I just saw a commercial saying if I join their credit union and transfer my car loan to them, I get a $500 Visa debit card. I'm not in it for the debit card. But if I transfer my car loan to them, am I refinancing? If I have a high interest rate now, if I change to them can I also get a better interest rate? What are the advantages and disadvantages to refinancing?
2007-03-14 04:18:58 · 6 answers · asked by Tonya in TX - Duck 6 in Business & Finance ➔ Other - Business & Finance
It's really not a good idea to refinance a car loan and yes, that is exactly what you would be doing. Car loans are typically 4-7 years in length. By adding an additional $50 per payment, you can pay it off up to a two years early and save more interest than you would by refinancing AND you would be out of that debt sooner.
2007-03-14 04:29:28 · answer #1 · answered by Need Answers 3 · 1⤊ 0⤋
1
2016-09-26 06:04:57 · answer #2 · answered by Fausto 3 · 0⤊ 0⤋
in specific circumstances I problem human beings by way of no longer answering the question they opt for responded. this may well be one in all those circumstances. One merchandise of a few value is how plenty money you're making because of the fact qualifying for 3 motor vehicle loans and with the flexibility to maintain money are countless issues. additionally the quantity you owe on the vehicles would not inevitably mirror the certainly value of the vehicle - that's what the banks care approximately. you apart from could do no longer point out any information with regard to the vehicles. in the event that they have already depreciated plenty, you would be able to owe greater effective than they are properly worth and don't have the skill to refinance a motor vehicle for greater effective than that's properly worth. the fast answer is that in case you sell between the vehicles, then you certainly are in a greater effective place to refinance - yet in basic terms refinance for a decrease pastime quantity, to no longer make in basic terms one charge.
2016-10-02 02:42:53 · answer #3 · answered by ? 4 · 0⤊ 0⤋
They will probably just pay off your current loan and now you will k=make the payments to then. Make sure they wont be changing any of the terms (months, APR) before you do it.
2007-03-14 04:22:58 · answer #4 · answered by Anonymous · 0⤊ 0⤋
I think fair
2007-03-14 04:25:56 · answer #5 · answered by gaya.0001 2 · 0⤊ 0⤋
Need Answer is correct ^^^.
2007-03-14 06:44:26 · answer #6 · answered by Beast8981 5 · 1⤊ 0⤋