Is 10.25% considered high for an auto loan?

Anonymous · ‎03-22-2008

Is 10.25% considered high for an auto loan, or on the "high side" of low?

Anonymous · ‎03-22-2008

i just refi'd two at my cu for 4.4%, depending on your scores it could be high or low.

Anonymous · ‎03-22-2008

It was financed w/ a 640 & a 620.

Anonymous · ‎03-22-2008

if those are clean (no baddies) i'd say a cu could likely beat 10+ anyday.

Anonymous · ‎03-22-2008

Those are with lots of ugly medical bill baddies on the 620. But now those are all paid off except one. I'm thinking we might refi w/ NFCU this summer.

One auto is through Americredit at 10.25. The other started out through Wachovia at 12.75, I refi'd through NFCU before the first pmt was even due and they put it down to 10.25.

Pretty sure that now with all those medical baddies paid off, we could refi again and really have that APR plummet. I'll wait a few months til all disputes are resolved first.

Anonymous · ‎03-23-2008

I just got an auto loan yesterday. They pulled TU - mine was at 670. I got a 7.1% with Honda Financial.

Anonymous · ‎03-23-2008

Yeah, seems pretty high to me, especially for a depreciating asset.

We just got a new car in December, a certified pre-owned vehicle and were quoted at that time:

0-24 month loan, 1.9%
25-60 month loan, 3.9%
36 month lease, 3.6%

iltph · ‎03-23-2008

ee,

Did the dealer give you that rate or did you go through Honda's main website?

-------------------------------------------
April 2009: TU 768
March 2009: EQ 671
February 2009: EQ 666
January 2009: TU 667 | EQ 620 | EX 669
December 2008: TU 651 | EQ 625 | EX 649
April 2008: TU 642 | EQ 636 | EX 635
November 2007: EQ 542

November 2006: EQ 501

Anonymous · ‎03-24-2008

What's the term on the 10.25%? If its 72mo that's about 3% over prime, if its 24mo its more of a delta over prime. Just depends. I would say that 3% over prime is too much.

Anonymous · ‎03-24-2008

ivyalmighty I also have an auto loan w/ Americredit just made my 1st payment with them. I just joined a local credit union and I am defintely intrested in refinancing but everyone told me the earliest I could do that was 6-24 months. My current intrest rate is 13% and I would love to decrease that to my current scores range 605-637 w/ 2 baddies in the process of removing.

Was the process easy? Does it matter the tenure you had with the credit union? I've only been a member for less than 3 weeks. Any info would be great as I am looking to re-finance soon..