I have a car loan thru nfcu at 8.5% and I want to get it refinanced. I talked to dcu about getting it done and they told me they only do max 12 year old cars. So if I was to do it I could only do a 1 year car loan. Are there any options other than dcu for refinance?
Your loan to value and the age of the car make this really tough. 8.5 for a car that age isn't actually as terrible as it probably feels like. The older the car gets the higher the APR regardless of your credit profile because the risk of the cars value holding is tougher for them to predict. I think your only options are going to be credit unions because I don't think banks do refinances of older cars, there are specialty lenders who will do classics but they aren't an option for you. Not a lot of great options to avoid interest except making principle payments to get it paid off sooner.
