refinancing your car loan FAQ

What does refinancing your car loan mean?

Aug 01, 2010 by unidentified | Posted in Credit

I'm sorry if this is a really dumb question, but earlier someone suggested I refinance my car loan, but I have no idea what that means. I looked it up online, and it said something about lowering your payment interest when you transfer to a new lender.

Refinancing an existing car loan is an easy process. A new lender pays off your old car loan, and the title is then transferred to that new lender. Your monthly payments are then made to your new lender.

People refinance to get a better

Pearls Before Swine | Aug 01, 2010

Refinancing an existing car loan is an easy process. A new lender pays off your old car loan, and the title is then transferred to that new lender. Your monthly payments are then made to your new lender.

People refinance to get a better
NoraCat | Aug 01, 2010

Solve an argument - refinancing car loan AFTER making really large payment?

Jan 19, 2008 by hbds | Posted in Personal Finance

If you're planning to refinance your car loan in a few months (at a MUCH lower interest rate) what is the logic in paying a large chunk of money NOW to the company that holds the high-interest loan at the moment?

Seriously, I'm missing

Modern car loans from reputable financial institutions should be made with simple interest - you pay a portion of your payment is interest and a portion is principal each month. That being said, EVERY DAY THAT YOU HAVE MONEY BORROWED AT A HIGHER INTEREST

jon b | Jan 20, 2008

As long as you are current on your loan, i would do as you say. once you are into the new loan pay it down if you want or better yet, just double up on your payment if the difference is enough
Dean C | Jan 19, 2008

how do you go about refinancing your car loan?

Jul 26, 2007 by kellie p | Posted in Buying & Selling


Go to your bank or credit union and see what rates they offer for your year, make, and model vehicle. They will also want to check the mileage on the car. Lenders have different criteria as far as how much they will lend as well as how far back they will

The Auto Evaluator™ | Jul 26, 2007

refinancing your car loan news

Buying a Car? Skip the Bank and Visit A Credit Union

18.05.12

Credit unions are notoriously one of the best places to land a great rate on an auto loan. Known for low rates and flexible terms, credit unions have been putting members in the driver’s seat for decades.

One distinguishing factor that separates credit unions from the rest is the revolving set of ongoing offers in addition to regular low rates, flexible terms and unbeatable service.

The Detroit Free Press recently talked to a local credit union executive who was stunned at the kind of abuse members will put up with from other financial institutions and lenders--just to obtain an auto loan.

Hank Hubbard, president and CEO of Communicating Arts Credit Union ($24 million, Detroit, MI) said that his lenders met with one member who was paying 20.95% on a loan she obtained elsewhere. His credit union was able to qualify her for a 3.5% auto loan rate under its refinancing program. Another member was stuck in a car loan at a financially smothering rate of 25%, which the credit union reduced to 11%.


Source: Credit Unions Online