Why Most Car Loan Refinance Fail
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First Things To Check Before Refinancing
Before you refinance, it is important to know the current value of your Car. The best resource for this is Kelley Blue Book. The type and age of your vehicle can affect your refinancing options. Next, contact your current lender to find out exactly how much you owe on your existing Car loan.
The value of your vehicle might be less than what you owe because the total loan amount includes interest. This is called being “upside-down” on your loan. It could be because you are early in your loan term or because the value of your vehicle is losing value (depreciation) faster than you are paying it off. If this is the case, you may be limited in finding a lender to refinance your loan. If you are upside-down on your loan, it might be best to try to pay down the loan as soon as possible. In some cases, you might find lenders willing to refinance up to 105-110% of the value of your Car. There are several trade-offs to refinancing your vehicle; below we highlight some important points to consider.
Refinancing can come from a variety of sources such as:
• Car dealers
• Credit unions
• Online banks/lenders
• Your current lender
Car dealers typically have a higher margins or finance charges so this may not be the best place to seek refinancing.
Banks are one of the most common lenders. They can be local or national institutions, and for each there might be different advantages. One disadvantage of banks is that they may not offer subprime loans.
Credit unions are financial institutions typically serving a particular community or industry sector. Credit unions have members who are also the owners. When considering refinancing with a credit union, be sure to account for membership fees. The advantage of credit unions is that they frequently offer rates up to 1.5% lower than banks. Credit unions also provide other bank-like services such as credit Cards and savings accounts.
Many people don’t think to ask their current lender for a rate reduction. It never hurts to ask, and you might end up saving on transaction fees.
Car Refinance Networks
There are online resources that can do the searching for you. A big advantage here is time savings. If you were to search on your own, you might have time to ask five or six lenders about their rates. For example, CARCHEX, has access to nearly one hundred lenders, and they compete to offer you the best loan option.
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