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Refinance and auto loan question?

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Legions36
Frequent Contributor

Refinance and auto loan question?

Im looking to refinance my autoloan from 13% to something cheaper, any suggestions?

Also i feel like im getting screwed on my payments. I just checked today on my account with Ally bank and my payments per month are $309 then i noticed that $160 goes each month towards my car and the rest like $145 or something goes towards interest or whatever. Does this sound right the way they are charging me or am i getting screwed somehow? When i called them they said this was right and it was the dealership that signed a contract with me or something. 

Anyway the way i look at it im cheap and i dont feel like getting ripped on interest when i have great credit now, before when i got the car 5 months ago my scores were not even close now im in the 700's.

What do i need to do because I tried DCU today and i found out that they might want tax returns from last year and i didn't really start making great money until this year, so i dont know what they will say?

I put down $3000 on the car and i owe $12,800 left on the BMW 2007, car is worth more.

EQ-784 TU-777 EXP-772 12/11/15

NFCU(11.5k), USAA(6k), DCU(10k), Sapphire(5k), Duck(5k), Freedom(1k), Quicksilver(3k), DiscoverIT(2k), AmexBCE($800),
New cards 12/12-NFCU-MC(18.5k), Simplicity(9.2k),Slate(7.5k),Amex(3.8k)
Message 1 of 3
2 REPLIES 2
Legions36
Frequent Contributor

Re: Refinance and auto loan question?

Also whats this CFI link i see at the top that shows refinancing? Anyone use it and is it good?

EQ-784 TU-777 EXP-772 12/11/15

NFCU(11.5k), USAA(6k), DCU(10k), Sapphire(5k), Duck(5k), Freedom(1k), Quicksilver(3k), DiscoverIT(2k), AmexBCE($800),
New cards 12/12-NFCU-MC(18.5k), Simplicity(9.2k),Slate(7.5k),Amex(3.8k)
Message 2 of 3
09Lexie
Moderator Emerita

Re: Refinance and auto loan question?

With an APR that high, a large chunk of your pyt is going to interest. The lower the APR, the less you are paying in interest. If you are self employed, most CU s will ask for tax returns. If you are making more now, hav your accountant provide a statement attesting to the current income.

They might accept your business bank statements, you will need to check with their UW
Message 3 of 3
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