Recent drop in interest rates - can I refinance my auto loan?
Given the recent drop in interest rates, I'd like to look into refinancing my auto loan. I have a 2004 F-150 and I'm sure I own more on the truck than it's worth....will I be able to refinance with a better new rate?
- acermillLv 71 decade agoFavorite Answer
You won't get a refinance for anything more than the current value of the truck. You COULD refinance if you could come up with the difference between what is owed and the value of the truck, getting a new loan only for the truck's value.
- comasLv 44 years ago
in case you get the money out of your financial corporation you're nevertheless financing the vehicle, in basic terms now with the aid of them. however the great question is why is you interest fee so intense? and what's "truly intense" is it 20% or is it 8-9% human beings have a concept that each and each motor vehicle can get 0% (no longer asserting you) yet there are people who belive they are able to get 0% on any motor vehicle. listed right here are some stable concepts. a million in case you have become the money on a house fairness own loan and its below the fee you're paying now. 2. in case you're refinancing against the vehicle and the fee is under you're paying now. 3. dont pay your individual loan off now, you would be paying off a depriciating asset.(funds from a reductions or any form of account that earns interest) easily cost greater in the long-term than any interest fee. until now you do any of the above see what your financial corporation is offering and likewise see the term i.e. 36 months verses regardless of you term is now. and see in the event that they are able to triumph over it. in the event that they beat it by using .50 or under its nevertheless no longer worth it. i'm hoping that helped and stable success. I ought to upload this, first you dont want a 720+ credit to refinance a motor vehicle, you're able to be between 620 and up and so some distance as utilizing an fairness own loan out of your place, its a stable thought as long as you financing a minimum of $ten thousand.00 by using fact then you truly can wright off you interest and acctually pay your self lower back the interest(see an accountant for the important factors on that) and that i wouldnt positioned too plenty credit on somebody with little or no adventure in the sector of motor vehicle loans. lower back stable success.
- Anonymous7 years ago
Here you can get rates: http://www.credit-and-finance.com/ , remember to compare before.
RE:Recent drop in interest rates - can I refinance my auto loan?
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- Anonymous7 years ago
I recommend you to check this site that can solve your doubts FINANCE-SOLUTIONS.INFO
- 1 decade ago
call your lendor and ask them.