Category Archives: Auto Refinancing

Interest Rates and Your Credit Profile

Interest Rate Estimator

What Your Interest Rate?

FAQ’s on Interest Rates
The most often asked question we hear from our customers applying for an auto loan or refinance auto loan is, “If I apply what interest rate will I be approved for?” Interesting question with so many answers. First, you have to actually apply before we or any lender would really know. No reputable lender can answer that question without you actually applying and pulling your credit report and credit score.

At myAutoloan.com we’ve built a tool to help answer this question. Our Interest Rate Estimator tool calculates probable auto loan interest rate outcomes based on four quick questions. This tool returns a range of interest rates from Lowest APR to Highest APR along with the Average APR for your credit type all based on recent data. With this Interest Rate Estimator tool you will have a good understanding of where you stand with us and the many lenders represented on our marketplace lending platform. Additionally we publish our Today’s Lowest Rates chart that provides you with the lowest possible interest rates segmented by loan type and by loan term that you can obtain when applying at myAutoloan.com.

Second most often asked question is, “I know my credit score, what will my interest rate be if I apply?” Credit score also known as FICO score is not indicative or directly related an interest rate. Most lenders today utilize custom score cards, meaning they analyze your application attributes along with your credit report and historical customer behavior data to calculate their own score. This custom score is directly related to the interest rate, loan term and conditions a lender may use to decision your loan. Once again our Interest Rate Estimator takes a similar approach and provides you with a range of possible interest rate outcomes.

We hope you find this information helpful. Remember you can apply online at myAutoloan.com at any time online 24/7.

Lower Monthly Payments With Car Refinancing

Car refinancing is an excellent option for almost anyone. The majority of people have no idea that it is possible to refinance their vehicle, and they also have no clue how the process actually works. If you want to do it, refinancing your vehicle is not a very complex process. In most cases, it will only take a period of 24 hours to get your car refinanced. You can apply with us online, and you will have a response in a very short amount of time.

Refinancing your car loan is as simple as filling out an application. You will need to find out the payoff amount and APR that you currently have for your loan. This information can be obtained through your lender. You should find out if your vehicle has retained value since you first purchased it. You do not want to end up paying a lot more money than your vehicle is worth when you choose to refinance it.

When you fill out your application with us, you should make sure that the APR we are offering is lower than what your current APR is. You might even be able to skip a month of payment if you choose to refinance your vehicle. One of the top reasons to refinance your vehicle is because it can lower the amount of money that you must pay monthly for your vehicle loan.

This is great for people who are struggling to make their monthly payments. Refinancing your vehicle can also help you to lower your interest rate, so you can pay off your vehicle loan in a much shorter period of time. When you refinance your vehicle you can get a rate that is fixed, which will ensure that you never have to worry about the monthly payments going up. By choosing to refinance, you could potentially save thousands of dollars depending on the overall amount of your vehicle loan.

A lot of people with larger vehicle loans have saved many thousands of dollars by refinancing. Refinancing your vehicle with us will allow you to potentially save a huge amount of money that you can spend on other purchases that you need. In a struggling economy, it is a perfect time to refinance your car loan. A sad fact is that a lot of people actually get suckered into a horrible vehicle loan.

In most cases, people are led to believe that they are getting an excellent deal on their vehicle when they really aren’t. Many people do not understand the true value of the credit score that they have. A person might be offered 28 percent APR for their vehicle loan, and they might believe that this is actually a deal because their credit score is low or there is not enough credit history to get a better APR.

Car refinancing through us is an excellent way to potentially get out of a high APR vehicle loan that you thought was a great deal. Refinancing a vehicle loan can help you out when money is tight, and you want to obtain a lower monthly payment.

Pay Less For Your Vehicle With Car Refinancing

Many people are choosing car refinancing because they need extra cash. Vehicle refinancing can be used in various positive ways; however, it can also be used in reckless ways if a person is not careful. When you refinance your vehicle, you are essentially transferring the ownership of your vehicle to a different creditor. If you are still paying money for your vehicle loan, then you can refinance it.

Most people choose car refinancing once their credit core rises a bit. Some people will refinance their vehicle after their credit core has increased 50 points or more. Choosing to refinance with us will likely give you a better interest rate than you currently have. The process to actually refinance your loan is incredibly simple.

You will get a check from us, which you will use to pay off the old lender. You will begin paying us for your refinanced loan after that. There are two main advantages that you can benefit from when refinancing your car loan. You can lower your monthly payments, and you can lower the total amount of money that you will need to pay for your vehicle. You could save hundreds on your monthly payments, and you could potentially save thousands on the total cost that you will pay for your vehicle.

Some people like to secure an interest rate that is lower than the rate they are currently paying. However, they will continue to pay the monthly amount that they have been paying, which will effectively shorten the overall duration of their loan. The majority of people who refinance their vehicle loan are looking to lower their monthly payments to save money.

There are several factors that will determine how much the monthly payment can be lowered, but most people are eligible to save at least one hundred dollars on their monthly payments. It is important to understand that it is always best to refinance your vehicle when it is new. This is because the vehicle begins to lose value as it is ageing, which will limit your refinancing options.

