heather_ernst08 asked:
I don’t know if its possible to refinance my husbands auto loan if his auto loan has an attached loan. He recently needed a loan and the only way they offered him a loan was to refinance his auto loan and it left him with a high interest and such so is that still possible for refinancing? And if it was just refinanced for the additional loan just back in may is it possible to refinance in july for lower interest rate or is refinancing to close together bad? And if the bank that has the loan right now if they have lost the bill of sale and owner documentation does that make it impossible for me to refinance the car? thanks.
Sara
I don’t know if its possible to refinance my husbands auto loan if his auto loan has an attached loan. He recently needed a loan and the only way they offered him a loan was to refinance his auto loan and it left him with a high interest and such so is that still possible for refinancing? And if it was just refinanced for the additional loan just back in may is it possible to refinance in july for lower interest rate or is refinancing to close together bad? And if the bank that has the loan right now if they have lost the bill of sale and owner documentation does that make it impossible for me to refinance the car? thanks.
Sara
June
You don’t have to worry about the bank losing the pink slip for the car. DMV records can be accessed to get the proper papers.
Are you going to ask for more money on this new loan ?
You can go to any intstituion and refi, you don’t have to go to the same bank.
You just have to know what the pay off amount is and if the new bank will give you enough to pay off the old loan at a lower interest rate.
Do you qualify for an Line of Credit LOC on your home or qualify for a Home Equity Line of Credit HELOC. These rates are usually lower than an Auto loan. Better collateral.
The time between pay off is of little significance. Its good to wait a month or 2 to get the loan established and the accounting in order. Paying off a loan early can help your credit score. Your income to debt ratio determines your credit score. Its just a measure of your ability to borrow money. Which determines the rates you pay.
Credit Unions are usually good places to get car loans.
Good luck. Becoming financially educated pays off in the long run.
Comment by David H — June 10, 2010 @ 2:56 pm
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Comment by layaway agent — June 12, 2010 @ 6:58 pm