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Babe49
M...
Member since 4/08 1880 total posts
Name:
Maria
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My car loan
My current loan on our Jeep has a percentage rate of 8.80. Is that bad? Or should I try to refinance it? I always had my dad's hand-me-down cars and this is the first one I bought new under my own name. My credit is excellent, and always had been, but when I bought this last year I did have some high credit card balances in addition to my mortgage. Our credit cards are now paid in full and all we have now as far as big expenses are the mortgage and this car loan.
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Posted 5/29/08 3:02 PM  |
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bicosi
life is a carousel
Member since 7/07 14956 total posts
Name:
M
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Re: My car loan
IMO, that's high!
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| Posted 5/29/08 3:03 PM |
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Babe49
M...
Member since 4/08 1880 total posts
Name:
Maria
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Re: My car loan
See! I'm so clueless with this stuff! Thanks!!!
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| Posted 5/29/08 3:07 PM |
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NinaLemon
It's a boy!!!
Member since 10/07 6453 total posts
Name:
Jeannine
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Re: My car loan
I think it's a little high, my credit union is offering 6% on used cars right now. I just just got 3.9% on a used car from a dealer.
I haven't ever refinanced a car loan though, I don't know if thre would be other fees involved.
Good Luck!
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| Posted 5/29/08 3:07 PM |
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Babe49
M...
Member since 4/08 1880 total posts
Name:
Maria
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Re: My car loan
Should I call the current loan co. and see if they can do better for me before I shop?
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| Posted 5/29/08 3:15 PM |
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ave1024
I Took The Wrong Road
Member since 12/07 6153 total posts
Name:
That Led To The Wrong Tendencies
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Re: My car loan
Posted by Babe49
Should I call the current loan co. and see if they can do better for me before I shop?
It depends. How many years was the loan for and how many months are left on the loan?
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| Posted 5/29/08 3:18 PM |
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NinaLemon
It's a boy!!!
Member since 10/07 6453 total posts
Name:
Jeannine
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Re: My car loan
There could be other factors involved as well, so I think itsbest to call the banks first so you can compare apples to apples. I'm not sure if the age of a vehicle affects the interest rate, but the term of the loan will affect it.
Good Luck! 
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| Posted 5/29/08 3:20 PM |
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JenMarie
One day at a time
Member since 11/07 7397 total posts
Name:
Jennifer
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Re: My car loan
I have bad credit (thanks to my oh so wonderful sister) and got 1.38% on my truck. Call around. I know I was goign to refinance my sister's car loan and it has to eb above a certain amount in order to do so.
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| Posted 5/29/08 3:31 PM |
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Babe49
M...
Member since 4/08 1880 total posts
Name:
Maria
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Re: My car loan
Posted by ave1024
Posted by Babe49
Should I call the current loan co. and see if they can do better for me before I shop?
It depends. How many years was the loan for and how many months are left on the loan?
I think the loan ends in May 2013. Six year loan? Of course yesterday I had the bill with me and I went home and filed it. But something like that. I just feel it should be way less. I pay $280 and change a month.
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| Posted 5/29/08 3:36 PM |
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ave1024
I Took The Wrong Road
Member since 12/07 6153 total posts
Name:
That Led To The Wrong Tendencies
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Re: My car loan
Posted by Jennifer907
I have bad credit (thanks to my oh so wonderful sister) and got 1.38% on my truck.
Was that financing through the truck's financing company? Many auto makers have special financing programs for hard to move vechicles (like trucks and SUVs).
Posted by Babe49
I think the loan ends in May 2013. Six year loan? Of course yesterday I had the bill with me and I went home and filed it. But something like that. I just feel it should be way less. I pay $280 and change a month.
Six year loan? Then yeah you could look to refinance it since you still have plenty of time left on the loan. I would look at bankrate.com and look for some refi deals. Just remember that a refinance means getting a used loan, and used loans usually carry higher interest rates than new loans. But there may be some refi deals out there.
Rates for car loans are pretty much at their lowest they have been in the past few years.
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| Posted 5/29/08 3:42 PM |
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1stimemom
Love my boys
Member since 2/08 8766 total posts
Name:
Mrs Dee
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Re: My car loan
I am in the car loan business, and for a six year term, that is not a bad rate, but you may do better with your credit union. It is worth checking into
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| Posted 5/29/08 4:10 PM |
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MegZee
My bunny
Member since 5/06 8777 total posts
Name:
Meaghan
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Re: My car loan
Posted by 1stimemom
I am in the car loan business, and for a six year term, that is not a bad rate, but you may do better with your credit union. It is worth checking into
really? I had a 6 year loan w/my xterra (which I paid off in 2 ) - the rate was 3.9%, same as the 5 year.
if you just got that loan, which it sounds like you did, that is very high if you have good credit.
eta: i just reread i saw you got your loan last year. rates were higher last year than they are today. not sure if they were up to 8.8%, but you can probably do better today.
Message edited 5/29/2008 4:15:39 PM.
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| Posted 5/29/08 4:14 PM |
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