refinance...

[big_rig]

okay, i am going to try to refinance with my bank on my loan for my a/c. i have never done a refi before, so i was wondering if you guys had any tips that may help. seeing as how i don't really know what to expect, i thought i would turn to you guys and see if someone could help me go into the bank with more than a half loaded gun (just an expression). thank you in advance gentlemen

[wildcat08]

Well, first you need to know if you want to end up reducing your payment, or reducing your term length. It's actually a fairly easy application process, and they will be able to quickly tell you yes or no. They aren't going to be very excited about refinancing it if you owe significantly more than the car is worth (to them.) Also, you can't refinance your loan with the original note-holder, although it doesn't sound like that is what you are wanting to do. Assuming your credit score is better than when you purchased the car or you ended up taking a high rate at purchase, you should be able to refinance no problem.

[big_rig]

Well, first you need to know if you want to end up reducing your payment, or reducing your term length. It's actually a fairly easy application process, and they will be able to quickly tell you yes or no. They aren't going to be very excited about refinancing it if you owe significantly more than the car is worth (to them.) Also, you can't refinance your loan with the original note-holder, although it doesn't sound like that is what you are wanting to do. Assuming your credit score is better than when you purchased the car or you ended up taking a high rate at purchase, you should be able to refinance no problem.

thank you. and you are right, i am not trying to refinance with the same place. i took on a high interest rate when i bought the car in exchange for more cash back in the deal. i dont want to reduce my term, just the payments. so basically the bank should walk me through the process if they decide to do the refi?

[wildcat08]

Yeah, you'll have to have the title - or the bank will have to get it from the leinholder if you don't have it - and proof of insurance. Rates are decent now, we refinanced the other car at 4.49%. You might be able to apply online, or at least print off the form you need so you have it before you go in. Good luck

[big_rig]

Yeah, you'll have to have the title - or the bank will have to get it from the leinholder if you don't have it - and proof of insurance. Rates are decent now, we refinanced the other car at 4.49%. You might be able to apply online, or at least print off the form you need so you have it before you go in. Good luck

thank you very much for all of your help! i will let you know how it goes