@Anonymous wrote:
I bought a Ford the summer of 09 with a loan through FMC at 10%.
I would love to get a lower rate...I have been cleaning up my credit so I am in better standing than
when I got the loan but I also have more credit.
Would you experts advise trying to refinance and if so where do I start??
tia
There are different variables to consider.
What is the value of the car compared to what is owed? If the balance owed is more then the value of vehicle that could be reason for denial of refinance.
What are the fee's associated with the refinance? Some times there are fee's associated with refinance and with the fee's is it actually saving you money to refinance?
How much longer will it take to pay the vehicle off? If you took a 5 year (60 month) loan out and now are paid for 2 years already is it really worth refinancing for another 5 years? Have to make sure there are no pre-payment penalties so you can still pay vehicle off with-in the same time frame by increasing your payments.
Credit Unions are usually the best bet when refinancing vehicles especially if you have a relationship with the CU.
