Features of using Auto Insurance for Emergency Cash

Usually there are no costs for auto refinance! Auto financing or refinancing is simple, easy, fast, and free.  Most lenders advertise that there are no fees or hidden costs. In fact, there are very few fees (if any) to refinance your existing car loan.  The only outlay is your “opportunity cost” to spend 15 minutes to apply and to take about another hour to speak to your bank and complete the loan.

If you have good credit, then some of these stipulations like age and mileage could be waived, but not always.

Fees, fees, fees!!

Generally speaking, we as consumers are bombarded with a lot of extraneous and additional costs when we make all kinds of routine purchases in an effective way.

Hidden costs or fees can drive us nuts.  Fuel surcharges, handling fees, application fees, postage outlays, baggage fees, upsells, etc…  We constantly bombarded with nickel and dime expenses that can leave us not only with less cash in our pocket, but also feeling outraged by the chicanery and under-handed methods by companies to take our cash.

Comparable analysis: Mortgage refinance has a lot of fees.

Fees is a part of every loan and credit business because of obvious reasons. House or Mortgage refinance usually entails thousands of dollars to complete, which forces the consumer to think hard about the potential upside of refinancing.  You may get a lower rate, and lower payments, but the break even time frame might be long if your refi costs are high.

Below is a list of some common mortgage refinance fees

  • application fees
  • appraisal expenses
  • points costs
  • legal fees
  • loan prepayment fees
  • salesman (i.e. realtor) commissions
  • credit check fees
  • document preparation fees
  • Here’s the good news. Those fees DO NOT EXIST exist in auto refinance!!

Auto Refinance – no fees!

Unlike mortgage refinance, auto refinance doesn’t involve much (if any) cost to do. Lenders do not charge any fees to take and process your application.

There could be some dmv fees for Tax title and license (TTL) processing. But this will depend on the state in which you live. Your state may have a fee to cover the transfer of automobile lien to another name.  This fee varies by state. Fee ranges between $5 -$65 depending on the state in which you reside. Visit www.dmv.org to learn more.

An uncommon fee, but does sometimes occur are notary fees. This is only applicable if the refinancing institution requires notarization of your loan documents. Another fee could be online payment option fees charged from another bank. This is only applicable if your checking account at your bank charges money to do online payment.