideshare and nationwide.
How can you get more information on auto refinancing?
An auto refinance is a loan that allows you to pay off your existing auto loan(s). Since every company has different rules and regulations, it would be best to contact different companies, (LendingTree, Wells Fargo etc) and ask them what their current auto financing programs and plans are, and how they can be adjusted to fit your needs.
How can one with bad credit refinance a home loan?
There are many ways one can refinance a home loan with bad credit. One can visit websites such as FHA or Mortgage Digger to get more information and apply for a loan.
You own a condo and the loan is about to adjust can you refinance if the loan amount is more than the condo is worth?
Your lender or banker is best prepared to answer your question. You may need to leverage additional collateral to make up the difference.
Does my business qualify to refinance using a sba loan?
Yes usually you can refinance your sba loan but I do not recommend it with the high rates and length of the loans given it can be more of a headache in the long run.
