rateGenius Blog

Useful info to help you on your financial journey

by jguardione

A Guide to Auto Refinancing

1. Do it sooner than later. Because interest accrues every day, and since your vehicle becomes less valuable with every mile, the longer you wait, the higher loan-to-value (LTV) ratio you’ll have. LTV is an important factor for lenders when deciding to make you an offer. 2. Expect to have paperwork. No matter whether refinancing…

by jguardione

8 reasons why YOU should have a Vehicle Service Contract

Most of us have been there: we purchase our shiny brand new car, excited about driving our slick new ride and about taking advantage of warranty-covered service. Then, after the warranty expires, usually after two years, we’re still paying our car payments and still enjoying the drive, but now all of a sudden we have to […]

by jguardione

Loan-To-Value (LTV) Ratio: What it means for you

LTV is a number that compares the value of the asset to the loan that it secures. Put another way, when you purchase a car, your lender issues a loan plus interest to help you make the deal. Technically, because your lender issued the funds to purchase the car, that car is collateral in the […]

by jguardione

From the Desk of Roger Douville

Refinance loans a viable option for loan growth Growing and sustaining a consumer loan portfolio is a daunting task. I speak with the heads of many lending departments across the country about loan growth and how to get it. So many lenders turn to indirect in their haste to satisfy their appetite for loans. There’s […]

by jguardione

From the Desk of Roger Douville

Lending Policy Pitfalls In each lending institution, there is always at least one staff member who takes these loan procedures literally. They are the sticklers for procedure; the black and white brigade; the “no gray area there” people. Much time is likely spent coaching them about what makes each loan applicant’s circumstances unique and how […]

by jguardione

Debt-to-Income Ratio (DTI): The What and Why

If you’ve ever applied for an auto, home, or personal loan, you may have heard your financial institution mention your debt-to-income ratio. Your debt-to-income (DTI) ratio is the amount of all your monthly debt divided by your gross monthly income. This ratio is used by lenders to determine your ability to manage all of your monthly payments […]

by jguardione

Understanding Cosigned vs. Joint Loans

Getting a loan is a big deal, but getting one with – or with the help of – another person is a bigger deal. Why? Because it makes all parties responsible for paying off the loan – it requires trust, trust, and more trust. Whether it’s a desire for independence or a lack of trust […]

by jguardione

From The Desk of Roger Douville

The uncertainty in the resale market today has us all questioning our risk tolerances with collateral values. I am troubled at how much more reactionary we are today in finance. Auction values are strong for pickup trucks and SUV’s. Midsize cars and compacts, not so much. But remember when gas was over $4 a gallon? […]

by jguardione

Can money buy love and happiness?

Money is everything, but it’s also not everything. We know, “that’s a little confusing”, but hear us out. We love and need money. Whether we like it or not, our world revolves around it, both on a planetary and individual level. Though money both prompts and funds most of our life choices, there are also non-economic […]

by jguardione

Auto loan rates to rise in 2018: What it means for you

In recent years, lenders have offered decent rates on auto loans, even to subprime candidates, in order to boost sales and respond to the increasing price of new cars. However, the Federal Reserve increases interest rates if they believe there are too many risky loans funding sales. This increase in meant to deter subprime borrowers […]

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