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Refinance of Auto Loams Questions
Posted on 8/21/17 at 11:50 am
Posted on 8/21/17 at 11:50 am
Some questions I have, sorry if they stupid or ignorant, but needed to ask.
1. How long do people wait to refinance?
2. Benefits and drawbacks from refinancing?
3. Does it help or hurt score?
4. National Bank, Local Credit Union, or what type of institution would be best to start the process, if worth or available?
1. How long do people wait to refinance?
2. Benefits and drawbacks from refinancing?
3. Does it help or hurt score?
4. National Bank, Local Credit Union, or what type of institution would be best to start the process, if worth or available?
3
Posted on 8/21/17 at 12:22 pm to sms151t
1. Not a set time. Ideally you would never refinance
2. Benefits - potentially lower payment. Drawbacks - you will have payments for a longer period.
3. It will hurt your score.
4. I would start with a credit union but at the end of the day shop around until you find the best rate.
The best course of action is usually just paying it off under the current loan.
2. Benefits - potentially lower payment. Drawbacks - you will have payments for a longer period.
3. It will hurt your score.
4. I would start with a credit union but at the end of the day shop around until you find the best rate.
The best course of action is usually just paying it off under the current loan.
Posted on 8/21/17 at 9:30 pm to sms151t
I’ll tell you our situation we did it under.
We have a 2013 Ford Explorer. After two 3 years we owed 16k on it.
Our local credit union valued it at 28k. We refinanced for the 28k at a 2.25 interest rate and paid off a student loan that had a little over 10k left on it. That student loan I believe was at 6.99%.
So essentially did it just to pay off our other debt that was a higher interest rate.
Smart thing to do for everyone? Honestly I don’t know. But for us it was. Loan and car before was about 800 a months. Now we just have the car and it’s 540 a month.
We have a 2013 Ford Explorer. After two 3 years we owed 16k on it.
Our local credit union valued it at 28k. We refinanced for the 28k at a 2.25 interest rate and paid off a student loan that had a little over 10k left on it. That student loan I believe was at 6.99%.
So essentially did it just to pay off our other debt that was a higher interest rate.
Smart thing to do for everyone? Honestly I don’t know. But for us it was. Loan and car before was about 800 a months. Now we just have the car and it’s 540 a month.
Posted on 8/22/17 at 2:13 pm to sms151t
Are you asking about refinancing after buying a car from a dealer because the dealer rate was too high?
I did this recently and refinanced before my first payment was due. I don't think it impacted my credit score other than an extra "hit" for credit check.
I did this recently and refinanced before my first payment was due. I don't think it impacted my credit score other than an extra "hit" for credit check.
Posted on 8/23/17 at 10:30 am to seawolf06
Yes wanting to see if I can lower my interest rate on the vehicle. I have made payments for 6 months on it, just seeing if a cheaper payment would be available. I am being cheap and wanting to be a penny pincher, but to me money saved on interest is money I can use elsewhere.
Posted on 8/24/17 at 10:25 am to sms151t
Try Pentagon Federal and Lightstream.
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