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Should I use a home equity loan instead of an auto loan?

Home equity loans are a great alternative to auto loans. You can get a lower interest rate with a home equity loan than you can with an auto loan. What makes it even better is that the interest you pay on a home loan may be tax deductible.

Can the interest rate on my loan contract be changed?

You may be able to change your interest rate if your contract is set up that way. The best way to find this out is to talk to a professional to see if the change is valid.

Are there any costs for refinancing?

Typically, when you refinance, what you do is pay off the existing balance and then sign a new loan with new terms. When you sign this new loan, you again have to pay all the same costs you paid with the original loan. You may want to take this into consideration when deciding if you are ready to refinance.

What is a title search?

A title search is a search that reveals any liens, lawsuits or legal claims involving the property that is going to be bought or sold. Lenders often require a title search.

What is loan-to-value-ratio?

The loan-to-value ratio is a comparison of the loan amount to the value of the vehicle. The value of a vehicle can be found by consulting an auto industry pricing guide such as NADA or Kelley Blue Book.