03-15-2012 12:18 PM - edited 03-15-2012 12:19 PM
Have you signed anything? You always have the right to take another offer if you have not signed anything. It couldn't hurt to call around and see what current rates are. Also ask around with people you know, see what kind of rate they're getting and where.
I always hear Credit Union One gives great rates, but I couldn't say if they are local or nationwide. Also, it may vary depending on the state you're in, but I would think anything over 6% is only acceptable if you have poor credit. Someone can correct me if I am wrong, but at 700 credit score, you can get an unsecured personal loan at 10%, so to pay that high of an interest rate on an auto loan sounds crazy to me.
03-15-2012 12:57 PM
03-15-2012 01:31 PM
03-15-2012 01:49 PM
It might be worth your while to check with a CU or two, but 18 and change down to sub-12, is a nice boost. I'm hoping for similar on my current 19.35 WFDS loan, though I don't plan to apply through them. If you're shopping though for a new loan, it really doesn't hurt to look at a few in a short time period to see if you can get that 8% or even lower. It may be possible, there's a number of CU's which are spamming me to refinance my auto with them, but I'm hanging out to hit the six month mark on my current loan before I try to pull the trigger.
03-16-2012 05:38 AM
That is pretty cool that Wells Fargo will allow you to refinance at a lower rate even though you are with them now. I would say that is EXCELLENT customer service! I don't even know of any credit unions that would refinance their own loans at a lower rate!
Enjoy your interest savings!
03-16-2012 07:52 AM
03-16-2012 09:02 AM
Well, I was denied my chase, boa, cap1 and another third party.. One even tried to increase my rate! So, I settled with WF for 10.75% @ 60 months. I'm saving 90 bucks a month, from 357 to 267 so I'm fairly happy. Thanks for all the support.
That is awesome news, congrats!
A suggestion too, something I am doing after my recent refinance. Since you already were planning to pay $350 per month, why not continue to do so? This will get your car paid off even quicker and save you even more money on interest.
03-16-2012 09:05 AM
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