Hi! A year ago when I purchased a new vehicle I put my fiance on the loan as a co-borrower to help out her credit. I am now in the process of refinancing, but she currently has no income, so she would make the rate higher now, so I am leaving her off of the new loan. The question is…… will the payoff to the current bank show on her credit report as a payoff and look as though the car was simply paid for and not refinanced? Not sure how that would look on the credit report or affect her score… any info is appreciated!
My sister has a mortage for ,000.00 loan for which she was paying a fixed 7.11% for two years. She was just notified that the new adjustable rate will be 8.63% adjust. (approx. 100.00/month more!). My question is: Should she refinance so that she doesn’t pay 100./mo. more? And if it is a good idea to refinance, please explain what the pros and cons of refinancing are, and what she should be looking for. I believe the value of the property is supposed to be 0,000.00 now.
(please tell me what details you might need to better assess the situation so that you can provide resolution options)
Thanks, in advance – She will need to make a decision within the next three or four days – PLEASE HELP!!!!
Also, this I enter this in the correct Yahoo Answers category? (credit)
Thanks for the answers so far. Can you also be more specific as to "what her goal should be?" It it reasonable to request/look for another 7.11 fixed? Also, any negative side to refinancing?
LTV=79K/110
cred.score=low (560)
income=2652/mo (31,824/yr)
(thx!)
I currently have an auto loan with Bank of America. I am paying 9.7% APR. I’m considering refinancing just to get my interest rate lower.
In fall 05, I started it w/ a loan balance of ~K. In 1.5yrs, I’ve paid down the loan to a little under K. Currently the car has a trade-in value of ~,500 and a retail resale value of ~K(I looked this up on Kelly Blue Book’s website). So I know that I’m not upside-down on my loan.
Do I have a good chance of refinancing? My credit is solid, but the only thing that I’m afraid might hinder me is the credit card balances that I currently have(although I’ve been paying them on time).
More importantly–Is there a chance Bank of America might be able to refinance my car loan for a lower rate? If they do this, is it possible for the loan acct.# to stay the same?(since it’s within the same bank) Do banks sometimes refinance car loans that they already manage? And if I tried to refi with Bank of America, would it create a hard inquiry?
I asked about it at my credit union and I’d say it’s a no-no. The credit union said they only determine int. rates based on what tier my credit score falls in, so my good loan-to-value ratio, length of loan, etc won’t help me. They also said that I’d only qualify for a "used car" loan, and the rates are higher for those. But I will definitely try Bank of America…except I called 2X today and got disconnected each time after waiting a while. >:( Anyone have any specific car loan experience dealing with Bank of America?
If I look under "personal loans" on their website, I see they offer auto financing. But what about REfinancing, or does this count as the same thing?
If not, can you recommend any reputable companies through which I can refinance my car?
Thanks!
I need to refinance my car. I know it’s hard right now with the recession. A lot of companies are not approving anyone. Can anyone recommend any good banks or auto loan companies right now that are offering refinancing?
