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California Home Loan Refinance - Finding A Low Rate Refi Loan
Obtaining a refinance loan in California is easy regardless of credit. Because rates are low, homebuyers across the country are taking advantage of lower monthly payments and enjoying the long term savings. Furthermore, refinancing your home loan may ...
Credit Card Debt Reduction - 3 Tips To Quickly Reduce Debts And Improve Credit Rating
There are many rewards to reducing credit card debt. To begin with, eliminating needless debts will save you money, lessen stress, and boost your credit rating. Obviously, achieving a life free of debt is easier said than done. Nonetheless, there are ...
Rhode Island Mortgage Loans
Whether you live in the Blackstone Valley, Block Island, East Bay, South County, Warwick, Providence, or Newport you know that Rhode Island offers so much to you. "Little Rhodey" is rich in history and her residents love living there. You can too as Rhode ...
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Are you the victim of a high interest rate auto loan? If so, the following email discussion may help you. Read on:
DEAR LoanResources.Net:
I was very impressed with your article entitled "8 Point Checklist, Evaluating Online Lenders."
I have tried several sources to refinance my auto. I only have 2 more years to pay $245.04 a month. I owe 4,414.00 on the car loan.
This may not seem like a lot of money but I would like a lower interest rate on my car loan which is now $16.4% APR.
I want to still pay it off in 24 months but at a lower rate so that I can use the money saved to help pay off other bills.
In my internet searches, the auto refinance loans required that you borrow more money than I need. I tried to search for unsecured personal loans on your website and they also required that I borrow more money.
I have a very good credit record and I am working to get some of my bills paid off.
Is there anything you can suggest so that I can get a lower rate auto loan for under $5,000? Any assistance will be appreciated.
Thanks. Geraldine W.
***
DEAR Geraldine:
Sorry I have not gotten back to you sooner. I took a couple weeks off to be with family...Thanks for the compliment on the article!
Anyway, I read your email and I do indeed have a suggestion or two that I'm happy to share.
A COUPLE THINGS INITIALLY:
1. First, you're paying a very high interest rate at 16.4% APR for an auto loan! I'm going to assume that your statement as to your good credit is accurate. If that's true, then you do indeed need to fix this.
2. Since you only need $5000, with the intention of paying it off in 2 years or less, I don't think you should look for a refinance auto loan or a refinance on your home. Indeed, the bank is going to want to loan you much more money, usually at least $25,000. While a refinance or equity loan on your home does offer tax benefits, we're only talking about interest on $5,000 over the course of 2 years. I have another idea you may not have considered.
HAVE YOU CONSIDERED?
Have you considered just putting the balance of your car loan on a credit card that has a lower interest rate?
1. Credit Cards are, indeed, unsecured lines of credit with financial institutions.
2. They are the perfect financial vehicle for a $5,000 transfer of debt, with added flexibility, and you should be able to find an interest rate between 9 to 11%, and better, on average.
3. IN ADDITION! Once approved, the bank will usually give you blank checks for balance transfers (sometimes they'll just do it for you right over the phone).,
4. AND GUESS WHAT? The majority of the time, the incentive interest rates on the balance transfers are EXTREMELY low; sometimes zero percent for up to 6 months to a year.
5. IN ADDITION! you can apply for incentive cards that provide rewards for your spending....free airline miles, cash back programs, etc. I use the American Express Blue, and I get cash back of up to 3% on everything I spend. So, for $5,000, 3% cash back, AMEX™ pays me $150.
How do you like them apples? The bank pays YOU to borrow money.
RECOMMENDED PLAN OF ACTION:
So, Geraldine, here's what I recommend you do:
1. Go back to our website, and explore the credit card offers we've recommended. We've picked out what we think are the best offers, and there are a LOT of them, so think of it as a much needed shopping trip! Pay particular attention to our links for "incentive cards". We have two pages of them.
2. Apply for whatever card or cards suit your tastes and needs. There are so many great reward cards. Limit yourself to only your imagination.
3. Get approved, receive card, and receive balance transfer checks.
4. Pay off loan to 16.4% bank!
5. Pay off credit card loan (with extremely low rate and incentives), at your leisure!
.And enjoy the fact that you just made an excellent financial move, saved money, made money, and gave yourself the flexibility to manage your debt on your own schedule...
Hope this helps...Let me know how it all works out.
Sincerely, Tom Levine
Webmaster, LoanResources.Net
info@loanresources.net
http://loanresources.net
We've enjoyed providing this information to you, and we wish you the best of luck in your pursuits. Remember to always seek out good advice from those you trust, and never turn your back on your own common sense.
Publisher's Directions:
This article may be freely distributed so long as the copyright, author's information, disclaimer, and an active link (where possible) are included. For more information about mortgages, debt consolidation, credit repair, and all other forms of consumer loan, credit, and debt products, please visit our website at http://loanresources.net .
Disclaimer: Statements and opinions expressed in the articles, reviews and other materials herein are those of the authors. While every care has been taken in the compilation of this information and every attempt made to present up-to-date and accurate information, we cannot guarantee that inaccuracies will not occur. The author will not be held responsible for any claim, loss, damage or inconvenience caused as a result of any information within these pages or any information accessed through this site.
Copyright 2004, by LoanResources.Net
Tom Levine provides a solid, common sense approach to solving problems and answering questions relating to consumer loan products. His website seeks to provide free online resources for the consumer, including rate-watch, tips and articles, financial communication, news, and links to products and services. You can check out Tom's website here: http://loanresources.net, or you can email Tom at info@loanresources.net.
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Mortgage-refinance bill a dangerous dealArizona RepublicReagan proposes to establish a state agency to refinance the mortgages of virtually every Arizona homeowner who owes more than the home is currently worth. Their existing mortgage would be torn up. They would get a new mortgage from the state agency ... |
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Banks on mortgage refinancingQueens ChronicleAnd among the discussion of new and future regulations aimed at improving things, he recommended that homeowners consider refinancing their mortgages. “And that's why I'm sending this Congress a plan that gives every responsible homeowner the chance to ... |
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