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Truck Refinancing

Nov 17, 2016 at 03:23 AM CST
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Are their any lending institutions that would refinance a note on a semi. Good friend of mine is looking to do this. I'm literally drawing a blank on this. He's doing end of year analysis and 2017 projections looking to improve his bottom line. I responded how about talking to current lender. He said I tried they will if theirs 12 remaining payments. I said that's horse xxxx. The note is almost paid for what a joke. Any ideas. Friend is financially sound doing good. Just looking to improve the books better.
Replied on Thu, Nov 17, 2016 at 12:03 PM CST
What about his local bank? Twelve payments shouldnt be a ton of money for them to finance.
Replied on Thu, Nov 17, 2016 at 02:35 PM CST
If he only has 12 payments left, I would probably hold off on refinancing, but that is my opinion. More than likely he will get hit with processing fees and other add ons when they write the new note, no matter who he refinances through. Unless his interest is extremely high (which it shouldn't be with only 12 payments left), the fees will out weigh or wash the savings on the interest. I would strongly recommend to hold out on those 12 payments, he's almost there! Good for him, nothin better than a paid for truck or house!
Replied on Thu, Nov 17, 2016 at 08:00 PM CST
Let me clarify his current lender will refinance note when their is 12 payments left. Not right know. Still has aways to go yet before being paI'd off. Doesn't make any sense to refi if their is 12 payments left.
Replied on Fri, Nov 18, 2016 at 07:22 AM CST
I did it with my bank....when I bought my new truck the rate was what it was....2 years or so later, rates had dropped. They refinanced with a lower rate. I maintained the same payment and paid off about 6 months sooner. It should work. Worked for me.