Posted by
sroth |
So a lot of companies advertise that you can skip car payments when you refinance your auto loan. It seems counter intuitive that a company that wants your business would let you skip payments considering that is what they are going to want you to do for the years they have your loan on their books. However that is exactly what happens. It is a funny quirk of the system that you actually get to miss a payment when you go through this process.
When a company refinances your auto loan, they must pay off your existing bank or finance company with a lump sum. Interestingly enough this counts as a payment to your old company, but not your new company. So you just get to take a break from making payments until your banks figure out your new loan. The time between payments varies from company to company, however you should almost always have time between when you would have made your payment and when you have to make your payment with your new company.
There is no drawback to this except for now it will take a days longer to pay off your loan, but no extra money comes out of your pocket. The skipped payment happens everytime you refinance your loan. So these banks are advertising completely honestly when they talk about skipped payments.
Be the first to rate this post
- Currently 0/5 Stars.
- 1
- 2
- 3
- 4
- 5
Posted by
rwalk |
Completing an auto refinance application is fast an easy. It usually just takes a few minutes to complete the online form.
2. I need to get my car appraised before I can refinance it
Contrary to refinancing your home, refinancing your automobile does not require an appraisal. You won’t have to worry about incurring appraisal expenses since lenders determine the value of your car by using Kelly Blue Book, NADA or a similar tool that provides vehicle values.
3. It costs a lot of money to refinance my car
Most lenders do not charge any application or closing fees for you to refinance your auto loan. Depending on your state, a title transfer and/or registration fee may apply, which usually ranges from $5 to $65. Most lenders pay the fee on the customer’s behalf, and simply add it to the final loan amount.
4. I’ve had credit problems in the past, so I won’t qualify
Lenders understand that things happen in life. Having gone through some tough times in the past does not mean you can’t be approved. Even applicants with previous Chapter 7 or Chapter 13 bankruptcies can be approved, as long as the bankruptcies are discharged. The only way to find out if you qualify is to apply.
5. I will not be approved because I am self-employed
Even if you are self-employed you can be approved to refinance your vehicle. Just like any other applicant, it is important that your income is verifiable. For self-employed applicants, this usually means providing an IRS form that allows your lender to request transcripts of your last 2 tax returns.
Be the first to rate this post
- Currently 0/5 Stars.
- 1
- 2
- 3
- 4
- 5
Posted by
rwalk |
In today’s economic climate, saving money has become a priority for many people. The old saying "It's easier to save a buck than to make a buck" is especially true as the U.S. economy is climbing out of recession with record unemployment rates across the nation.
One often overlooked way people can save money on their car expenses is auto refinancing. Just like a mortgage refinance, the idea is to find a new lender to pay off your existing loan, and replace it with a loan at more favorable terms for you.
The top 3 reasons you may want to consider refinancing your auto loan are:
-
Reduce your monthly payments: When you refinance your car with a lender such as RoadLoans.com, you may be able to lower your car payment so that it better fits your monthly budget. This can allow you to better manage your monthly finances, and you can use the freed-up cash to pay down other debt, build your savings, or give yourself a treat.
-
Skip a payment: When you refinance your auto loan, you may be able to skip a payment and may not have to make a payment for up to 60 days! Since the first monthly payment on your new auto loan will be due up to 30 days after the closing date, and the closing date will be 0-30 days after the most recent due date of your existing loan, you may enjoy up to 60 days of "vacation" from your car payments.
-
It's an easy process: some people say refinancing your car is as easy as 1-2-3. You apply online, download and complete your loan package upon approval, and your new lender pays off your existing loan. No costly vehicle appraisals or certifications are required, and applying at a lender like RoadLoans is free and without any obligations !
Be the first to rate this post
- Currently 0/5 Stars.
- 1
- 2
- 3
- 4
- 5