Auto Refinance Calculator

2007-09-25 14:12:16

( Financial )



An auto refinance calculator is a user-friendly tool available in most auto refinance sites to help their clients compute for payments at varied rates. This is an added ease to applying refinance on automobile loans online. As there are many companies competing in this market, you need to get the best auto loan refinance service. Using the auto refinance calculator gives you the best estimated figures and allows you to check if you indeed got a reasonable deal and if you are capable of paying the amount in the given time frame.

The usual auto refinance calculator requires your answers regarding your current monthly payment and the number of months left for you to pay your current auto loan. It will also ask about your credit level, type of vehicle and pay off amount or the balance needed to pay the loan entirely. Note that most auto refinancing companies calculate your responses through scores.

Fill out everything carefully, paying particular attention to the credit level field as it can highly affect the computation. If you are not confident with your answer, better check if the auto refinance calculator has set up criteria to measure your credit rating. It is usually categorized as fair, good, very good and excellent. To qualify for excellent rating, you should have more than five years of good credit standing, paying all your creditors as scheduled and have not reached a stage of bankruptcy. If you miss some payment deadlines, you can still get a very good rating but if you are loose on payments and encountered a due account, you will be rated as good. Fair is mostly given if you have more than one due account in the past or you are just new to credit transactions.

An auto refinance calculator may give you an idea of what to expect in an auto refinance transaction but this is just a slice of information as there are many other factors to consider before getting an auto refinance loan.


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