Expert Advice for Auto Refinance

All Questions on Auto Refinance

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
What does refinancing a car mean?
"I purchased a car about a year ago. Because of my poor credit, my interest rate was 9.75%. I was told to refinance my vehicle, but I'm not sure what this entails. What does refinancing a car mean?"
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Eric Schad
Jun 17, 2021
Should I refinance my Honda Accord or trade it in and buy a new one?
"I love my Honda Accord, but when I bought it last year, my interest rate was 10.99%. Now I've found 7.24% interest rates. Also, the dealership called asking if I want to trade my Accord in for a new one. Which is the better option?"
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Eric Schad
Jun 17, 2021
How soon can I refinance my 2021 Ford Bronco?
"I just purchased a new 2021 Ford Bronco SUV, but I accepted the first financing offer that came my way. Then I found numerous banks that offer better rates. How soon can I refinance my car?"
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Eric Schad
Jun 17, 2021
Should I refinance my car and undergo debt consolidation?
"I want to consolidate some of my credit card debt and lower my interest rate. Is debt consolidation and car refinancing the way to go?"
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Eric Schad
Jun 17, 2021
Can you increase the amount of your loan after the funds have been disbursed?
"I just got a great price on a vehicle and bought it for less than its Blue Book value. I already got the check and gave it to the seller for the asking price. A few days later, I decided that because my car is worth more and I got it on a discount, I can probably have more money to make some upgrades. Can I ask for an increase of the loan amount after the funds have been disbursed?"
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Eric Schad
Jun 15, 2021
How can I get out of a car loan with a terrible lender without hurting my credit score or paying the balance?
"I bought a car from a shady car dealer and took out a loan at a high interest rate. Now I'm finding little fees here and there on top of my already expensive loan. How can I get out of the loan without hurting my credit or paying the balance of the loan?"
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Eric Schad
Jun 15, 2021
Can I take my Audi A6 back to the dealer if I found a better interest rate?
"Despite my 800 credit score, the dealer offered me a 60-month car loan on my Audi A6 at 6.49%. This seemed high, so I shopped around and found a 3.25% rate. Can I take the car back to the dealer?"
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Eric Schad
Jun 10, 2021
Can I refinance my Ford F-150 auto loan after only a few months?
"I have a Ford F-150 with a $13,000 balance on the loan at 9.24% interest. I got this loan about three months ago, but my credit has increased after paying off other debt. Can I refinance this loan, or do I have to wait?"
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Eric Schad
Jun 07, 2021
Should I refinance my Nissan 370Z to cut my interest rate and pay off the balance sooner?
"My annual salary is about $80,000, and I have a $20,000 car loan with a 6.74% interest rate. Refinancing this loan will cut my rate down to 3.99%. I plan to pay off the loan within eight months. Is refinancing my Nissan 370Z worth it?"
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Eric Schad
Jun 07, 2021
Should I refinance my Chevy Malibu if I can cut the interest rate from 7% to 3.5%?
"I currently finance a Chevy Malibu for 7% with a $12,000 balance on the loan. Since getting the loan, my credit score has drastically increased. Should I refinance my car loan if I can cut my interest rate in half over the next 48 months?"
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Eric Schad
Jun 07, 2021
Should I put more money toward the principal to pay off my $9,000 upside-down loan faster?
"I have a car that's $9,000 upside-down because of the 17% interest rate. I was thinking of refinancing, as my credit score is now 750, but I doubt any lenders will take this loan. Should I just put more money to the principal?"
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Eric Schad
Jun 07, 2021
How many payments should I make on a car loan before I refinance?
I was pressured into a 12%, 60-month loan at a car dealership. A week later, it dawned on me how that rate is way too high for a person with a 750 credit score. How many payments can I make before I refinance?
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Eric Schad
Jun 03, 2021
Can I refinance a Honda Accord if my credit score has gone up 100 points since my first loan?
"I got a car loan for a Honda Accord when my credit score was 595. The rate was 14%. A year later, I've raised my credit score to 702. Can I refinance now, and will I get a better rate?"
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Eric Schad
Jun 03, 2021
Should I refinance if I have a credit score of 650 and a current auto loan rate of 7.29% over 60 months?
I currently have a credit score of 650 and a 7.29% interest rate on a 60-month loan that I've already paid for a year. Should I refinance?
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Eric Schad
Jun 03, 2021
If my bank approves me for a cash-out refinance, what should I do with the extra money?
"I just got approved for refinancing on my car loan, but the loan officer told me I'm eligible for a cash-out refinance. I'm not sure if I should take this offer. If I do, what should I do with the extra money?"
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Eric Schad
Jun 03, 2021
How can I qualify for a lower car loan rate around 2%?
"I just got a car loan with an interest rate of 4.19% for 60 months on $15,000. However, many people I know with similar income and credit scores have rates around 2%. I want to get this lower rate, and I currently have a credit score of 660."
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Eric Schad
Jun 02, 2021
Can I refinance a leased vehicle that's under my father's name?
"My father got me a lease on a car when I had zero credit about three years ago. Since then, I've built up a 780 credit score and have about $15,000 stashed away in savings. I want to get this car out of my father's name. Can I refinance a leased vehicle?"
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Eric Schad
Jun 02, 2021

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