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Is a second Re-fi worth it?

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EaglesFan2006
Established Contributor

Is a second Re-fi worth it?

Is it common or worthwhile to look into a second auto loan refi?  My initial loan was in December 2010 and I refinanced in May 2012.  I would like to explore the option again for better terms, but not sure if anyone really does that.  What info would I need before even considering it.  And how would I calculate LTV?

Message 1 of 4
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ExplicitElicit
Established Contributor

Re: Is a second Re-fi worth it?

A second refinance is always an option, I do 2nd, 3rd and even 4th for my customers all the time. I do what saves them the most money!! If you think that have a shot at lowering your interest go for it. What does you credit look like currently (inq, baddies, balances-limits, scores)??

 

How much do you currently owe on the vehicle and what's the interest rate as well as term?

Also look up the NADA retail value here

 

To calculate LTV it would be:

 

LTV Ratio=Loan amount/Value of collateral.

 

When using the value of the vehicle be sure you use the "retail" value as that is what banks use.

Message 2 of 4
EaglesFan2006
Established Contributor

Re: Is a second Re-fi worth it?


@ExplicitElicit wrote:

A second refinance is always an option, I do 2nd, 3rd and even 4th for my customers all the time. I do what saves them the most money!! If you think that have a shot at lowering your interest go for it. What does you credit look like currently (inq, baddies, balances-limits, scores)??

 

How much do you currently owe on the vehicle and what's the interest rate as well as term?

Also look up the NADA retail value here

 

To calculate LTV it would be:

 

LTV Ratio=Loan amount/Value of collateral.

 

When using the value of the vehicle be sure you use the "retail" value as that is what banks use.


Thanks!  I think my overall credit profile is solid.  It's much better than it was when I re-fi'd 2 years ago.  Income is higher too.  My current rate is 11.99%.  However, it looks like I owe more on the loan than the value the NADA site gave me.  I guess that means I'm out of luck!  Thanks though.

Message 3 of 4
ExplicitElicit
Established Contributor

Re: Is a second Re-fi worth it?

What's the difference? You could still possibly be eligible to refinance.

Message 4 of 4
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