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Yes, it will depend on your credit, and I can guaranty that you will need a down payment. It's just like buying the car the first time. You do not have to use the same lender. The more money you have down the easier it will be.

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โˆ™ 2015-07-15 18:46:15
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Q: Can you refinance a car after less than a year of making payments and if so do you have to use the same lender?
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Related Questions

How can one get a low rate on the mortgage refinance?

There are several ways a person can get a low rate on the mortgage refinance. A person can get a lower rate on their mortgage if they make the payments longer, making the monthly payments be less.

How do you refinance a property that is worth less than the mortgage?

You need to speak with your lender.You need to speak with your lender.You need to speak with your lender.You need to speak with your lender.

What happens after a vehicle is repossessed?

The lender sells the vehicle, sometimes at auction. They attempt to get whatever they can for it. Often the price the lender gets is less than the outstanding loan. If the lender gets less for the vehicle than the amount that is owed, the lender will seek the balance (the difference between what was owed and what they sold it for) from the borrower. So, lets say you bought a car for $1000. You quit making payments. You still owed $800 when the vehicle was repo'd. The lender sells the vehicle at auction and gets $500 for it. The lender will come after you for the remaining $300. That's pretty much how it works. Bottom line: make your payments. This is where aflac comes in handy.

Can you refinance your home with bad credit?

Yes, it is possible to refinance with bad credit, however you may be dealing with some very high interest rates from hard-equity lenders. There will have to be enough equity in the home and the loan to value ratio that the lender will allow will generally be less than if you were dealing with a more traditional lender.

Refinance Your Mortgage For Less?

A mortgage is a contract between a homeowner and a lender. The lender finances the purchase of the home, and in return, the borrower must repay them over a period of time. In banking parlance, the lender amortizes the loan, usually over fifteen or thirty years. Part of the amortization process is determining what the interest rate on the loan will be. The interest rate applied to the amortized loan balance tells the borrower what their monthly payment will be. If the borrower gets into financial difficulty and cannot make the payments under their current interest rate, they can refinance their loan. Refinancing simply means that their loan is replaced by a loan with a lower interest rate. This can extend the life of the loan. Generally speaking, the homeowner pays off the interest first and the principal second. If they refinance their loan, this will reset all the interest payments they have already made, and they will have to start over from scratch. Even with this downside, they may still save money with the lower interest rate.

What if you can't afford the balloon payment?

Lenders do not want you to default on your mortgage. As with any other mortgage, in the case of the balloon payment, your lender will try to work with you to refinance your mortgage into payments you can handle. If you can't refinance, you may be forced to sell the property (unless the bank does it for you) to cover the balloon payment. Most people will be able to refinance, the question is just how high their rate will be. You do not have to use the same lender that your first ballon mortgage was with. Many lenders have programs for people with less than perfect credit. The only problem is your rate will be high, so you want to refinance as soon as you have a decent credit score to get a lower rate. If your balloon payment is coming due and you can not qualify for a loan because you owe more than the home is worth then talk to your lender about a shortsale or deed-in-lieu. If neither of these are available and a workout just isn't possible, it may make more financial sense for you to just walk away from the property.

What are the rights of a co-borrower on a home loan?

A borrower and co-borrower on a loan share benefit and liability equally. The only practical difference between the two is that loans are generally priced (interest rate or fees) based on the primary borrowers qualifications (these qualifications may actually determine who is primary and who is secondary). While the primary borrower's name is first on documents for the loan, the co-borrower is equally liable and has the same rights. While your rights as co-borrower may not be less than the borrower, people often overestimate the rights of either party. For example, many divorcing spouses assume they have the right to call the lender and remove themselves from the loan, which is not the case. If you separate and there is no court order to refinance the loan and you never refinance it out of your name and the primary stops making payments, the lender has every right to collect from you and report the late payments on your credit.

Can my car be repoyed when you are on ssd?

Yes. If you do not make your payments on time, the lender will repossess the vehicle. They could care less that you are on Social Security Disability. Talk to the lender and do not allow your vehicle to be repossessed if at all possible. Explain your situation and see if they can work something out.

Can you legally make partial payments for your auto loan?

It is up to the lender. You signed a legal agreement to pay the loan back monthly at a set rate. Anything less, and you leave yourself open to having the car repossessed. Set down with the lender and work this out.

Are the payments due after repossession the actual car notes or can you negotiate a payment in the state of Maryland?

You can make an offer in any state. Its up to the lender to accept or reject it. Has the lender tried to work with you on payments already and it didnt work out?At this state of the game, the lender wants more than promises. They want MONEY NOW. The more the better. They can get 25% of your disposable income by garnishment so why would they settle for less in an offer? Its time to get serious about paying this debt. Good Luck

How many payments can you be past due before a lender can legally repossess your vehicle?

Usually Three. Could be less in some states. In reality, one should not be any payments past due - this will definitely harm ones credit ratings for the next 7 years!!

Can you refinance a home with no equity?

No you are not likely to be able to refinance a home with no equity. Unfortunately, this is exactly the situation that homeowners are finding themselves in right now leaving them with many less options when facing the current difficult mortgage market. It is probably best to try to renegotiate with your current lender if you find yourself in such a situation. More lenders are beginning to be forced to consider this for their customers.

Is it legal for the car to be repossessed and still require payments to be made?

Generally, if the car was sold for less than the amount owed on the loan the lender may demand that you pay the remaining balance owed.

How many years are you able to refinance an auto for?

You can refinance an automobile loan for as long as seven years. Depending on the bank that you use, it will be as long as seven or less.

