answersLogoWhite

0

Auto Loans and Financing
Personal Finance
Loans
Money Management

Can a car loan be refinanced even if the car was totaled to get lower interest?


Top Answer
User Avatar
Wiki User
Answered 2015-07-14 16:09:02

Unlikely. Most lenders will not loan against a "salvage" or "rebuilt" vehicle. The only time I've seen this done is when the loan is less than 50% of the "salvage" value of the car. For example, if the car in normal condition was worth $20,000, the salvage value would be about $10,000. A lender may be willing to loan $5,000 in this situation.

Find out what car dealers don't want you to know at www.dealertricks.com

001
๐Ÿ™
0
๐Ÿคจ
0
๐Ÿ˜ฎ
0
๐Ÿ˜‚
0
User Avatar

Your Answer

Loading...

Still have questions?

Related Questions

Can you ask for a lower interest rate on your credit card even though you have poor credit?

You can, but be careful. If your credit score has gotten worse, they could even LOWER your credit limit. Happened once to me long ago. And by the way, they can automatically check your credit and change your credit limit or interest rate. Without you even knowing it.


Do you need to refinance your house if your ex husband signed a quit claim deed as part of a divorce agreement?

AnswerYou need to review the term of your divorce agreement. It may require that you refinance.Property that was once marital property and that is being transferred from one former spouse to the other pursuant to a separation agreement should always be refinanced by the receiving party. Otherwise, even if they have conveyed their interest, the ex-spouse remains responsible for paying the mortgage. If it goes into default his credit will be ruined.Your ex-husband should have insisted that the property be refinanced in consideration of his transferring his interest to you. The only way for him to be released from the mortgage obligation is for the mortgage to be paid off and then refinanced.


Why is it important to prioritize or even choose those cards that has lower interest even if I may end up paying more each month?

The lower the interest rate, the more of your repayment goes towards clearing what you owe, and less going to interest. You will be able to pay off your debt quicker, and also be paying less on the whole to become debt-free.


Can a reverse mortgage be refinanced?

Yes, there is no prepayment penalty so it can be refinanced at any time. there are even reverse mortgage streamline programs available. The home can be sold at any time and the equity belongs to the home owner.


Would banks decrease or increase interest rates if they had less money to loan?

If banks had less money to loan they would increase their interest rates. This is because they would have to make the most profit off of the little money that they had to use. When banks have a lot of money to loan, interest rates are lower because they can still get a lot of interest even from the lower interest rates.


Does undivided interest lower the value of the land?

No. An undivided interest in property means that two or more persons own the real estate and each has the right to the use and possession of the entire property even if they own only a one-half undivided interest.


What are good pricing strategies when it comes to buying a house?

When buying a house it would be wise to look at different banks and compare interest rates at different banks. You will be able to save a lot of money with even one quarter percent lower interest rates.


What does a lower interest rate mean for savers?

It means that they are getting less money for deferring expenditure and saving instead. However, it is not the low nominal interest rates which matter but what the "real" interest rates are. This is the difference between the nominal interest rate and the rate of inflation. An interest rate of 2% when inflation is 0% is good news for savers but an inflation rate even as high as 10% is bad news if inflation is higher than 10%.


Is it legal for banks to charge interest on unpaid interest that is in dispute even if the principle is completely paid off?

Yes. If you owe the unpaid interest, it is money that you owe the bank even if it is in dispute. If you did not owe the unpaid interest, then the interest the bank charged was not owed. So, it depends on who wins the argument.


Can you charge interest on interest in the sate of MA Someone is sending me a bill with an interest charge on it and now theyre charging interest on the interest Is this possible or even legal?

no, its called usury and its illegal


What is imputed interest on capital leases?

Interest considered by the IRS for tax purposes to have been paid, even if no interest was actually paid.


You signed for your daughter to buy a home she refinanced in her name onlyfour years later she is filing for bankruptcy are you responsible?

No; the note you co-signed was paid in full when she refinanced. Since you didn't co-sign the second note, you're not responsible for it. Even if she didn't refinance, if she filed Chapter 13 and is paying the note thru her plan, generally they can't come after you.


Can 1 lawyer represent 2 people in a divorce?

No. There would be a conflict of interest even if the divorce is amicable. In that case the parties should use a mediator.No. There would be a conflict of interest even if the divorce is amicable. In that case the parties should use a mediator.No. There would be a conflict of interest even if the divorce is amicable. In that case the parties should use a mediator.No. There would be a conflict of interest even if the divorce is amicable. In that case the parties should use a mediator.


In the interest of all America and even the world you will lower all taxes increase jobs and make the quality of life two times better than it has ever been in this state This statement is an examp?

glitterng generalities


How much does one need for a mortgage deposit?

Traditionally a down payment or mortgage deposit was about %20 of the requested loan. Some lenders will accept less than %20 even to no down payment in exchange for higher interest rates. The general rule is the higher the down payment the lower the interest rate.


If car was totaled does signing title back to lienholder give you relief from upside down loan?

If the leinholder agrees to give you relief, then I suppose yes. But when you borrow money from someone you have to pay them back, even if what you bought isn't worth what you owe! If you want to protect yourself when your car is totaled, you need to buy good insurance.


What are the current home loan interest rates?

The current home loan interest rates varies slightly between lenders. One must caompare rates available at Bandkofamerica, wellsfargo and providentnj. One can compare using sites like Zillow or Bankrate and even negotiate lower rates directly with the lenders.


Do you pay off lower interest debt first or higher ones?

You should pay off the higher interest debt first plainly because they will cost you more money if you payed of the lower interest debt first. Another thing to take into account is how large the debt is because if that is the case then you should pay off the larger debt. :) It would make sense to pay of the higher interest debts before the lower ones. That could save you a lot of money. A credit card loan of 20.000 mounts up to roughly 50.000 in less than five years if not payed down on. This is mainly due to a very high interest rate. often 21-24%, sometimes even more. If being able to convert it to a low interest loan in a bank, say of 4%, then it would only mount up to 25.000 in the same time. It makes sense to me to rather have to pay 25.000 than 50.000 regards.


Do bad credit payday loans further hurt your credit score?

They could further hurt you credit score. You will pay a higher interest rate which makes paying the payment that much harder which puts your credit even lower.


If you cosigned with a girlfriend who is now an ex and you paid off the car and the car is now totaled do you have to get her approval to get rid of the car even if you cannot find her?

It would depend if both names are on the title.


Is any interest charged to temporary overdrafts?

Overdraft is a form providing loan. Hence interest will be charged, even though it is on a temporary basis.


What are the ramifications of a poor credit score?

Having a poor credit score impacts one's ability to get a credit card and even a mortgage. If one is still able to get a credit card, the interest rate is likely to be higher and the credit limit lower.


What does an interest only loan mortgage accomplish?

An interest only loan mortgage accomplished a few things. These 'things' consist of a very small principle payment, or even just interest only payments.


Do bitches allow mating even not in heat?

no they don't, and the male also have no interest.


What financial institue has the best CD interest rate?

A CD will pay higher rates than a saving accounts because they are very safe, even the best interest rates for certificates of deposits are lower than most other investment. in fact, the highest rates offered by very safe banks can be as much as 40% higher than national averages.