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If you haven’t already, now is a great time to consider refinancing an auto or vehicle loan. Interest rates are low and you could save money by reducing your monthly payment. To make the refinancing process as smooth as possible, you’ll want to follow these simple steps:
1. Review the Details of Your Current Loan
Before anything else, you should check how much is left to pay on your loan, what your interest rate is, and if there are any fees for paying it off early. If you don’t know, you can probably find this information in your Online Banking.
2. Gather Your Documents
To refinance your vehicle loan, you will want to be prepared with any necessary documents. At Wheelhouse, you will need:
Vehicle Registration
Current Auto Loan Statement
Proof of Insurance
Income verification may be required
3. See How Much You Can Save
Use our vehicle loan calculators to compare auto loans and see how much you can save. Consider if a lower rate or a longer term is your best option. You can view Wheelhouse’s auto loan rates here. Lastly, you’ll also want to be aware of any small fees that may be associated with transferring the loan.
4. Apply for a Vehicle Loan
Visit the financial institution you want to refinance with to start the refinancing process. Wheelhouse makes it easy with a 3-step online application. Of course, if you wish to apply in-person or over the phone, you may do so as well.
Interested in using your refinance to get cash out? Learn how today.
Most people are not aware that they can refinance a car and get cash out to pay bills and/or to use for other expenses. The process of refinancing your car with cash out is very similar to refinancing your home, but much easier. Typically, there is no processing fees (just DMV transfer fee) and lenders only need a few pieces of documentation to finalize.
Refinancing your car and getting cash out is as easy as 1-2-3.
1. Make Sure You Have Enough Cash in Your Car for What You Need
Visit Kelley Blue Book to get an estimate of what your car is worth based on the year, make/model, condition and features.
If you have a current auto loan on your car, see how much you owe. Subtract the amount you owe from the estimated worth to see how much equity you have available to cash out.
2. Gather Your Documents
If you’re refinancing with us, you’ll want to gather the following documents:
Vehicle Registration
Current Auto Loan Statement
Proof of Insurance
Income verification may be required
3. Apply Online
Wheelhouse Credit Union offers this product and can quickly help you refinance your car with cash out.
Many consumers make the decision to purchase and install solar on their home so they can take advantage of the solar tax credit, officially known as the Investment Tax Credit (ITC). This tax credit is available to those who purchase their solar, which makes buying a system more affordable. Solar systems installed during the year 2023 will receive a dollar-for-dollar tax deduction equivalent to 30% of the cost of the system.
Example: The tax credit at 30% on a $20,000 system is $5,200, which makes the net cost only $14,800. Once installed, the net cost will continue to be reduced by the amount you save each month on electricity bills.
Take the following steps to claim your tax credit:
Make sure you have enough tax liability to claim against your taxes, referencing Section 48 of the Internal Revenue Code, the ITC can be carried back one year and forward 20 years. So, if you had a tax liability last year and not this year, you can still claim your credit under this rule.
Complete IRS Form 5695.
Include your ITC information to your Form 1040.
*Meet with your Tax Advisor to validate based on your personal situation.
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