Tresl Blog
The short answer is whenever you want. But there are more factors at play than just timing. You must be sure the numbers work out in your favor, and you must approach a refinance with every advantage available to you.
A loan to value ratio, or LTV, is simply the ratio of a loan amount to the market value of the asset to be purchased with the loan. LTV is a measure of risk. It describes how much of a loan is backed up by real world value.
Drivers who lease vehicles accept more responsibility than those who elect to buy. In exchange for lower monthly payments, they either have to return their vehicles at the end of the term.
Most car lease agreements stipulate the maximum number of miles per year a lessee is expected to drive his/her leased car. Oftentimes, if a lessee exceeds his/her allotted mileage, then at the end of the lease he/she will have to pay an excess mileage fee.
Under a car lease, you pay for the difference between the capitalized cost and the residual value of your leased vehicle. The capitalized cost represents the value of the car at the beginning of the lease plus any additional costs you roll into your lease.
If you have determined that refinancing your auto loan is the right move at the right time, it is wise to understand the impact an auto loan refinance will have on your credit report. In the short term, the hard credit inquiries registered by new finance sources will lower your score by a few points.
Guaranteed Asset Protection (also known as “GAP Protection,” “GAP Coverage”, or simply “GAP”), protects you from paying for a car that no longer exists because of an accident or theft.
Tire and Wheel Protection Plans supplement your insurance coverage, protecting you from paying for damage to your car’s tires and wheels when your insurance may not.
A fleet of vehicles is a group of vehicles owned by an organization as opposed to an individual or a family. The fleet vehicles that most people are familiar with are lease vehicles, rental cars, and company cars.
Car lease contracts are full of words and phrases that may not be familiar to you. Whether you are considering leasing a new car or buying your current leased vehicle, it is important that you understand the terms of your lease contract.
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