How long can you stay on the property after foreclosure proceedings have started in Minnesota.?

I believe it would depend on your lender's work load as to when they will request that you move out. To stabilize your situation, it would be good for you to put aside the amount of the mortgage payment into savings and to start looking for less expensive housing. You could also check with the lender to see what you could do to stop the foreclosure, paying back all of the back payments, and possibly refinance if you were caught in a bind.

Making Sense of Auto Loan Refinancing?

When people think of refinancing, most people think of refinancing a mortgage. This is certainly an option, but it is not the only one available. Refinancing can make sense in the case of your vehicle as well. Auto loan refinancing is useful in several situations, each different from the other. Some auto loans have an introductory rate that is lower than the later rate. In this case, the monthly payments could shoot up higher than you can afford. In this case, you will need to refinance to reduce your monthly payments. If your financial situation changes for the worse, you will need to refinance your auto loan for the same reason. If you find a better job or get a promotion, it may also make sense to refinance. You can refinance in order to increase your interest rates, pay off your car sooner, and pay less in overall interest. Finally, you can refinance by taking out a secured loan. Using your car as collateral in a new loan is considered a form of refinancing, and it offers loans with better interest rates than unsecured loans.

What is the difference between a Short Sale and a Short Refinance?

A Short Refinance, also known as a short payoff, is a transaction, where the lender agrees to accept less than the full amount owed. Instead of the property being sold, it is refinanced with a new lender. The short refinance allows the homeowner to retain ownership of the property, while at the same time avoiding a foreclosure or possible bankruptcy. If you want to keep your home, but don't have enough equity to get into a foreclosure bailout loan, a short refinance is your answer. By negotiating a short refinance with your current lender, you can obtain a payoff of less than the full amount owed, and refinance your home with a new lender. Short Sale A short sale is usually an arm's length transaction, where the current lender agrees to accept less than the full amount owed when the property is sold. Many homeowners are experiencing a financial hardship and are unable afford their mortgage payment. We offer another solution for homeowner's to keep their home and create a new affordable payment. Would you like to keep your house? We negotiate with your lender, using a new technique called a Short Refinance to reduce your principal and help you keep your home. Do you prefer to be treated like a person rather than a Loan Number? Most loan servicing departments are flooded with borrower's calling everyday. These departments have policies and scripts for each phone call they receive, and you may be transfered back and forth between departments or put on constant hold. Once you finally speak to the right person, you are asked for your income and expenses. Depending on the information you provide, you will be told whether you qualify for assistance or not. This process frustrates many borrowers and causes them to believe there are no options available. We strive to work with borrowers on an individual basis and we provide solutions. The possibility of losing your home is stressful and you need an experienced professional to answer questions and guide you through the process. What does our commitment to personal service mean to you? It means that we focus on you and your goals. We are committed to being here, for you every step of the way. A Short Refinance may be the answer to keeping your home. Call us now at 858-693-5400 or

Can someone be sued if they have a credit card with a 20000 debt and they close the card and they are making payments but the payments are less than the monthly minimum?

Yes. Once a contract has been defaulted upon the lender can take whatever action allowed under the laws of the debtor's state to collect the debt. It is unlikely the lender will sue as long as the debtor continues to pay unless the amount is only a token one, for example $10.00. The account balance will continue to mount significantly due to penalties and interests even though the account has been closed, resulting in an even larger debt.

What is the difference between a short sale and a foreclosure in real estate matters?

When the owner of a home can no longer afford to make payments on their home mortgage, the home may be sold in a short sale before it enters into foreclosure. A short sale is one of a homeowner's last resorts. It occurs when a home is sold for less than the balance remaining on the mortgage. Typically the homeowner and lender strike a deal in which the homeowner agrees to accept less than the amount they owe on their home (making no profit) in exchange for the lender forgiving the remaining amount on the loan. This process may still damage the homeowner's credit, but they will avoid foreclosure. If a homeowner can't make payments on their mortgage and the home does not sell through a short sale, the lender can take possession of and sell the property by a foreclosure proceeding. To find out more read the full article on

Why might one want to refinance a mortgage at a lower rate?

There are many reasons why someone would want to refinance a mortgage at a lower rate. The main reason to refinance at a lower rate is to pay less interest over a long period of time.

How do I refinance out of an adjustable rate mortgage with high interest rates when my propety value is less than the mortgage owed?

You cant. You cannot refinance a property for more than it is worth.

If I currently don't pay PMI but refinance and my home value has decreased to having less than 20 percent equity would I now have to pay PMI if I refinance?

Yes you will.

Should you get a foreclosure loan?

== Foreclosure loans== Beware of this situation: You can't pay your mortgage and face foreclosure. A "lender" contacts you, offering help. First, the lender requires you deed the property to him, claiming this is a temporary safety measure to prevent foreclosure. Once the lender has the deed, he owns your property. He can borrow against it or sell it to someone else. The lender can treat you as a tenant, using the mortgage payments as rent. Once you default on the payments, the lender can evict you from your own home. More opinions from FAQ Farmers: * What most homeowners do not realize is that there are government and private programs available to resolve their situation - with no need to obtain a new loan - and no need to have excellent credit. These solutions often cost much less than obtaining a new loan.

Can I refinance my mortgage rate?

Currently mortagage rates are running less than 5%. If you have a good credit rating you should be able to apply for a refinance of your existing loan and get a lower rate.

What is an advantage of a short term loan?

less risk for the lender (liquidity) -> less collateral and information required.