topic Re: My first refinance. in Auto Loans

My first refinance.

Fester82 — Sun, 29 Jan 2023 07:53:33 GMT

My credit a year ago was in the low 500s. I got a car loan at 19% interest at $430 a month. With breaking bad habits and auto pay for the first time in my life I was able to refinance my car. I went down to a 9% interest with a $317 payment. Not the best but for me, it's a fantastic feeling!

Re: My first refinance.

FLLGuy — Sun, 29 Jan 2023 08:43:21 GMT

Awesome and congrats! It is a good feeling and it only gets better from here. Lets hope fed rates improve over the next year or two.

Re: My first refinance.

fury1995 — Sun, 29 Jan 2023 14:22:04 GMT

@Fester82 wrote:
My credit a year ago was in the low 500s. I got a car loan at 19% interest at $430 a month. With breaking bad habits and auto pay for the first time in my life I was able to refinance my car. I went down to a 9% interest with a $317 payment. Not the best but for me, it's a fantastic feeling!

My friend, I don't think you realize the gravity of what you've accomplished. Going from 19% to 9% in one year, as the fed rate increased nearly 6% over that same time period.. is frankly extraordinary. FYI, 9% is below the current national average for pre owned car loans.

Congrats and celebrate your hard (and smart) work.

Re: My first refinance.

JoeRockhead — Sun, 29 Jan 2023 14:25:09 GMT

Cutting your payment by more than a hundred dollars a month is great, congratulations on your refi!

Re: My first refinance.

Adkins — Mon, 30 Jan 2023 09:43:16 GMT

Congratulations, that is fantastic!

Re: My first refinance.

Mdowning30 — Tue, 31 Jan 2023 15:51:52 GMT

Its a great feeling, like a weight lifted. I know because 1 year ago i had a 21% APR and re-financed to a 5.5%

Re: My first refinance.

OniStringer — Wed, 01 Feb 2023 01:03:35 GMT

@Fester82 wrote:
My credit a year ago was in the low 500s. I got a car loan at 19% interest at $430 a month. With breaking bad habits and auto pay for the first time in my life I was able to refinance my car. I went down to a 9% interest with a $317 payment. Not the best but for me, it's a fantastic feeling!

I think "but for me" sums it up. Everybody financial and credit journey is different, and thats huge progress! Keep up the good work!

Re: My first refinance.

Fester82 — Wed, 08 Feb 2023 02:31:40 GMT

Thank you all. Your comments made me smile, and felt good to read. Thank you.

@OniStringer wrote:
@Fester82 wrote:
My credit a year ago was in the low 500s. I got a car loan at 19% interest at $430 a month. With breaking bad habits and auto pay for the first time in my life I was able to refinance my car. I went down to a 9% interest with a $317 payment. Not the best but for me, it's a fantastic feeling!
I think "but for me" sums it up. Everybody financial and credit journey is different, and thats huge progress! Keep up the good work!

Re: My first refinance.

Hunterd04 — Mon, 06 Mar 2023 17:30:48 GMT

Who did you refinance with?

Re: My first refinance.

Beefy1212 — Tue, 07 Mar 2023 00:00:24 GMT

@OniStringer wrote:
@Fester82 wrote:
My credit a year ago was in the low 500s. I got a car loan at 19% interest at $430 a month. With breaking bad habits and auto pay for the first time in my life I was able to refinance my car. I went down to a 9% interest with a $317 payment. Not the best but for me, it's a fantastic feeling!
I think "but for me" sums it up. Everybody financial and credit journey is different, and thats huge progress! Keep up the good work!

Couldn't be said better @Fester82 congrats!

Re: My first refinance.

Fester82 — Tue, 07 Mar 2023 13:42:36 GMT

thank you! it does feel great.

Re: My first refinance.

Fester82 — Tue, 07 Mar 2023 13:43:04 GMT

First Investors

Re: My first refinance.

SweetCreditObsession — Wed, 08 Mar 2023 18:27:44 GMT

@Fester82 wrote:
My credit a year ago was in the low 500s. I got a car loan at 19% interest at $430 a month. With breaking bad habits and auto pay for the first time in my life I was able to refinance my car. I went down to a 9% interest with a $317 payment. Not the best but for me, it's a fantastic feeling!

Congratulations on the refi! That's a nice amount that you're saving each month.