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| *Loan,banking and credit>>>auto loan |
Can i get my bank to payoff my auto loan? |
Is it possible to get my bank to payoff my auto loan.. then pay back my bank with a lower interest rate?... Yes, you can refinance your current loan, depending of course on your credit & income. Good luck. If you refinance your car, they will do this. You would basically be getting a new loan for hopefully a lower interest rate and instead of the car company (say Toyota Credit or Ford Motor Credit) you would be paying the bank where you get the new loan. Once you get the new loan, the bank will be sent the title to the car from the company that holds the title now. Please be sure you are getting a lower interest rate and please know that if the car is new and has lost a great deal of value you might not get a loan for the full amount. Banks or any financial institution cannot loan money for something that is more than what it is worth. What I mean is, if you car was purchased for say 19,300.00 and the value of it today is 18,500.00, 18,500.00 is all that the bank can give you on a loan for that car. Even if you owe 18,700.00 for it now...They must go by the "value" of the car now... Best of luck to you... Bank employee it's called refinancing your loan...very doable Yes you can. I actually just did that. I only owed 4 more months on my truck and refinanced it for another two years for credit building purposes. It is possible but I think it is best that you should apply for an "unsecure" low interest personal line of credit, if you haven't got one yet. Many banks most likely will offer you with an attractive low interest rate in order to get your business if you have a good credit score. However, many banking or financial institutions would offer you a larger amount with a lower interest personal line of credit using your home equity. This is then a secured loan. I would strongly suggest that you don't consider that. Higher credit limit may result to future financial trouble. If you are not able to manage it right, trouble comes. Always remember to use your credit wisely. You mentioned that you might want to get your bank to payoff your car loan. If the interest rate the bank offered you is lower than the interest rate you pay for your car loan, then go ahead because you can save some money by paying less interest. Take my word, when you are able to manage your finances wisely, you will live a better and a happier life. Sure you can. Most local banks are eager to loan people money to refinance a loan that they have paid as agreed. I did the same thing and got a better rate and a lower payment for a shorter term. It will depend on how much you owe verse what the vehicle books for in N.A.D.A. and how many payments you have made and how you have made them. |
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