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Refinance car loan – Community First Credit Union #current #auto #loan #rates

#refinance car loan

Refinance car loan – Community First Credit Union

Thinking of switching your car loan?

    You want a loan with greater flexibility such a s the ability to make extra repayments and access available redraw.

The fees you need to be aware of when refinancing your car loan include switching fees such as early loan repayment fees on your existing loan and application fees on the new loan. Different lenders charge different fees so you should check with individual financial institutions as to what fees and charges apply. Note that not all car loans have early repayment penalties.

You of course need to assess what your needs are to determine which loan is right for you. Following are some things for you to take in to consideration:

If the reason you are refinancing is because you are looking to save money on interest, then look for a loan with a low interest rate. You can even secure lower interest rates depending on the age and green star rating of your car. You should also take in to account loan account keeping fees. While small, these fees are usually compounded on to the loan so end up costing you more than what you think over the life of the loan.

If you are trying to pay off your debt as quickly as possible, you will need to look for a loan not only with a low rate, but one that enables you to make unlimited additional repayments at no extra cost.

If the features of your loan are important to you because you want flexibility, look for loans that allow you to access redraw in case you need it. Whether you pay your loan off quickly or according to the minimum repayments, you may want the security of knowing you won t be penalised either way. Loans that offer no penalties for making extra repayments will give you this peace of mind.

Secured car loans usually offer a lower interest rate than unsecured car loans. If your car is less than 3 years old, you could consider switching from an unsecured loan to a secured loan to enjoy some further savings. Many loans for newer cars also come with fixed interest options so you can enjoy the peace of mind of having the same low rate for the life of the loan, without your regular repayments changing.

How long do you plan on keeping your car before you sell it?

If you re looking for a loan with a balloon/residual payment at the end in order to lower your regular repayments you need to factor in how long you plan on keeping the car and whether or not you will have the money to pay the residual when it falls due.

If you plan on selling the car before the residual is due, consider what the car s market value will be and whether or not it is likely that you will need to pay out any differences in order to sell it.

It s also important to understand how your car loan is structured. Some car dealerships offer low interest rates on new cars, however the interest is structured like a home loan where you pay back more interest first before paying off the principle. These are designed for people who plan on keeping their car longer than the loan term. If you planned on selling the car after year one or two, you may find that you haven t paid much off the principle, only the interest. Should you decide to sell the car, this could mean needing to pay the difference between what you owe and the market value at the time of the sale which could be significant. As you repay more of the interest early in the loan, it wouldn t make sense to refinance your loan later on as you ve already paid for a large chunk of the interest.

Is it worth it?

Once you have assessed the reasons why you d like to refinance your car loan, you should weigh up all the switching costs and how they impact on the benefits you expect to realise. For example, if you re refinancing to save money on interest, you could find that the switching costs erode a lot of the savings you expected to make. This however isn t always the case. The savings you can expect to make really depend on the cost and features of the loan you have and the loan you want to switch to.

What if I have a secured car loan?

The loan you have on your car is likely to be either a secured or unsecured loan. A secured car loan means that the vehicle is taken as security for the loan, so that in the event you are unable to meet your repayment requirements, the financial institution will repossess the car.

An unsecured loan means that the vehicle is not taken as security over the loan. Unlike a secured car loan, a REVS check on the car will not show that there is finance owing on the vehicle.

Why refinance your car loan to Community First?

Community First car loans represent excellent value. All of our car loans are free of monthly account keeping fees and early repayment penalties.

Refinance Car Loan Tips and Tricks #best #loans #for #bad #credit

#refinance auto loan

Refinance Car Loan Tips and Tricks

A refinance car loan is an effective way of saving money. A lot of people pay high interest rates on their car loans and overlook the benefits of auto refinancing. It helps you focus on repaying the principal of the loan rather than paying a lot of money on the interest. Even though refinancing your car loan is a straightforward process, you need do your homework and evaluate your credit score.

