Expert Advice for Auto Refinance

All Questions on Auto Refinance

How can you pay off your car in one year?
What’s the best way to pay off a car in one year? I recently bought a car. I was able to get a 36-month loan, but I want to pay it off before my daughter goes to medical school next year since I'll be operating on a pretty tight budget. Plus, I'd like to avoid as much interest as possible.
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Liz Jenson
Sep 23, 2021
Do you need good credit to refinance a car loan?
My credit isn't great, but I'm having trouble keeping up with my monthly car loan payments. Is it a bad idea to refinance my loan while my credit is bad?
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Liz Jenson
Sep 23, 2021
When can I refinance a car loan?
I'm hoping to refinance my car loan to get a better deal. When should I do that?
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Liz Jenson
Sep 21, 2021
Do I actually need to wait nine months to refinance a vehicle?
I got a rebate on my new Chevy Malibu for $1,500. The only stipulation was that I have to get financing and wait nine months for refinancing. Does this sound right? Do I actually have to wait to refinance?
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Eric Schad
Aug 12, 2021
Are there any drawbacks to refinancing after I get dealer incentives from a car loan?
The salesperson at the dealership is willing to knock $2,000 off the price of a Honda Accord if I finance through them. She told me that I can refinance after four months. Are there any drawbacks to getting these incentives on a car loan and then refinancing?
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Eric Schad
Aug 10, 2021
What is an upside-down car loan?
My first car is finally sputtering out of existence, so I'm starting to look into getting a car loan to buy a new one. I keep hearing that I need to avoid getting into an upside-down car loan but haven't seen anyone actually define this term. What kind of loan is this, and how do I avoid it?
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Eric Schad
Aug 20, 2021
Should I use a credit card to pay off a car loan?
I'm wondering if I can save money by moving my car loan debt to my credit card.
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Eric Schad
Aug 05, 2021
What is a Tier 1 credit score?
What is a Tier 1 credit score? I'm shopping for a car loan and I'm consistently seeing that the best rates are available for *Tier 1* credit scores.
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Eric Schad
Jul 13, 2021
How does car refinancing work?
How does the car refinancing process work? I have a car that I bought three years ago when I had poor credit. Now that my credit score is much higher, I want to refinance my vehicle.
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Eric Schad
Jul 13, 2021
Does Capital One offer car loan refinancing?
Does Capital One offer refinancing for car loans? I want to refinance my car and several of my friends suggested Capital One for car loans. I know they do car loans, but I wasn't sure if they refinance.
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Eric Schad
Jul 13, 2021
Is it possible to lower your monthly car payment without refinancing?
Is there any way to lower your monthly payment without refinancing? I want to refinance my car to get a lower monthly rate. However, I'm also shopping for a home soon. I'm worried that the refinance will lower my credit score.
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Eric Schad
Jul 13, 2021
What credit score do I need to refinance through Capital One?
What credit score do I need to refinance with Capital One? I've been getting promotional emails through Capital One about car refinancing. The rates seem great. That said, my credit score isn't high and I'm worried I'll be denied for financing.
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Eric Schad
Jul 13, 2021
Can I do an auto refinance through the same lender?
Can I refinance with the same lender? I want to refinance my auto loan because rates are so low.
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Eric Schad
Jul 13, 2021
Will refinancing my car start my loan over?
Does refinancing your car loan cause the loan to start over? I have a car loan that I've paid on for 27 months, but the interest rate is 18%. I've built my credit score to 753 during that time and my friend told me I should definitely refinance the loan. However, I have my reservations because I don't want to start from scratch.
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Eric Schad
Jul 13, 2021
How soon can I refinance a car loan after buying a car?
Can I just refinance the car a week after buying it and get both the incentives and the lower rate? The dealership is offering some incentives to finance through them that are too good to pass up. However, I am approved for a much lower rate with my credit union.
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Johnny Puckett
Jul 07, 2021
Can I use dealer financing to get the special price and then refinance for a lower interest rate?