You will almost always be paying the highest amount of interest when you first finance your vehicle, which is why you should refinance your vehicle early on. We offer car refinancing that you can use to your advantage. By choosing to refinance with us, you have the potential to lower your monthly payments and your overall interest rate. A lot of people do not even know that they have the option to refinance their car loan.

This is something that we want to clear up, and this will let people know that they can potentially save a great deal of money on their car loan. Even if your credit score has only risen by a few points, that is reason enough to attempt a car refinance. The entire process is very simple to go through, and we will help all of our customers along the way with any questions that they might have about the refinance.

How To Refinance A Car Loan

Refinancing a car loan is easier than refinancing a home loan. You can save thousands of dollars in interest if you do your homework well. You should opt for car refinance if you will end up with significant savings on your loan. Ideally, you should refinance a car loan if:

a) You applied for an auto loan through a dealership and thus you were charged higher rates.
b) Your credit score has significantly improved and thus you will qualify for better rates if you refinance.
c) The interest rates have dropped since you were approved for your current loan.

To refinance the loan, follow the following steps:

1. Review the terms of your current car loan
Before you start looking for a new auto loan, know where you stand with your current loan. Find out your current pay off amount, how many months you have left on the loan, amount of interest rate you are paying and whether there is a pre payment penalty.

2. Find out if your car qualifies for refinance
Lenders have different qualification requirements for car refinance. Find out if your vehicle qualifies for refinance from the lender you want to approach. Most lenders will not refinance a car that:

• Has a salvage title
• Is used for commercial purposes
• Has more than 70,000 to 100,000 miles
• Is more than 7 years old
• Has less than $7,400 left on the loan

Some lenders do not refinance RVs or motorcycles. Other lender offer car refinance for specific vehicle models.

3. Compare the rates charged
Contact a number of lenders and request for car refinance quotes. Use the Internet to search and compare the rates charged by different lenders. Make use of the Interest Rate Chart at My Auto Loan website to find out the rates for all types of loans. Find out the national average interest rate and compare it to the rate that lenders will give you. When refinancing, you are likely to pay the rates charged for a used car.

4. Find out how much savings you will get
The purpose of refinancing is to save on your loan and thus reduce your chances of defaulting payments. Find out how much refinance will save you. Use online car loan calculators to get estimates of your savings.

5. Refinance your car loan
If refinancing your loan still seems like a viable option after doing your calculations, look into the details of the lender you want to refinance with. Find out the fees you will have to pay. Some banks charge processing fees and fees to transfer and reregister the vehicle. Also, find out if the loan comes with any pre payment penalties. Generally, you should look for a loan that will not penalize you should you opt to pay it off early. After comparing all you options, apply for auto refinance from a bank with the best deal.

Contact My Auto Loan for your car refinance needs. Save time and money by applying for the loan online.

How To Refinance Car

There are many reasons why people choose to refinance car.  They may find out that the interest rate on car loans has radically fallen and is much lower than what they are actually paying.  They may want to borrow money against their car especially if they paid cash for it.  Some people will refinance their car if they bought it at a time when their credit score was below average and were made to pay high interest rates on it.  These are some of the things that make people consider refinancing their car, and you can consider car refinancing if you think you can save more money by doing so.

There are some things you may take into consideration when looking for good deals on car refinancing.  You will want to make sure that the terms are most favorable (lower) to you than they were at the time of your initial car loan.  You should work on your credit score and make sure that you get a score above 680.  This will help you get a lower interest rate when you apply for a car refinance loan.  You can do this by paying off your existing loans and reducing your credit card bills in a regular and consistent manner.

You can get a credit report from companies like Experian, TransUnion or Equifax.  Read your credit report carefully and make sure you correct errors that may affect your interest rate.  If they have incorrect information on you, you must tell them to correct it.  You should pay off high balances if you want a good credit rating, especially on any credit cards that you may have.  You can check the refinancing rates for automobile in sites like Bankrate.com or myautoloan.com.  Another thing you may want to consider will be to put additional money down to reduce the amount of your car refinance loan.   This will help you cut down on interest rates and the amount to pay for monthly amortization (interest).

If you think you think you have your “ducks in a row” and are ready to make the plunge, then you may start looking for the best loan company to refinance your car.  There are many lenders to choose from, but they are not all the same.  Some provide better services than others.  You will want to feel that the company has a high level of integrity and that you will be valued as a possible client.  Trust is very important in every business transaction.  A company that does not value this aspect of business from the start will not value you as a client in the future.  Make sure that the company you choose for refinancing has established some credibility in the market.   Check them out on the BBB site for more information on who they are.

MyAutoloan is one of the companies that provide easy and secure processing when it comes to car refinancing.  You will not need a car financing middleman when you want a loan from this company.  They handle it all for you and then you can choose which offer is best for you.  You can use their online application form to apply for car refinancing and be assured to get offers and decisions within minutes.  You can also use their online tools like the interest rate chart, interest rate calculator and payment calculator when making decisions about which loan offer is best for you.  If you want to apply for car refinance, then you do not need to waste time and effort looking around.  You can use their online application which is good in 48 states – it’s fast, secure and confidential.