See what kind of interest rates you can get

Choose the Right Auto Loan Lender

Your first step in refinancing your car loan should be to find an auto loan lender who offers a low Annual Percentage Rate (APR). Research lenders and see what they have to offer. Consult your friends who have had an experience in auto refinancing. Ask them to the good and bad points about their auto lender company and be sure to ask them how much they lowered their car payment and how much they ultimately saved with auto loan refinance.

Since most refinancing companies have their own calculator, it is advisable to shop around and check which company provides the lowest interest rate. You can determine which company has a lower interest based on the monthly payment it estimates you need to pay. Check at least three different companies before settling on one.

Get started by finding your refinancing rates now

Run a Credit Check

Before you refinance your auto loan, it is best to run a credit check to determine your current credit standing. As with any financing application, you need to know whether you have a bad credit history, since this may determine the interest rate for the refinance auto loan. There are several accredited websites where you can check your credit report or history.

Do Not Apply for a Refinance Car Loan If Your Credit Score Is Below 600

If your credit score is not impressive, you will not gain maximum benefits from refinancing. Interest rates are determined by your credit score. If you have a good credit score, it is likely that you will get a lower interest rate. You should have a good credit history before you apply for refinancing. Consulting a credit repair company to improving your credit score will prove helpful. It is a myth that your credit score drops if you run your credit report online. It is common for auto dealers to use your ignorance about your credit history to charge you higher interest rates.

Consider Auto Loan Refinancing Even If the APR on Your Car Loan Is Low

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You are here

Replace your original mortgage and

improve your financial situation today!

Getting a new mortgage to replace the existing mortgage on a home you own is called refinancing. There may be compelling reasons to refinance your home mortgage:

Lower Your Rate and/or Monthly Payment

If interest rates have fallen since your last mortgage transaction, you may be able to lower your rate and monthly mortgage payment by refinancing.  You may also lower your monthly payment by stretching out your mortgage repayment over a longer term.  This is the most common type of refinance.

Convert an ARM to Fixed Rate Mortgage

If you are currently in an adjustable rate mortgage (ARM) you might want to consider switching to a fixed rate mortgage. Refinancing into a stable fixed rate mortgage eliminates the uncertainty of what your future interest rate and monthly payment might be.  Refinancing your ARM into a fixed rate mortgage can bring you peace of mind and lift a potentially increasing financial burden off your shoulders.

Take Cash Out

If you’ve built equity in your home, a cash-out refinance can provide you the cash you may need.  Use the extra money to take care of other financial goals, while still making progress towards owning your home.

Pay Your Mortgage Off Faster

Refinancing into a shorter term mortgage may provide you with a lower interest rate. The drawback is that your payment will be higher. However, if you have the money to spare, refinancing into a shorter term mortgage could save you a substantial amount of interest over the remaining term of the mortgage.

Eliminate Mortgage Insurance

If you were unable to make a down payment of at least 20% when you bought you house, you may be paying mortgage insurance. As the balance on your mortgage decreases, and the value of your home increases, borrowers should look at options for cancelling the MI payment on their mortgage loan.  Terms for early cancellation of mortgage insurance vary.  If you now have the 20% equity in your property, refinancing is one way to eliminate the mortgage insurance.

Refinance Calculator – Should I Refinance My Mortgage? #consolidating #student #loans

#bankrate auto loan calculator

Refinance calculator

Use this calculator to help determine whether you should refinance your mortgage. Estimate the amount of money a refinancing could save you by comparing the details of your current home loan with new rates, terms, and other factors. More.

More Calculators

Amortization Calculator

See what your loan will really cost

Refinance calculator help

“Should I refinance?” is a question we hear frequently from homeowners. Zillow’s mortgage refinance calculator helps you decide whether refinancing makes sense for your personal situation. Deciding when to refinance should be based on many factors but, generally, if our refinancing calculator shows you can lower your monthly mortgage payment and offset the costs of refinancing in a reasonable time frame, you should consider a refi.

