Welcome to Refinancing Guide
Auto Loan Refinance Rate Article
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This is the day and age of loans. Whereas years ago, in our parents and grandparents' day, many things were paid for with cash, this is not the case today. Homes, cars and merchandise in general are much more expensive then they were years ago. Couple this with the cost of living and it's understandable why so many people need to take out loans when they buy things or just need cash for some expense.
from:Unfortunately, one loan is not all many people have today. Most people have a mortgage for their home, a loan for automobile and often other loans for miscellaneous items. Having several loan payments can add up to a lot of debt if the payments are high. Many times circumstances change after loans are taken out. There may be a job change, loss of job or unexpected expenses arise. In situations such as this, many choose to go with a refinance loan. Often if you are having difficulty making your monthly payments, your lender will suggest a refinance loan to help you get back on your feet financially.
A refinance loan is when your current loan is rewritten with different terms such as:
• Different monthly payment amount
• Different interest rate
• Increase or decrease in collateral
• Different length of loan
Any or all of the terms of your original loan may change with a refinance loan, depending on your reason for the refinance loan and your current financial situation.
The major reason for a refinance loan may be different depending on what type of loan it is. For a mortgage, a refinance loan is most common to obtain lower interest rates. For a consumer loan such as for an automobile or other consumer item, the refinance loan is usually to consolidate debts into one loan and one loan payment.
With a mortgage loan, the borrower will often get a refinance loan to get lower interest rates. When the current interest rates on the market go down, your bank will usually pass on a lower interest rate to their customers if they are in good standing. The interest rate may only seem like it's one or two percent lower than you were paying, but on a long term loan of a large amount, that one or two percentage can save you thousands of dollars.
With a consumer loan, the most often reason for a refinance loan is to combine several loans into one or refinance to change the terms. If debt consolidation is the main reason for the refinance loan, the borrower will usually get their loan extended for a longer period of time to ensure them lower monthly payments. Whatever the reason for a refinance loan, they can be very helpful with your financial situation.
Auto Loan Refinance Rate Specific links
Auto Loan Refinance Rate News
TransUnion: National Auto Loan Delinquencies Hit Lowest Level on Record - MarketWatch (press release)
 USA TODAY | TransUnion: National Auto Loan Delinquencies Hit Lowest Level on Record MarketWatch (press release) CHICAGO, IL, May 23, 2012 (MARKETWIRE via COMTEX) -- The national auto loan delinquency rate (the rate of borrowers 60 or more days past due) reached its lowest level since TransUnion began tracking the data in 1999. Auto loan delinquency rates in Q1 ... TransUnion: Late auto-loan payments down in 1Q |
Judge: Car dealers must tell buyers why loan interest rates are raised - Detroit Free Press
 Today's THV | Judge: Car dealers must tell buyers why loan interest rates are raised Detroit Free Press By Greg Gardner A federal judge has ruled that auto dealers must tell consumers with lower credit scores why they are charged higher interest rates than those charged to the majority of car buyers. US District Judge Ellen Huvelle from Washington, DC, ... US Court Rules That Nation's Auto Dealers Are Required to Provide Complete ... |
Late auto-loan payments down this year - HeraldNet
USA TODAY | Late auto-loan payments down this year HeraldNet By Alex Veiga, AP LOS ANGELES -- The rate of late payments for auto loans fell nationally in the first three months of the year to the lowest level in more than a decade, even as lenders financed more vehicle purchases for high-risk borrowers. TransUnion: US Auto Loan Delinquencies Fall To New Low In 1Q Late payment rate on auto loans now lowest in 13 years |
Senate rejects GOP, Dem plans to freeze student loan interest rates, fight ... - Washington Post
 CBS News | Senate rejects GOP, Dem plans to freeze student loan interest rates, fight ... Washington Post WASHINGTON — The Senate rejected dueling Democratic and Republican plans on Thursday for averting a July 1 doubling of interest rates on federal college loans for 7.4 million students, pushing back efforts to resolve the election-season showdown until ... Student Loan Vote: Senate Rejects Democratic, GOP Plans To Extend Current ... |
Wonkbook: The bad news Brits - Washington Post (blog)
Wonkbook: The bad news Brits Washington Post (blog) But those increases were offset by contraction in other categories, led by a 5.6% decline in credit-card loan balances." Victoria McGrane in The Wall Street Journal. 4) The Senate rejected both parties' plans to freeze the student loan rate. |