84-month loan

[Anonymous]

I wondering if anybody has gotten a 7-year auto loan out there. I am a reporter working on an auto financing story.

Mike Ramsey

Automotive Reporter

The Wall Street Journal

248-204-5513 office

248-227-8372 mobile

@MRamseyWSJ

[Anonymous]

I got an 84 month loan at 3.49% last June from a regional credit union in Oregon. In February of this year I refinanced the loan into a 60 month loan at 1.49% with Pentagon Federal Union....

[Dustink]

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@Anonymous wrote:
I got an 84 month loan at 3.49% last June from a regional credit union in Oregon. In February of this year I refinanced the loan into a 60 month loan at 1.49% with Pentagon Federal Union....

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Were you upside-down on the loan when you refinanced?

How was the refi process with PenFed?

Did you put money down for the inicial purchase in June?

What kind of vehicle did you buy?

Why did you decide to go with an 84 month loan in the first place?

[Anonymous]

I was never upside down, I put $3000 down at purchase after negotiating a lower than average price on the brand new car. I had $7500 worth of equity according to Pen Fed and NADA when I refinanced but I still choose to pay an additional $1000, just because I want it paid asap... The refi purchase was very quick and easy, online application with instant results and quick processing. I bought a 2012 Kia Optima Ex, fully loaded. I went with 84 months to be sure I could handle the payments no matter what my near future held ( I graduate with my b.s. Next march). But I got a pleasant surprise early this year when my current employer asked me to become their sole mortgage broker next year. I am less worried now about my future and ability to make higher payments than when I initially bight my car....so I chose to refi and save some money on interest.

[Dustink]

Nice

Congrats on the promotion and refi.