Posted on: 07th May, 2009 05:47 pm
I have a 2007 Malibu and a 2001 Dodge
you may be able to refinance, cash out the money, then pay off your vehicles. however, do you want to essentially finance those cars for the next 30 years (or until whenever you sell the home)? do the math and think about how much that will really cost you.
your best bet is to refinance your existing loan balance to a lower rate. take the monthly payment savings and pay off those cars gradually.
your best bet is to refinance your existing loan balance to a lower rate. take the monthly payment savings and pay off those cars gradually.
Yes, with a cash-out refinance you are allowed to pay off cars. BUT, you have to contact a lender to see if you qualify with the increase in loan amount and MORE IMPORTANTLY if you have the necessary equity to pay these debts off. Cash-Out Refinances are limited to a MAXIMUM of 85% LOAN TO VALUE ratio. Meaning your loan balance cannot exceed 85% of the homes current value. I hope this helps...
I am with Eric. You will be paying for your car loan probably if you are lookign to take out equity money and finance it for 30 years.
Not a good idea. Looks and see if you can refinance you car loan. nterest rates are really low.
Example : www.nwfcu.org
Some time back they had 3.25% for car loan.
Not a good idea. Looks and see if you can refinance you car loan. nterest rates are really low.
Example : www.nwfcu.org
Some time back they had 3.25% for car loan.
If you are facing difficulty in paying off the car loan, you can think of taking out a car refinance loan. However, you have to be ready with all docunentations to get the approval.
The main sources of car refinancing are the individual lenders, financial institutions and the banks. You can get to know about one such company through online dearch.