topic Re: refinance my suto loan in Mortgage Loans

refinance my suto loan

isabelb162011 — Thu, 20 Sep 2007 04:52:19 GMT

I signed on for a 72 mo. car loan at 14%(I know), 2 years ago. At the time, I really needed a vehicle and had a low fico score. While I signed my paperwork, I was told I could later refinance the loan with hopefully a better score. I have improved my fico score and would now qualify at 9%. How does one go about finding refinancing for an auto loan. Should I go back to my dealership or shop the loan online? where do I start?

Re: refinance my suto loan

Tuscani — Thu, 20 Sep 2007 12:59:20 GMT

I recommend a local credit union.

Re: refinance my suto loan

Anonymous — Thu, 20 Sep 2007 13:13:56 GMT

I agree, my DH had a 14% or so on a truck loan. With NFCU we were able to do what they called a second chance auto loan and with me co-signing with him we were able to drop his rate to 3.75%. Of course the vehicle couldn't be more than two years old, but it worked for us.

Re: refinance my suto loan

Anonymous — Fri, 21 Sep 2007 13:58:07 GMT

If you decide to go through with this, make sure you only finance it for 48 months or less (unless you are having problems making the payment right now). If you finance at a lower rate for another 5 or 6 years any gains you make in interest rate will be lost in carrying the loan for such a long period. As with most loans, you pay the majority of the interest in the first few years. My advice would be to multiply out your remaining payments and compare that total with the total of your new payments to make sure you aren't going backwards.

Re: refinance my suto loan

dangphuocloc72 — Sun, 23 Sep 2007 02:26:14 GMT

The first thing you need to know how much do you still owe from the bank .

Second thing how much your car now ? if some one refi your car they'll check it . then they go by Score and interest rate for you . good luck

I just refi my car , from 18% went down 14% ( from 60 down 48 month same amount I pay . and cash back $1100.00) . next year I do it again .

OH I BOUGHT MY CAR ON 04/07 REFI ( WELLS FARGO ) 08/07

2001 BMW 325 I ( 27000 MILE , NOW 33000 MILE )

Message Edited by dangphuocloc72 on 09-22-2007 07:22 PM

Message Edited by dangphuocloc72 on 09-22-2007 07:26 PM