Is it a bad idea to refinance a car at a higher interest rate even if it lowers my payments? related questions

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Is it a bad idea to refinance a car at a higher interest rate even if it lowers my payments?6smiley face2012-09-23 05:30:03
In a period of 2 years I bought a new car, new house, and became self-employed . I want to refinance my car, which was origainlly a loan of $ 18000 and now I only have $ 10,000 on it. The bank said that since I am full and do not have sufficient evidence of self-employment income , however , the rate would be 10 %. HOWEVER . It would lower the payments of $ 375 a month to $ 250. It's stupid to do that? I'm not going to pay the car off , and only have to pay $ 500 more in interest. However, someone told me that going to bring down my credit to refinance at higher rates . Is it a bad idea?
When the Fed lowers interest rates, why not lower the rate attached to 30 yr. mortgages?1Help me please2012-11-05 01:56:03
Instead of lowering rates linked to short-term loans to banks lend to each other , why not drop rate mortgages tied to 30 yr ? This would help the economy by allowing those with fixed rates to refinance and put more money into the economy and help those affected by the sub -prime ARMS .
Should we refinance from 6 1/8 interest rate to a 5.5 interest rate on our 30-year fixed rate loan?4tim2012-11-05 22:16:02
the value of the house : $ 600,000 Loan Amount : $ 477,000 Our loan officer said it's worth refinancing if you get a rate of 5.5 % or less. But we have no cash for closing costs of $ 5,000 ... suggested making a seprate HELOC to cover closing costs . Is this worth it? Or should we continue our 6 1/8 % rate ?
Should I refinance my ARM into a fixed loan even if it means a higher rate/payment?0Jayme2012-09-30 07:58:03
I have an interest only mortgage that I am currently paying 3.875% and indexes in August 2010. MedlinePlus MedlinePlus In 8/2010 , I need to pay the principal and interest of LIBOR + 2.25% one year . MedlinePlus MedlinePlus At present , the LIBOR rate is 1.5% , so it would be 3.75% - a very good rate . Of course , LIBOR may rise. MedlinePlus MedlinePlus The interest rate is capped at 8.875% , which is high, but even so , I still could not afford the payment . I'm not in danger of foreclosure unless I lose my job for an extended period . It is not absolutely necessary to secure a fixed rate . MedlinePlus MedlinePlus It is a loan insured under freddie -mac with about 80 % LTV , so I can get a streamlined refinance in about 5-6% lower closing costs . MedlinePlus MedlinePlus I will be living here for a long time ( probably 15 + years) . MedlinePlus MedlinePlus MedlinePlus MedlinePlus So I can keep my mortgage, that at least in the short term , will have a lower rate than refinancing a fixed rate mortgage . MedlinePlus If I refi , I'll have a higher rate and payment , but the payment is guaranteed not to rise.
Under which of these 2 scenarios will the interest rate be higher or will it be the same?0Care2012-11-04 02:08:01
I borrow 250k to buy a 500k home. I own outright a 500k home and want to take out a 250k fixed-rate home equity loan. Assume in both cases, the loan is a 30-year fixed and all circumstances are equal (fico score, etc).
Why a higher interest rate on modular home mortgage?0~*" Harekrishna Bless America!"*~ 2012-11-02 10:59:39
We were hoping that building a brand-new modular home would be the answer to our VERY frustrating and discouraging search for a new home. But when my husband called the mortgage company today, they really burst that bubble! They say the interest rate will be higher on a modular. We are not talking "doublewides" here... My husband and I really had our eye on a couple of higher-end models that look as good as any other house I've ever seen. Better, even! So, why the higher interest rate? And how much higher would it be? My dear husband did not press her for answers, but I want to know. Thanks...
Why would a borrower prefer an unsecured loan, which comes with a higher rate of interest?0F2012-08-06 10:25:46
Why prefer a borrower an unsecured loan , which comes with a higher interest rate ?
How much higher is the interest rate on a government student loan than a home mortgage?0gfghbh2012-11-05 20:09:49
Should I transfer my balances to a 0% card or consolidate to a personal loan with a higher interest rate?3nwabisa2012-08-19 22:36:05
If I can transfer my balances to a 0% card or a personal loan to consolidate with a higher interest rate ?
Car dealer wants to change the terms of the loan, more down payment, higher interest rate. Can I decline?1hinanit2012-08-22 06:11:05
the new terms and return the car ? What are my options ? I have had the car for two weeks , had money in a trade and not down. Please help . Thank you.
How long do you have wait to refinance a car loan? Best credit union/bank to refinance at low interest rate?0Suki2012-09-04 18:41:04
lower interest rates ?
The interest that is deducted from my loan payments is much more than my interest rate. Help!?0Ephraim2012-10-14 05:54:59
I have a consumer loan to help pay my credit card debt . My payments are $ 437.34 per month and the interest rate is 6.99 % . As for my online bank statement shows that my first payment fo $ 437.34 , $ 121.74 was used to interest. My second payment of $ 437.34 $ 104.12 that was used to show interest. In fact , I made two payments to date totaling $ 874.68 and $ 225.86 of it has gone toward interest. Now , that comes to a little less than 26 % interest. This is my first loan , and thought I understood the interest rate . It follows the correct amount , according to the typical procedure loan ? I feel overwhelmed by the amount they will pay in the end. I would greatly appreciate an explanation / insight . Thank you !

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