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I paid off a year ago. Want to refinance the car (similar to title loans) with low interest rates. What are my options? Advance thanks for your input.

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Ok, dad.

jaytrader (Dec. 07, 2012 @ 1:02p) |

Be advised...you'll most likely have to add a lien holder to the title. Florida charges $75 to add a lien holder to an a... (more)

kchunk (Dec. 08, 2012 @ 2:35a) |

Don't forget the release of lien holder filing fee in many states as well.
Most any bank will give you a loan against you... (more)

JW10 (Dec. 08, 2012 @ 8:55a) |

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Penfed will let you refi a paid off car


Thanks.

If it's paid off, why incur additional debt?

DCU does it too.

Why? I'm curious...

Low cost money. Why not be able to take 10k out at 1.99% or 2.99%? Easy money.

how do they calculate the value of the car? Do you input a number and they take your word for it?

lotusgardener said:   Low cost money. Why not be able to take 10k out at 1.99% or 2.99%? Easy money.
Sure, if you can drive this money, not good just to park

any credit union?

kvs25 said:   how do they calculate the value of the car? Do you input a number and they take your word for it?

NADA retail value. There are restrictions on mileage of the car I believe.

Usorry said:   If it's paid off, why incur additional debt?

Personal expenses. Interest rate is less compared to personal loans/CC

keep in mind your insurance rates will be higher. I would do CC bt money first if available. If not available, you're in trouble.

mungbai said:   keep in mind your insurance rates will be higher.

Car insurance rates have nothing to do with a lien on your car or not. If you had opted for liability only before you would need full coverage with a loan on the vehicle however.

vipercon said:   mungbai said:   keep in mind your insurance rates will be higher.

Car insurance rates have nothing to do with a lien on your car or not. If you had opted for liability only before you would need full coverage with a loan on the vehicle however.


Chances are they are going to require more comprehensive coverage is what I meant, chief.

Just an FYI Penfed has a mileage limit on used car auto loans of 125,000 miles.

mungbai said:   vipercon said:   mungbai said:   keep in mind your insurance rates will be higher.

Car insurance rates have nothing to do with a lien on your car or not. If you had opted for liability only before you would need full coverage with a loan on the vehicle however.


Chances are they are going to require more comprehensive coverage is what I meant, chief.


Getting a little snippy, huh? All vipercon was trying to say is that having a loan on a vehicle does NOT affect rates directly. However, you're correct in that loans most likely will have more strict standards regarding coverage and deductible limits versus not having a loan. Then again, OP could still have full coverage and low deductibles on the vehicle, who knows.

Yes, I just butted in.

Try AA Credit union..I was paying 2.24 for my refinance..u need to open checking ac which is free..otherwise rate is 2.49

Have the state mandatory limits(25/50/25) on insurance. Is that enough?

sjays08 said:   Have the state mandatory limits(25/50/25) on insurance. Is that enough?

You'll have to add comprehensive and collision coverage with 500 or 1000 deductible depending upon the lender.

That's liability

You need comprehensive and collision too

Btw state minimum insurance is terrible for you or anyone you hit . Totally inadequate

Learn something new today. I have never heard of this before and hope I will never have to.

Have the comprehensive and collision. Need to increase the liability. Thanks.

Just remember going into debt and paying it back takes more time and money than just saving the money first and buying outright at a cost of instant gratification. While some people are more than happy to have debt, being that I am almost debt free and working extremely hard to get there I have to point out it's really not worth it! If as you point out it is to pay off other debts then I would agree this is a suitable means to lower interest without any additional fees if you use Penfed or other good lenders.

hkgfnt said:   Learn something new today. I have never heard of this before and hope I will never have to.
Why? Wouldn't you rather borrow money at 1.9% than 3% (say for a mortgage ?)

Money is fungible so it doesn't matter if the loan is on your home or your car. You want to pay the lowest rate possible

You can get "Title Loan" and I have done the same thing from "https://www.patelco.org/" for 2.7% APR.

foglem said:   Just remember going into debt and paying it back takes more time and money than just saving the money first and buying outright at a cost of instant gratification. While some people are more than happy to have debt, being that I am almost debt free and working extremely hard to get there I have to point out it's really not worth it! If as you point out it is to pay off other debts then I would agree this is a suitable means to lower interest without any additional fees if you use Penfed or other good lenders.

Not if you get a loan at 2% and savings at 4%.

http://thefinancebuff.com/bbva-compass-build-my-savings-match-bo...

jaytrader said:   mungbai said:   vipercon said:   mungbai said:   keep in mind your insurance rates will be higher.

Car insurance rates have nothing to do with a lien on your car or not. If you had opted for liability only before you would need full coverage with a loan on the vehicle however.


Chances are they are going to require more comprehensive coverage is what I meant, chief.


Getting a little snippy, huh? All vipercon was trying to say is that having a loan on a vehicle does NOT affect rates directly. However, you're correct in that loans most likely will have more strict standards regarding coverage and deductible limits versus not having a loan. Then again, OP could still have full coverage and low deductibles on the vehicle, who knows.

Yes, I just butted in.


He was being a pedant. So are you. Both of you knew what I meant but decided to be deliberately obtuse. Why people think this makes them look good will never cease to amaze me.

mungbai said:   jaytrader said:   mungbai said:   vipercon said:   mungbai said:   keep in mind your insurance rates will be higher.

Car insurance rates have nothing to do with a lien on your car or not. If you had opted for liability only before you would need full coverage with a loan on the vehicle however.


Chances are they are going to require more comprehensive coverage is what I meant, chief.


Getting a little snippy, huh? All vipercon was trying to say is that having a loan on a vehicle does NOT affect rates directly. However, you're correct in that loans most likely will have more strict standards regarding coverage and deductible limits versus not having a loan. Then again, OP could still have full coverage and low deductibles on the vehicle, who knows.

Yes, I just butted in.


He was being a pedant. So are you. Both of you knew what I meant but decided to be deliberately obtuse. Why people think this makes them look good will never cease to amaze me.


Ok, dad.

Be advised...you'll most likely have to add a lien holder to the title. Florida charges $75 to add a lien holder to an automobile title.

Don't forget the release of lien holder filing fee in many states as well.
Most any bank will give you a loan against your car - terms vary by bank.



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