Jump to content

Welcome to Autoworld Forum !

Sign In or Register to gain full access to our forums. By registering with us, you'll be able to discuss, share and private message with other members of our community.

Close
Photo

Auto Refinancing


  • Please log in to reply

#11
byebye2u

Posted 30 June 2010 - 11:00 PM

byebye2u

    Tokyo Drifter

  • Members
  • PipPipPip
  • 2,805 posts
QUOTE (hainida78 @ Jun 30 2010, 10:12 PM) <{POST_SNAPBACK}>
As with anything to do with finance, it is important to have a game plan before entering into any type of transaction. When it comes to cars, many consumers are not aware that you can actually refinance your car just like you would your house. While refinancing your car hasn't been an option in the market, it is one that is gaining steam and saving consumers hundreds of dollars over the life of their loans. Refinance is a viable option for anyone looking to save money



there is not an option...there is none in the market for refinancing car ( directive from BNM if i'm not mistaken ) .the only way to do it is to use your spouse or relative name ( I/C must not have the same address ), but you will loose back on insurance NCD.

NIK

#12
john11

Posted 08 July 2010 - 05:31 PM

john11

    2nd Gear

  • Members
  • 2 posts
There is a legal requirement to carry auto insurance on your vehicle. However, many people do not realize what portion of the insurance they carry is legally required and what portion is optional. Rules vary by province, but in general the only thing you are required to carry is third party liability insurance. This insurance covers damages to other people and their property if you cause an accident, such as compensation for missed work due to injury or fixing the other persons car. Most people also carry Collision and Comprehensive, which is normally optional coverage. Both cover damage to your vehicle. Collision covers damage as a result of an impact with another vehicle or object and comprehensive covers other things like thief and vandalism. When deciding if you should pay for collision and comprehensive you need to look at the value of your car, the financial impact to you if you had to pay to replace the car yourself and the impact to your insurance premiums if you put a claim though.
There is more to the cost of leasing a vehicle than just the monthly payments. At the end of your lease you can get hit with charges for any excessive wear and tear as well as going over your mileage allowance. There may also be an administration charge for the dealer to calculate all this for you. And if you need to break your lease agreement due to a change in your finances? There will be a fee for that too.On top of all these hidden charges is the fact that, from lease to lease, you’re continually paying for the highest depreciation years of a vehicle. You’ll also have no equity built up as you do not own the vehicle.If you’re concerned about the amount of your monthly payments, consider buying a 2-3 year old car. This will spare you the highest depreciation years, so that at some point your loan won’t be worth more than your car. You’ll still have some warranty and the price, and therefore payments, would be less. With the money saved, you’ll be able to fix any problems after the warranty expires and still come out ahead. Since you own the vehicle, you could also keep it longer. Getting a few more years out of it will save you even more money compared to a new car every three years.


#13
hainida78

Posted 05 October 2011 - 11:22 PM

hainida78

    1st Gear

  • Members
  • 1 posts
Auto refinance is where you take out a new loan to pay off your current auto loan. When you do this you will normally look to get a better loan. This generally means getting a lower rate of interest which makes the loan cheaper. You may also look to extend the term of the loan to reduce the amount required to be paid each month. This does not reduce the cost of the loan but will make the monthly payments more manageable.