Can you refinance an auto loan when you owe more than it is worth?

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Most people who are refinancing a car loan are, indeed, underwater. The reason is that your car value depreciates much faster than the loan is paid down.

Lenders understand that the LTV will be above 100%, which is why most have LTV threshold around 115-125% (depending on credit worthiness of the consumer).
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How can you trade a car when you owe more than it is worth?

Trading a Car When More Owed than Value . You can't really trade it without staying in the hole. You can go to a car lot with about 8000.00 dollars and trade it but if your buying a new car that's 12995.00 and you trade a car you owe 9995.00 on they will just add the amount you owe minus what the ( Full Answer )

If your mom died and she owed more on her car than it is worth and there was no life insurance on the loan who is responsible?

The cosigner if there is one is first to be responsible for the balance of the loan. After that the mom's estate meaning who ever is seeing to her affairs. This can be the relatives or the actual State government. If there was a will, the lender has 6 months to file a judgment in the Surrogate's O ( Full Answer )

How can you sell a car that you have a lien on and owe more than it is worth?

Your odds are not good, but, not impossible either. How much work are you willing to do to sell the car? Lets say you owe 10K, cars worth 7K,you find a buyer for 8K. You will have to come up with 2K to pay it off and sell it. The lender will help you with the details. If the lender sells it at aucti ( Full Answer )

Can you get out of a car loan if you owe much more than the vehicle is worth?

You aren't the first person to have this problem. Banks won't justlet you out of a loan and take the car back, they wouldn't make anymoney that way. If you owe more than the car is worth, then itisn't worth selling or trading. You should pay off the car as soonas possible or at least pay it down to ( Full Answer )

Can a cobuyer refinance a auto loan and remove the buyer from loan?

Answer . \nBuy cobuyer I wonder if you mean cosigner on a loan. If this is the case then the answer is no. As a cosigner you are simply agreeing to pay the loan if the person who took it out does not. It is in his or her name and you are responsible for it if they do not pay it.

Can you refinance an auto loan before a year?

Answer . \nyes - you can refinance an auto loan at any time. You will want to make sure you current bank does not charge a prepayment penalty though.

How can you refiance if my loan is more than house is worth?

Answer . Generally speaking a lender wouldn't be interested in refinancing your home. It would be handing you more money than the home's value and would take a loss if they need to foreclose. That doesn't make sense. You would not be a good risk.

Kelly Blue Book shows my car is worth more than what I owe. I pay no interest on this loan.?

Answer . Well I really do not know what your question is as you did not ask one. I can only guess as to what you wish to know. If you are paying 0 interest, then there is no good reason to pay the loan off early. Take the money you would use to pay the loan off early, and deposit it into an inter ( Full Answer )

If you owe 2500 more than your car is worth and you trade it in for a car that is worth 2500 less than the new car what would you owe?

If you are trading in a vehicle in which money is still owed, theamount of money outstanding will be rolled over onto the new loanfor the new car you are buying. If you owe $2500 on your currentcar, and are buying a car for $10,000, regardless if it is worthless than your current car, the $2500 note ( Full Answer )

What happens in a Bankruptcy if you owe more on your home than it is worth?

It is sold and the money gained from the sale is shared among your creditors.. = ans ==. Well sort of.. The point is the mortgage is a secured loan. Secured by the property. The mortgage lender has first call to ALL the proceeds from the sale of that property up to the amount of the debt.. Any e ( Full Answer )

How can you refinance a home loan if you owe more than your property is worth?

More than likely if your credit is good you can still refinance a home that is valued at less than you owe. You would have to roll the difference in what it's worth and what you owe into the new loan. This would only be beneficial if the new loan had a much lower interest rate than your current loan ( Full Answer )

What happens if you owe more than your estate is worth?

If you have a Will there will be a statement saying that "all of my debts are to be paid." Each creditor puts in a claim. The estate is divided among them. Your survivors don't have to pay them unless they co-signed.

I owe more than what the car is worth can i still trade it in?

