Car Refinance Loans – Is a Refinance Right for Me?

Car refinance loans can potentially offer significant monthly savings, but it’s important to understand that they might not be the ideal solution for everyone. Meeting a specific set of criteria is required to qualify for a car refinance loan, which includes factors like mileage, the remaining loan balance, the type of vehicle, and the original lender’s identity. Assuming you meet the eligibility criteria, refinancing your car may generate extra funds each month that can be directed towards other expenses. Car refinancing can grant greater flexibility and freedom to those who qualify.

Although everyone desires to save money, car refinance loans are not a one-size-fits-all solution. Generally, lenders solely offer refinancing to those who have an existing loan with a different lender. Therefore, it’s important to know your lender’s affiliates, as this could impact your eligibility. Refinancing lenders aim to attract new business, and some may have restrictions on commercial vehicles or those utilized for business purposes. Moreover, refinancing policies for certain types of vehicles may vary depending on the lender. By exploring various lenders, you can identify one that is suitable for your specific situation.

Car refinance loans typically have specific eligibility requirements, including low mileage, usually less than 160,000 miles, and a relatively new car, generally 13 years or newer. The loan amount remaining on the car is typically more important than the car’s value when it comes to refinancing. While knowing the car’s value can be helpful, it’s not mandatory to get it appraised to qualify for a refinance. The amount owed on the car is the key factor in determining potential savings. Lenders usually require a minimum of $7500 remaining on the loan, with some also having an upper limit. Owning $7500 or more generally falls within the ideal range for car refinance.

Using an online car refinancing calculator can help you assess if refinancing your car is the right choice. However, if you have less than a year left on your loan, refinancing may not be cost-effective and could end up costing you more. Therefore, it’s crucial to weigh your options carefully. The equity in your car is not a factor when refinancing; what matters is the outstanding loan amount and the duration of time required to pay it off.

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May 11, 2024

Used Cars for New Drivers

You’re a teenager. You want the best stuff, of course. When you start driving, you’ll likely want some flashy new thing that will turn heads and shine like a comet. Shining chrome, blazing bright paint job, and clear windows all blazing down the road might be dancing through your head.

But in reality, you should probably consider getting an older vehicle when you first start driving. Older cars might not look too impressive, but you should consider getting one. Here are a bunch of big reasons you should consider getting an older used vehicle when starting your driving career.

Older Cars Are Less of an Investment

Older cars require less responsibility than new cars. You are young. You don’t waste time futzing about cleanliness, paint jobs, interiors, etc. Your car is supposed to lead to freedom, not more work! With an old car, you’re free to treat your vehicle the way you want to treat it.

And, of course, drivers are always in danger of car accidents. Inexperienced drivers, in particular, often get themselves into trouble. Younger drivers tend to speed more often, and according to Herrman & Herrman, speeding is one of the top causes of negligent driving lawsuits.

Some Older Cars Are Actually Superior Vehicles

Some older cars put newer cars to shame. Gas mileage, for one thing, is sometimes much better in older models of cars (though it should be noted that some of these fuel efficient old cars can be less safe than newer gas guzzlers).

And sometimes, they just don’t make them like they used to. Lots of people are turning to older cars in the current economic climate, and many of those people are finding the older rides to be pretty sweet.

With an Older Car, You’ve Got Something to Experiment With

If you’re interested in car maintenance, older cars are absolutely the way to go. Older cars will give you countless opportunities to learn the inner working of automobiles, and you’ll be comfortable trying out new things that might damage the car. An older car can be like a sandbox. You wouldn’t want to mess around under the hood of a brand new car, but with an older car, you can dig in deep and do all sorts of experiments.

Additionally, older cars will show you firsthand the kind of wear and tear a car can go through. Unlike with a textbook, you’ll learn the unpredictable real world problems that happen to cars. An older will allow the opportunity to experience the vulnerability required to make a safe driver. Considering insurance, the possibility of an accident, and the room to gain experience all make a newer vehicle worth the wait.

Financing Options

Once you finish school and it’s time to purchase your first new ride, think about financing online with a company like OpenRoad Lending. There you can apply and get a loan decision in a couple of hours. After you are approved, you get a blank check to carry into any dealership in the US to purchase the vehicle. It’s fast, easy and there is no obligation to apply.

