Car Refinancing.

[Anonymous]

I plan to refinance my car loan which is curretnly at 8.99% balance $7100

Though my monthly due is 371, i have been paying 400 every month and once a while 450 or 500.

Current Loan financer is Honda Finance. 

How should I go about it. 

Should I talk to Honda Finance first if they can reduce it?

Go to BoA or Patelco (my local credit union) to refiance the loan?

Should I pull my credit score first before I go there? Will the credit score/report in my hand will be of any use while talking to people at the bank or credit union?

Any thoughts?

Thanks in advance.

[Anonymous]

The biggest questions you need to ask:

1- What rate are you going to get for a refinance.

8.99 is a pretty good rate and the only rate you will get on a refi will probably be a used car rate.

used car rates are set by vehicle age and amount  financed. The places you have listed may not beat your current rate.

You may have to actually search for who offers a better rate on a used car, and then consider if you will qualify.

2- Who wants to re-finance $7100?

$7100 for 3 years at 6.9% would make the institution a whopping $780.00, on the transaction, before the costs of the transaction are even figured in.

many places have a 7K minimum to refi/finance a car as anything less is not worth the trouble in terms of work they have to do vs interest they make.

many places that will finance less than 7K will have a higher rate then what you currently have.