Auto refinance

[my25reasons]

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.

http://www.bankrate.com/finance/auto/current-interest-rates.aspx

[Anonymous]

No, I have not signed anything yet. I did apply to cap1 but was denied right off the bat.. Not sure why just yet. They still have not guaranteed me 8% so I will keep looking until they do.

[Anonymous]

Also,my 711 score is a fako, my 677 & 660 is more accurate as I got it from myfico.

[Anonymous]

Bad news.. They said the lowest they will go is 11.49 @ 48 months. I will be saving money.. Should I keep trying even after being denied by cap1?

[Revelate]

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.

[Anonymous]

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! 

[Anonymous]

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.

[pizzadude]

I think that's great ~ congrats !  And you might be able to do another refi in 6 ~ 9 months or so to drop your rate even lower....

[Anonymous]

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@Anonymous wrote:
@Anonymous, 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.

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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.

[Anonymous]

I plan on doing so, but rather save the 90 each month and make a larger payment towards principal at the end of the year. Thanks for the contribution.