Comments on: Refinance Car Loan: Get Rid of the Hassles of Car Payment http://www.refinancefaqs.com/refinance-car-loan-get-rid-of-the-hassles-of-car-payment.html Help to answers about refinance FAQs and will solve your finance problem Mon, 06 Sep 2010 00:05:29 +0800 http://wordpress.org/?v=2.9.2 hourly 1 By: lrsimmons89128 http://www.refinancefaqs.com/refinance-car-loan-get-rid-of-the-hassles-of-car-payment.html/comment-page-1#comment-5087 lrsimmons89128 Sun, 12 Apr 2009 05:19:54 +0000 http://www.refinancefaqs.com/refinance-car-loan-get-rid-of-the-hassles-of-car-payment.html#comment-5087 If when you got divorce you both decided that the car was yours then see if you have that somewhere in writing, if so then no she can't make you. Who was first on the loan, you or her? I know when my mom cosigned for me she was first on the loan and I was second meaning the car was her property but that I was allowed to drive it and make the payments on it. I would advise you to talk to your lawyer asap. If when you got divorce you both decided that the car was yours then see if you have that somewhere in writing, if so then no she can't make you. Who was first on the loan, you or her? I know when my mom cosigned for me she was first on the loan and I was second meaning the car was her property but that I was allowed to drive it and make the payments on it. I would advise you to talk to your lawyer asap.

]]> By: hbds http://www.refinancefaqs.com/refinance-car-loan-get-rid-of-the-hassles-of-car-payment.html/comment-page-1#comment-5086 hbds Sun, 12 Apr 2009 01:52:51 +0000 http://www.refinancefaqs.com/refinance-car-loan-get-rid-of-the-hassles-of-car-payment.html#comment-5086 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 RATE, IT IS COSTING YOU MORE INTEREST. Make the large payment on the higher interest loan now and next month you will be paying more toward principal, and the month after that you will be paying more toward principal. Now when it's time to re-finance, you don't have to take out as large of a loan, which in most cases reduces your loan origination fees and taxes that are often charged, and you continue that smaller loan at a smaller interest rate. 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 RATE, IT IS COSTING YOU MORE INTEREST. Make the large payment on the higher interest loan now and next month you will be paying more toward principal, and the month after that you will be paying more toward principal.

Now when it's time to re-finance, you don't have to take out as large of a loan, which in most cases reduces your loan origination fees and taxes that are often charged, and you continue that smaller loan at a smaller interest rate.

]]> By: tolbunt5 http://www.refinancefaqs.com/refinance-car-loan-get-rid-of-the-hassles-of-car-payment.html/comment-page-1#comment-5088 tolbunt5 Sat, 11 Apr 2009 13:10:19 +0000 http://www.refinancefaqs.com/refinance-car-loan-get-rid-of-the-hassles-of-car-payment.html#comment-5088 I did it with my car loan. I just went to a lender that I knew did car loans and they pulled up the value of my car using kelly blue book and then they told me sure!! They gave me a lower rate and a lower payment. Although, I did have to do some shopping for the right payment it was all worth it in the end :) I did it with my car loan. I just went to a lender that I knew did car loans and they pulled up the value of my car using kelly blue book and then they told me sure!! They gave me a lower rate and a lower payment. Although, I did have to do some shopping for the right payment it was all worth it in the end :)

]]> By: General Msq http://www.refinancefaqs.com/refinance-car-loan-get-rid-of-the-hassles-of-car-payment.html/comment-page-1#comment-5084 General Msq Sat, 11 Apr 2009 12:45:26 +0000 http://www.refinancefaqs.com/refinance-car-loan-get-rid-of-the-hassles-of-car-payment.html#comment-5084 A refinance is nothing more than getting a new loan to pay off your old loan. Depending on your circumstances, you may or may not be able to refinance -- and it may or may not lower your payments. Here's more about it: http://www.leaseguide.com/Articles/auto-loan-refinance.htm A refinance is nothing more than getting a new loan to pay off your old loan. Depending on your circumstances, you may or may not be able to refinance — and it may or may not lower your payments. Here's more about it:
http://www.leaseguide.com/Articles/auto-loan-refinance.htm

]]> By: bill c http://www.refinancefaqs.com/refinance-car-loan-get-rid-of-the-hassles-of-car-payment.html/comment-page-1#comment-5083 bill c Sat, 11 Apr 2009 08:54:09 +0000 http://www.refinancefaqs.com/refinance-car-loan-get-rid-of-the-hassles-of-car-payment.html#comment-5083 You have to ask what is the payoff of your car as of today. It is usually a simple interest loan. Then you can ask for Pay-off for the car and hope it sells. Take over payments is a take it over thing and also says you cant afford it and that would mean you have taken pour care of the care maintenance because you have a hard time making payments. So it will be hard to sell . You would be better of keeping it and paying the car off. You see, if I am looking for a car , 2 cars I would never buy. 1. Take over payments. Why? Because the owner cannot afford the car. Oils changes are missed Tors are worn, belts may need changing ,etc 2. Repo. for the same reasons and more. IE it may not have even been washed, stains, dents. I mean no offense. Just giving you some facts of car buying. Hope that helps. You have to ask what is the payoff of your car as of today. It is usually a simple interest loan. Then you can ask for Pay-off for the car and hope it sells. Take over payments is a take it over thing and also says you cant afford it and that would mean you have taken pour care of the care maintenance because you have a hard time making payments. So it will be hard to sell . You would be better of keeping it and paying the car off.
You see, if I am looking for a car , 2 cars I would never buy.
1. Take over payments. Why? Because the owner cannot afford the car. Oils changes are missed Tors are worn, belts may need changing ,etc
2. Repo. for the same reasons and more. IE it may not have even been washed, stains, dents.
I mean no offense.
Just giving you some facts of car buying.
Hope that helps.

