Which lender will let me pay ahead

revvystoke · ‎03-07-2017

Majority of my income is from self employment, two credit unions in the past I have worked with only allowed me to pay ahead 3 months for regular payments. The current lender I am with has no restriction, and right now I am about two years ahead on payments. I like the security in knowing if something happens at least I will have a house and vehicles.

Unfortunately I tried to refinance two cars and they stuck me with a 3.35% rate whereas the original loan was at 1.99%. Any other lenders out there that allow payments like this and offer decent rates?

AkAir $50k | Marriott $65k | Local CU $8k
TU: 770 / EQ: 748 / EX: 769

JGGM · ‎03-08-2017

Just curious, why are you trying to refinance a 1.99% auto loan? Rates really don't get much lower than this.

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Dalmus · ‎03-08-2017

@JGGM wrote:
Just curious, why are you trying to refinance a 1.99% auto loan? Rates really don't get much lower than this.

Maybe a cash-flow issue? Extend the payments out another year or two means lower monthly payments, means more availble cash to pay off other high-interest debt...That's the only thing I can think of...

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revvystoke · ‎03-08-2017

Just trying to lower the monthly payment amounts. Both would be about half of what they currently are. I thought about just refinancing one at 90% and paying the other vehicle off with proceeds

AkAir $50k | Marriott $65k | Local CU $8k
TU: 770 / EQ: 748 / EX: 769

EddieK · ‎03-08-2017

This is just for a data point on DCU since DCU is one that is recommended a lot on here. Their max is 2 months ahead.

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Anonymous · ‎03-08-2017

Interest rates are increasing with just about every lender, also when you refinance you now have a used / older car so these might be the reasons the rates are higher.

revvystoke · ‎03-09-2017

Thanks. Both vehicles monthly payments were just over 1k each since I had bought with factory financing at 48mos last year, so wanted to stretch them to 72 mos in anticipation of a new track car this summer. Sold the C6 so looking at a GT3rs or similar and don't want to be stuck with a bad rate.

AkAir $50k | Marriott $65k | Local CU $8k
TU: 770 / EQ: 748 / EX: 769

Anonymous · ‎03-09-2017

@revvystoke wrote:
Thanks. Both vehicles monthly payments were just over 1k each since I had bought with factory financing at 48mos last year, so wanted to stretch them to 72 mos in anticipation of a new track car this summer. Sold the C6 so looking at a GT3rs or similar and don't want to be stuck with a bad rate.

Penfed is probably a good place to check. They will finance higher values like the GT3RS and have excellent rates. Should be able to get 72 months around 2.7% , they go up to 84 months also if you want to stretch more. The GT3RS is an amazing car.