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tods5eshoes · Wysłany: Nie 6:24, 13 Mar 2011 Temat postu: 7455

Auto Loan Refinance - Great Idea or Just Plain Crazy?
On the internet you will find hundreds of web sites dealing with auto loan refinance. Every site will tell you how easy it is to refinance your auto loan. But beware, lots of sites normally means there's lots of money to be made by the auto loan companies.
The benefits of refinancing are always set out very clearly. What of the disadvantages
Refinancing of any loan involves obtaining a new source of finance to pay off your existing loan. The same is true to refinance an auto loan. Under current US law the new loan must be from a different loan company.
There is a charge for early repayments do refinancing may not save you any money. So it is a good idea
The answer is that it can - in very specific cases. Refinancing offers you the chance to replace a high rate of interest with a lower rate. Typically, if you had a bad credit history when you took out the original loan you would have paid a high rate of history. If you have succeeded in improving your credit rating you may be able to obtain a much better rate of interest. So, if you have several years of payments still to make on the original loan you may be better off exchanging your loan via a refinance agreement.
Conversely, if your circumstances have deteriorated and you are finding it difficult to keep up repayments you may be able to enter into refinance deal to extend the life of the loan and reduce your monthly payments. Remember, while your monthly payments are reduced you will inevitably end up paying more in total and the value of your car is going to be reducing all the time.
So what are the drawbacks?
First and foremost - cost. Never lose sight that the objective of all loan companies is to make money. Pay very careful attention to all the costs attached to refinancing your loan. In particular, check that all early repayment charges are factored into your decision.
Secondly - refinance loans are only available in specific circumstances. At the time of writing the major conditions were that the value of your car must be higher than the loan and that the outstanding amount owed had to be $7, 500 or more. Both of these conditions tend to take refinance packages out of the reach of the less well off - the very people who might benefit most from refinancing.
To come out ahead on a refinance you need to have 4 years left on the loan and you need to be offered at least a 2% improvement on your current loan
Refinancing to lower repayments by extending the loan may be a fact of life for some. Life doesn't always run to course. Just remember that those lower repayments can hide the total amount you pay back in the longer term. Of course, you may not have a choice. Save hundreds of dollars on your next new auto. Auto leasing lets you drive a new car for less than you might think. For help and information on obtaining the auto loan or auto lease that is right for you visit our blog at http: //www. autoloan. jklblog. comTopics related articles：

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