Aug 7, 2009
Refinance Auto Loan - Can Banks Help You?
AUTHOR: Matt Fish
Going through the refinance auto loan process can be very grueling. Many banks are likely to deny you because the economy is in such bad shape. Even if you have good credit and you have no real debt, banks and lending institutions have been very strict with their lending practices. This is very troubling for those of us who want to refinance our auto loan. Luckily President Obama has urged lenders to start lending money again so it may be a little bit easier to get an auto loan refinance in the very near future.
It is likely that you have seen many banks and financial institutions advertising auto loan refinancing. Part of that is to help you and the other part is to make sure that the government stays off their back. Most of these ads lead to an 800 number in which you can speak to a representative. While you may not want to give the representative your entire life story, it may be worth it to actually call them and see what they can offer you. You never know, they could offer you an interest rate that is unbeatable.
Congratulations on taking the first step in getting your auto loan refinanced. By doing the research you are well ahead of most people in your financial position. The next step is to get out there and actually contact some banks and lending institutions to see what type of interest rate you will get.
Can you recommend a good place to start looking? I personally have tried contacting my current Auto credit company and they clam to not be able to help in any way other then deferment for two months. I have also tried just about every auto refinancing place I can think of. BTW I have good credit, but maybe not for long. I have to find a way to lower my car payment now, before I can’t pay it anymore.
Good article however if you could provide a place to start that would be great! I have some clients that could benefit from an additional monthly savings.