]]> By: Debbie V http://www.refinancefaqs.com/refinance-car-loan-get-rid-of-the-hassles-of-car-payment.html/comment-page-1#comment-5085 Debbie V Fri, 10 Apr 2009 03:32:05 +0000 http://www.refinancefaqs.com/refinance-car-loan-get-rid-of-the-hassles-of-car-payment.html#comment-5085 yes, you can refinance. But it is not in your best interest. Right now you have a 7.9% rate. That is pretty decent. If you refinance, you will not lower hte rate. In fact, the rate will go up. Because you are looking for a USED car loan now. On a vehicle that is about to be 4 yrs old. So, a higher rate. The only way to lower the payment then, is to go longer term. You have been paying 2 yrs. Do you want to keep paying 4-5-6 more years? How much money DO you want to spend on this depreciating piece of property? After 24 x 570 = $13,680. Then you want to make longer payments on 22k more. The rate will be higher, there is no disputing that. So lets say you get a 9.5% rate on 60 months (you have to go 60 to see any appreciable difference in payment) 60 x 462 = 27,720. You will have been paying for SEVEN years You will have paid a total of $41,400 In seven years that car will be worth about $3000 (educated guess). You will have pushed over $38,000 into a hole. If you keep paying on the current note, you will save interest. You will save your money. And you will be out from under the car faster. If you stretch this term out, be prepared to drive this car until 2013. It will take you that long to be in a position to get out from under it. Think it over yes, you can refinance. But it is not in your best interest. Right now you have a 7.9% rate. That is pretty decent. If you refinance, you will not lower hte rate. In fact, the rate will go up. Because you are looking for a USED car loan now. On a vehicle that is about to be 4 yrs old. So, a higher rate. The only way to lower the payment then, is to go longer term. You have been paying 2 yrs. Do you want to keep paying 4-5-6 more years? How much money DO you want to spend on this depreciating piece of property?

After 24 x 570 = $13,680. Then you want to make longer payments on 22k more. The rate will be higher, there is no disputing that. So lets say you get a 9.5% rate on 60 months (you have to go 60 to see any appreciable difference in payment) 60 x 462 = 27,720.

You will have been paying for SEVEN years
You will have paid a total of $41,400
In seven years that car will be worth about $3000 (educated guess).

You will have pushed over $38,000 into a hole.

If you keep paying on the current note, you will save interest. You will save your money. And you will be out from under the car faster. If you stretch this term out, be prepared to drive this car until 2013. It will take you that long to be in a position to get out from under it.

Think it over

]]> By: Sean T http://www.refinancefaqs.com/refinance-car-loan-get-rid-of-the-hassles-of-car-payment.html/comment-page-1#comment-5081 Sean T Thu, 09 Apr 2009 18:05:36 +0000 http://www.refinancefaqs.com/refinance-car-loan-get-rid-of-the-hassles-of-car-payment.html#comment-5081 You can't refinance into someone else's name. You are going to have to buy the car from him, meaning you will need a new car loan altogether. When looking for a new car loan, visit some local credit unions and never accept over 15% interest, even with the worst credit. Just trust me on that. Good luck! You can't refinance into someone else's name. You are going to have to buy the car from him, meaning you will need a new car loan altogether.

When looking for a new car loan, visit some local credit unions and never accept over 15% interest, even with the worst credit. Just trust me on that.

Good luck!

]]> By: samsonderman http://www.refinancefaqs.com/refinance-car-loan-get-rid-of-the-hassles-of-car-payment.html/comment-page-1#comment-5082 samsonderman Thu, 09 Apr 2009 16:45:34 +0000 http://www.refinancefaqs.com/refinance-car-loan-get-rid-of-the-hassles-of-car-payment.html#comment-5082 At a 166% LTV (loan to value) you are going to be very hard pressed to find a lender who will refinance for you. Most will go 150% max, which means you would have to get your loan down to $13,500 to even start to qualify. Your best bet is to start paying it down. Look at your expenses every month and start cutting stuff out. Pay a little more every month to get the balance down and then in a year or so, depending on your credit and age of the car, you can try again when you owe less than 1.5 times the value of the car. Best of luck At a 166% LTV (loan to value) you are going to be very hard pressed to find a lender who will refinance for you. Most will go 150% max, which means you would have to get your loan down to $13,500 to even start to qualify.

Your best bet is to start paying it down. Look at your expenses every month and start cutting stuff out. Pay a little more every month to get the balance down and then in a year or so, depending on your credit and age of the car, you can try again when you owe less than 1.5 times the value of the car.

Best of luck

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