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Auto Loans
Yes! This type of loan is called a cash-out refinance. It replaces your current auto loan with a new loan for more than you owe. You get the difference as cash that you can spend however you wish. You can even do a cash-out refinance for a car, truck or RV that’s fully paid for. A cash-out refinance vehicle loan typically features a fixed rate and may provide a more affordable alternative to using higher-interest options such as a credit card for large expenses.
The timing of when you can refinance a car loan depends on several factors, including your lender's policies and the specific terms of your existing auto loan. In most cases, at Solarity we can refinance your vehicle loan at any time, even if you just recently got financing with another lender. Contact us to discuss your specific situation.
Refinancing a car, truck, RV, boat or other vehicle replaces your current loan with a new one, typically with more favorable terms. The goal of refinancing is to save money on your car loan by obtaining a lower interest rate, reducing your monthly payments, cashing out some of the equity or adjusting the loan term to better fit your financial situation.
How it works:
2. If approved, review the loan offer
3. Accept the offer and sign the paperwork
Once the refinance is complete, the lender will pay off your old loan, and you’ll start making payments on your new loan.
- Fixed Interest Rates: RV loans typically have fixed interest rates, meaning your payments remain the same throughout the loan term, regardless of whether it spans a few years or a couple of decades.
- Down Payment: RV loans require a down payment, typically ranging from 10% to 20% of the total loan amount. This upfront payment reduces the loan principal.
- RV Inspections: Certain lenders may require RV inspections, which can cost between $200 and $1,200. These inspections assess the condition and value of the RV.
Absolutely! You can add both GAP and MBP coverage to your vehicle at any time, regardless of when you purchased it.
Give us a call at 800.347.9222 for a free, no-obligation quote!
The cost of mechanical breakdown coverage can vary depending on a number of factors, including the make and model of your vehicle, mileage, the level of coverage you choose and the provider you select.
Give us a call at 800.347.9222 for a free, no-obligation quote!
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