@mgs2010 wrote:
I have an auto loan opened in March 2009 with a 12.62% APR. Since opening this car loan I have co-signed for my moms new car (I qualified for her to get 0% for 60 months!) So, I KNOW for sure that I'm getting ripped off on my current loan. My FICO score for EQ is 692 and TU last I checked was 694. Where can I refinance my auto loan for a decent rate? Capital One won't do it becuase the car is a 2009 and when I enter the VIN it says the car is too new to refi. Is there anyone out there who knows of a good bank or credit union? I live in Ohio if that helps.
1- Credit scores are living breathing things, they are snap shots of the information in you report for the instant they are pulled. You could have easily had things happen during the inbetween months that have popped you score up 20-40 points.
2-Interest rates are either normal bank (and credit union other finance companies) or Subvented rates. Bank rates are designed for the institution to make a profit and take risk profiles into the equation, other things they consider is length of tim eof the loan, and amount financed.
0% is a subvented rate, The finance company is receiving money in lieu of interest to loan out the amount for the car. There can easily be different criteria for a subvented rate depending on the whims of the Finance comapny and the manufacturere pushing the rate.
I have seen people who would not quialify for a bank rate that was not in two digits get Zero Percent.
Comparing two different car purchases between each other is like 2 people comparing vacation experiences. Unless everything is the same there is no comparison.
maybe you had negative equity you rolled in and she did not.
Is 12.62 high? Probably. Only you know the intricacies of your deal. Were you :"Screwed?" No idea.
A local bank or credit union may easily be able to refiance you.
If you have a military connection you can try to secure Navy Federal Credit Union.
if not, well try Chase, or your actual local bank,
You may actually have to go into a bank or institution and do the work. BUT cutting your interest rate in half can easily save you hundreds a year.