Trading the car in is just going to prolong the issue. You need tofind a way to pay it down to value before you purchase anothercar--maybe a short term second job? Your new car after that shouldbe a recent year USED car that you can pay off within three years.

What rate does PNC Bank charge to refinance and auto Loan?

The rate that PNC Bank charges will depend on several factors. First of all, rates vary by states. Secondly, the rate is generally lower if you choose larger payments, and higher for smaller payments. Their most popular plan is at a 3.05% rate in my area.

How would you refinance an auto loan?

You can refinance an auto loan at any place you can get an auto loan. It may be best to use an agency in which you have already gotten a loan through before.

What exactly is refinance auto loan?

To refinance an auto loan, work with your bank or credit union to pay off your existing loan and get better or more spread-out terms for a new loan. Often, it is not worth the hassle of refinancing, unless your current interest rate is 1 to 1-1/2 points higher than what you could get with a new loan ( Full Answer )

What does it mean to refinance an auto loan?

If you refinance your auto loan you are most likely going to save a lot of money. However most people do not know this. You pay off your current car loan with a refinancing car loan from a different lender.

Can you refinance your home loan more than once?

Mortgage refinancing can be done more then once. When looking to refinance your home loan make sure the closing costs don't offset the possible saving of the lower interest rate offered.

How do you refinance a house that you owe more than it's worth?

Generally, no new lender will allow a refinance in that situation. You should speak with your lender. Generally, no new lender will allow a refinance in that situation. You should speak with your lender. Generally, no new lender will allow a refinance in that situation. You should speak with your ( Full Answer )

What are the qualifications of refinance auto loan?

In order to be qualified for refinance auto loans, most companies require that you be over the age of 18, that you posses a valid drivers license, you must be a current US Citizen, you must have a yearly salary of 26,000 or act as a cosigner, and you must have proof of a current auto insurance.

Is it possible to refinance an auto loan?

It is possible to refinance an auto loan. Refinancing offers the opportunity to lower your interest rate and save money over the term of your loan, which lowers your monthly payment.

Whats the best place to refinance an auto loan?

Bank of America (BAC) offers auto loan refinance programs with interest rates as low as 3.74%. Also bankrate offers a calculator to figure auto loan payments.

What should I do if we owe more on our home than it's worth?

You need to decide what your long term goals are. If it's a home you plan to live in for a long time, then you may want to tough it out. Your goal is to stay in the home, not sell it for a profit or rent it out. If the property was purchased as an investment for your future, or otherwise selected fo ( Full Answer )

Will you ever owe more than your home is worth?

This is possible. When the amount owed on a home is actually more than the resale value of that home, the mortgage is metaphorically said to be "underwater". Housing prices can fall, but your mortgage does not reflect current prices, it is fixed, once you buy your house.

How is repayment structured on auto loan refinance?

When an auto loan is refinanced, repayment is structured depending on the amount outstanding on the loan and the amount of months left to repay at time of refinancing. This may enable a person to save extra money by lowering the cost of the loan payments.

Where can one find information on auto loan refinance rates?

You can find information on auto loan refinance rates through your local bank website or branch. You can also find out about them by contacting the company you originally received the loan from and asking if they can give you some information and if you would qualify.

Where can one refinance their auto loan?

One can refinance their auto loan at any bank. One simply has to apply for an auto refinance loan. It is important to compare all of the available options; that way a lot of money can be saved.

Where can someone with bad credit refinance an auto loan?

Reputable lenders are likely to be the only solution if someone has developed bad credit. An auto loan is a loan taken out against a person's car, and if the payments are extremely high for any reason, it is likely that the person will not be able to afford the repayments.

How can a person refinance an auto loan with bad credit?

There are some finance companies that will offer credit to people who have bad credit ratings. However caution should be taken as the interest is likely to be very high when choosing this option.

Where can you get an auto loan refinance with bad credit?

There are hundreds of companies which will offer you auto loan refinancing, however it is important to research the company first to make sure it is not a scam or a predatory lender. A website like Bankrate is both free and objective, so it is a good resource to find safe and reliable refinancing co ( Full Answer )