Down payment This is the amount of money you will put towards a down payment on the house. Make sure you still have cash left over after the down payment to cover unexpected repairs or financial emergencies. Interest rate This is the interest rate for the loan you will receive. It is pre-filled with the current 30-yr fixed average rate on Zillow Mortgages. Property taxes The mortgage payment calculator includes estimated property taxes. The value represents an annual tax on homeowners’ property and the tax amount is based on the home’s value. Homeowners insurance Commonly known as hazard insurance, most lenders require insurance to provide damage protection for your home and personal property from a variety of events, including fire, lightning, burglary, vandalism, storms, explosions, and more. All homeowner’s insurance policies contain personal liability coverage, which protects against lawsuits involving injuries that occur on and off your property. Mortgage insurance (PMI) Mortgage insurance is required primarily for borrowers with a down payment of less than 20% of the home’s purchase price. It protects lenders against some or most of the losses that can occur when a borrower defaults on a mortgage loan. Also known as PMI (Private Mortgage Insurance). HOA dues Typically, owners of condos or townhomes are required to pay homeowners association dues (known as HOA fees), to cover common amenities or services within the property such as garbage collection, landscaping, snow removal, pool maintenance, and hazard insurance. Loan term This is the length of time you choose to pay off your loan (e.g. 30 years, 20 years, 15 years, etc.) Full report Click on the Full Report link to see a printable report that includes mortgage payment breakdowns, total payments, and a full mortgage payment amortization calculation (table and chart). Amortization table includes ability to view amortization by year or by month.

Mortgage Learning Center

Next Step: Shop Rates

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Quick Personal Loans Sydney #fha #loan #rates

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Quick Quick Loans #home #loan #interest #rate

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Quick Quick is your fast source of personal and payday loans. A large number of direct lenders is waiting for your application to enter the marketplace. There are no fees or hidden charges connected with using this website.

You will get your loan quickly with no question asked that s why this site is called QQ Loans. Relaibility, speed and low interest loans affordable for everyone.

When searching the Internet for a loan, whether it’s a personal, payday, car, home or consolidation loan, you should do your research on the company you want to deal with. It’s relatively easy to find all the information you need in order to make an educated decision. That way you will avoid problems that many people were facing when they didn’t do their homework.

Most online lending websites are just platforms that facilitate you access to direct lenders. Quick Quick is one of these platforms as well. In order to file your application, you must understand the entire process to see how it works.

There are many affiliate networks that are like a marketplace where lenders meet borrowers. Borrowers are represented by different websites such as Quick Quick Loans. It might be a bad wording though. Borrowers only use the application forms provided by those websites in order to apply for a loan with actual lenders. Why there are so many websites allowing you the access to lending networks? The short answer is money. All the websites that are part of an affiliate network are in it for a buck. Borrowers don’t pay directly to these websites. They are paid by affiliate networks, in other words, by direct lenders. There are thousands of direct lenders on the Internet. They provide financial service and don’t want to become webmasters striving to push their sites to the first page in Google, Yahoo or other search engines. They leave that to actual webmasters, that is to their affiliates. An affiliate doesn’t represent a direct lender but only gives you access to the network of lenders, hundreds if not thousands of them.

When you apply for a loan via one of the sites that is offering an application form, you actually submit your application to the network. Your application becomes a product that every lender who is a member of the network starts to bid on. It is just a regular auction, where the winner takes your application and offers you a loan on his/her terms and conditions. Affiliates receive a small fee for their service (which is still smaller or cheaper than the costs connected with promoting a site if a direct lender decided to run his/her own site without an affiliate program help).

Knowing all that, you can apply for a loan, for instant at Quick Quick or any other site for that matter, and see what offer the winner of the auction presents  you with. You can negotiate as much as you like directly with the winning direct lender, trying to get as good deal as possible.

If you have a bad credit record, you can’t expect miracles to happen. Every lending institution will try to rip you off. If your credit score is 500 or less, you’re in real trouble. Each bank, union or lending establishment will take advantage of that, charging you extra fees to compensate for the risk involved. If your credit is under the 500 marks, many lenders will reject your application at all.