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May 11, 2024

Vehicle Refinancing – A Simple Process Leading to Great Savings

The concept of vehicle refinancing is one that has only been around for just over a decade. It is an excellent way for auto loan customers to save a great deal of money over the length of the loan term. The reason this option became available to car buyers is because dealerships have a tendency to markup interest rates that are charged to customers after they indicate a definite purchase of the vehicle. The process of refinancing your car is a fairly simple process that is similar to refinancing a mortgage, if you have ever completed that process. You fill out an application, provide details on your current lender and vehicle, and soon you will be on your way to lower payments and up to thousands of dollars in savings over the lifetime of the loan.

There are a few tips you need to know as you enter the vehicle refinance process. The first and possibly most important is to locate the right lender. Most auto loan companies offer refinancing options, but you are looking for the best rates and most sufficient customer service. Also, before you approach one company or another, gather all the information you will need to make the process go smoother. Have your old contract on hand to have access to information like the lender name, current interest rate, payments and vehicle make, model and mileage.

Next, you need to determine the term length that is right for you. Whether you are choosing to go through the vehicle refinancing process because you cannot afford your current payments or you simply want to decrease your interest rate, you can choose the perfect combination for you. A longer term will mean lower monthly payments, but you will also end up paying more interest. If you cannot afford your current payments, this may be the best option for you.

The next tip when preparing for the benefits of vehicle refinancing is to choose an ideal payment date. Would the first or the middle of the month be better than the last day of the month, or is it the other way around? Whatever the case, your lender will likely be willing to work with you on the date that your payments are due. After a few more clicks of your mouse, you can be on your way to saving ten’s of dollars every month and hundreds or even thousands of dollars over the term of the loan.

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May 11, 2024

Avoid These DIY Mistakes When Working On Your Car

Car ownership and maintenance can be expensive and in a world of DIY books and “how to” videos on YouTube, many car enthusiasts enjoy the challenge of fixing faulty brakes or replacing the timing belt. If you have successfully done car repairs on your own, you may consider yourself lucky, but don’t assume you have a mechanic’s touch.

Even if your DIY repair is well-intentioned and managed to save you a couple hundred dollars, you could be increasing your risk of being involved in an accident. According to Marks & Harrison, Attorneys at Law, a vehicle that is improperly maintained or has a mechanical failure can cause a deadly car accident; not only could your DIY repair put your own life at risk, but could affect the lives of other motorists on the road.

Want to Fix Your Car? Don’t Make These Mistakes

While changing your oil or replacing your windshield wipers are easy to do and save you some money in the long run, for your own safety, there are some car repairs that are better left to the professionals:

Disregarding Safety: Auto mechanics make car repair look really easy, but that’s because they are trained (and you are not). One thing that is often overlooked about car repair is that it can be hazardous. In order to do their job well, and safely, mechanics use jack stands, wear protective eyewear, and even latex gloves to avoid exposure to chemicals. Unless your garage is equipped with all the proper safety gear and you know exactly what you’re handling (and how to handle or dispose of it properly), don’t make any major repairs.

Not Following the Owner’s Manual: Even though there are numerous videos and books available on car repairs, it’s always smart to refer to your owner’s manual. While there are many resources that can give you good general information, it’s important to know what type of fluid to put in your car or other specifics. Remember, not all cars require the same type of fluid or replacement parts (even models or years within a car brand can be different).

Ignoring Preventative Maintenance: Every car has a maintenance schedule and if you stick to it, your car continue running well for a long time. If you plan on changing your own oil, make sure you do it as scheduled otherwise you’ll run into a bigger and more expensive problem you may not be able to handle on your own.

Not Knowing Your Limitations: Car repair should never be a “learning experience”. If you don’t know what you’re doing, there are too many safety risks to yourself and others. If you’re just starting out, start small. For instance, if your brakes need replacing, but you’ve rarely used a car jack or removed the tires for anything but a flat, this is not a repair you should attempt on your own. Here are some other major repairs that are better left to a professional and stick to the stuff you’re confident with: replacing suspension parts, replacing a timing belt, repairing an overheated engine, dealing with a check engine light, fixing misaligned wheels, or transmission maintenance. Not only can these repairs be hazardous on the road, if done improperly, they may void any warranties if not performed by a professional mechanic.

Car Refinance Loans – Is a Refinance Right for Me?

Used Cars for New Drivers

Vehicle Refinancing – A Simple Process Leading to Great Savings

Avoid These DIY Mistakes When Working On Your Car

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