"Is it possible to use their financing to get that special purchase price and then refinance with my bank to get the lower interest rate? I am pre-approved for a low-interest car loan but the dealership said they could knock some money off the purchase price of the car if I use their financing."
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Johnny Puckett
Jul 07, 2021
Will my credit score drop if I refinance my car?
"Will refinancing my car hurt my credit? I financed my car 2 years ago with a fairly high interest rate car loan. My credit score has significantly increased and I think I would now qualify for a much better rate."
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Johnny Puckett
Jun 25, 2021
What should I do if I can't afford the car note on my Chevy Colorado any more?
"I was living rent-free when I purchased my Chevy Colorado. The monthly payment is currently $265. Now I only have about $50 a month for the car payment. What should I do if I can't afford the payments?"
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Eric Schad
Jun 18, 2021
Can I get a loan to upgrade my Jeep Wrangler?
"I want to upgrade my Jeep Wrangler with off-roading equipment but don't have the cash. I'm considering taking out a loan or adding the additional amount to my car loan. Will lenders provide loans for upgrades to your car?"
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Eric Schad
Jun 18, 2021
Is it a smart move to refinance a used Kia Optima?
"I'm thinking about refinancing my Kia Optima. With the $200 application fee, closing costs, and only a 1% interest-rate drop (from 5% to 4%) over 24 months (with a $8,000 balance), it doesn't seem worth it. Is a refinance a great idea?"
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Eric Schad
Jun 18, 2021
Can I trade-in a Jetta for a cheaper car to the dealership if I can't afford the payments?
"I purchased a Volkswagen Jetta for $17,000 two months ago. Now, I can't afford to make payments. Can I trade this car back in and getting something cheaper?"
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Eric Schad
Jun 17, 2021
What happens if you take your Acura ILX back to the dealership six months after buying it?
"I bought an Acura ILX six months ago. The payments are now stretching my budget far too thin. Can I take the car back to the dealer? What happens if I do?"
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Eric Schad
Jun 17, 2021
Should you pay off credit cards or a car loan first?
"My car loan has a 7.25% interest rate and a $15,000 balance. I also have about $12,000 in credit card debt with varying interest rates, but all are 14% or higher. Should I pay off the car loan or the credit cards first?"
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Eric Schad
Jun 17, 2021
Is 18% interest too much on a new Lexus IS?
"I'm financing a new Lexus IS, and the best rate I can find is 18%. My credit score isn't terrible, but I have limited credit history. Is 18% too high for a car loan?"
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Eric Schad
Jun 17, 2021
Should I refinance my vehicle if lenders require me to extend the loan to 60 months?
"I got a 60-month loan with a 22.9% interest rate because of poor credit. I only have 24 months left on it. A local bank has now offered me a 5.99% rate if I extend the loan to 60 months. Should I still refinance my vehicle?"
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Eric Schad
Jun 17, 2021
Should I get a car loan through by Audi dealer and then refinance in a few months?
"I want to buy a Audi Q3 through the dealer, but the interest rate is 9.49%. The salesperson said I can refinance in six months to get a better rate. Should I get this car loan and then refinance later?"
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Eric Schad
Jun 17, 2021
Is it a good idea to refinance a car after you get married?
"My fiancée currently has a car loan, but the interest rate is around 15%. I was thinking that after we get married, we should refinance the loan with both of our names on it. Is this a smart move?"
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Eric Schad
Jun 17, 2021
How can I join a credit union to refinance my car?
"My current car loan rate is 9.99%, and I think I can find a lower rate from a credit union. I know you have to meet certain requirements to join one. How can I join a credit union to refinance my car?"
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Eric Schad
Jun 17, 2021
What are auto refinance pros and cons?
"I was thinking about refinancing my car, but, before I do, I want to weigh the benefits against the disadvantages. What are auto refinance pros and cons?"
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Eric Schad
Jun 17, 2021
What are the top companies for auto refinancing?
"My credit score was 550 when I bought my car. Now it's 750, so I want to refinance the loan to get a lower interest rate. What are the best companies for an auto refinance?"
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Eric Schad
Jun 17, 2021

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