Payday loans seem like a ripoff but they can help you in a difficult situation when no-one else was able to help you. You must be careful though not to live from loan to loan.

Payday loans may also have some advantages:

  • your application is processed in real time you should hear from a lender within a matter of minutes or hours
  • you receive a loan on the same day or the next business day
  • you don’t have to submit any papers (faxless and paperless process) not always the case since some lenders may require actual documents
  • no credit check in many cases lenders don’t run a traditional credit check but rather rely on their own database and previous online borrowing

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When Are Personal Loans a Good Idea? #department #of #education #student #loans

#online loan

When Are Personal Loans a Good Idea?

Financial gurus will tell you to avoid personal loans. They’re generally right, but sometimes one makes sense. First, let’s define a personal loan. Some loans are earmarked for a specific purchase. You buy a home with a mortgage loan, you purchase a car with an auto loan and you pay for college with a student loan.

But a personal loan can be used for just about anything. Some lenders want to know what you will do with the money they lend you, but as long as you’ve borrowed it for a responsible and legal reason, you can do what you want with it.

That presents a problem. With a mortgage, your home is the collateral. Similarly, with an auto loan, the car you buy is the collateral. Because a personal loan often has no collateral – it is “unsecured” – the interest rate will probably be higher. There are also secured personal loans if you want to lower your costs.

Here are five circumstances in which a personal loan might be a good idea.

1. Consolidate Credit Cards

If you have one or more credit cards that are charged to the max, you could get a personal loan to consolidate all the charges into one monthly payment. What makes this scenario even more appealing: The interest rate on the loan could be considerably lower than the annual percentage rates (APRs) on your credit cards. (See Debt Consolidation Made Easy for more details.)

2. Refinance Student Loans

Consider this type of loan carefully before deciding whether or not to move forward. Your student loan interest rate may be 6.8% or higher, depending on the type of loan you have. But you might be able to get a personal loan with a lower interest rate that allows you to pay off your loan(s) faster.

Here are the issues: Student loans come with tax advantages. Also, if lawmakers were to offer any loan forgiveness programs in the future, in addition to those in place now, your refinanced student loans would not be eligible.

If you use a personal loan to pay off all or a portion of a student loan, you will lose the ability to deduct your interest payments (when you file your income taxes) along with the benefits that come with some loans, such as forbearance and deferment. And if your balance is sizable, a personal loan probably won’t cover it anyway. For additional information, check out Student Loan Debt: Is Consolidation the Answer?

3. Finance a Purchase

If your purchase is more of a want than a need, this is another decision to weigh carefully. If you’re going to take out a loan anyway, getting a personal loan and paying the seller in cash might be a better deal than financing through the seller. Don’t ever make a decision about financing on the spot, though. Ask the seller for an offer and compare it to what you could get through a personal loan. Then you can decide which is the right choice. For one example, see Personal Loans vs. Car Loans: How They Differ .

4. Pay for a Wedding

Any large event – such as a wedding – qualifies, if you would end up putting all associated charges on your credit card without being able to pay them off within a month. A personal loan for a large expense like this might save you a considerable amount on interest charges, provided it has a lower rate than your credit card.

5. Improve Your Credit

A personal loan might help your credit score in two ways. First, if your credit report shows mostly credit card debt, a personal loan might help your “account mix.” Having different types of loans is often favorable to your score.

Second, it may lower your credit utilization ratio – the amount of total credit you’re using compared to your credit limit. The lower the amount of your total credit you use, the better your score. Having a personal loan increases the total amount you have available to use. For other advice on boosting your credit score, see 3 Easy Ways to Improve Your Credit Score .

The Bottom Line

From a purely financial perspective, relatively small loans are rarely a good idea. Most people can’t afford to pay cash for a home, making a mortgage loan a necessity. But if you can avoid a personal loan, or any other loan that is relatively small, you should. Instead, save your money and purchase that “want” later. Remember, interest adds up fast, and you may end up borrowing money for something that is worth less than the value of the loan. Pay cash whenever possible.