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hope42009
On a journey! :)
Member since 9/08 1274 total posts
Name:
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Refinancing Car Loan
Have any of you ever refinanced a car loan. I am looking into doing this and was wondering if it is worth it and possibly the interest rate it would go down to. Thank you.
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Posted 1/5/12 1:28 PM  |
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Nifheim
allo
Member since 1/09 5476 total posts
Name:
Jennifer
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Re: Refinancing Car Loan
I WOULD love to know about this as well.
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| Posted 1/5/12 2:04 PM |
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JC297
LIF Infant
Member since 7/11 358 total posts
Name:
jac
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Re: Refinancing Car Loan
my mother in law did and her interest rate did. She refinanced with nefcu.
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| Posted 1/5/12 2:06 PM |
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blu6385
Member since 5/08 8351 total posts
Name:
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Re: Refinancing Car Loan
i did and my intrest rate, and monthly payment went down, and i did NOT have to extend the length of the loan.
So i think i had 3 years left and basically when refinace i still had 3 years left but with just a lower intrest rate and monthly payments.
My intest rate was not that great when i got the car so refinancnig was def. worth it. ETA: this was the only reason i refinanced
Message edited 1/5/2012 3:01:35 PM.
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| Posted 1/5/12 3:00 PM |
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DrMeg
Back home!
Member since 5/08 1858 total posts
Name:
Meg
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Re: Refinancing Car Loan
I always see advertisements for this at my bank (a credit union). I would start there.
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| Posted 1/5/12 3:03 PM |
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Smileyd17
kids
Member since 5/05 20997 total posts
Name:
Mommy
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Re: Refinancing Car Loan
Most ppl refinance right away after a car purchase, for lower interest rate. A lot of dealers cant always provide the best rate so to get out to door they will ofer something.
its also is good to do right away since it isnt a hard hit on your credit.
Its fairly easy.
I happen to be bank certified for my job and we do vehicle loans....why I know so much.
its def based on condition of vehicle, mileage and whats left on loan and credit.
HTH
Message edited 1/5/2012 3:10:54 PM.
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| Posted 1/5/12 3:10 PM |
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blu6385
Member since 5/08 8351 total posts
Name:
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Re: Refinancing Car Loan
Posted by Smileyd17
its also is good to do right away since it isnt a hard hit on your credit.
can you please explain to me what you mean by the above statement.
Does that mean since i waited few years before refinacing it hurt my credit?
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| Posted 1/5/12 3:13 PM |
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Smileyd17
kids
Member since 5/05 20997 total posts
Name:
Mommy
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Re: Refinancing Car Loan
Posted by blu6385
Posted by Smileyd17
its also is good to do right away since it isnt a hard hit on your credit.
can you please explain to me what you mean by the above statement.
Does that mean since i waited few years before refinacing it hurt my credit?
a soft hit, just means its not a hit your credit, like applying for a credit card.
its dosent affect your score.
so yes, applying years later will be a hit.
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| Posted 1/5/12 3:58 PM |
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hope42009
On a journey! :)
Member since 9/08 1274 total posts
Name:
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Re: Refinancing Car Loan
Thanks for the info I have about 31 months left so I will definitely be going to refinance.
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| Posted 1/5/12 4:42 PM |
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nancy6485
So in love
Member since 10/05 3363 total posts
Name:
Nancy
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Re: Refinancing Car Loan
I have been looking to refinance as well. I have found that they want a minimum of $7000 - $7500 to refinance and I owe around $6600, so i am not having any luck!
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| Posted 1/5/12 5:19 PM |
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MrsSchwags
Soccer Baseball Lax Mom
Member since 10/05 11240 total posts
Name:
Jennifer
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Re: Refinancing Car Loan
We refinance all the time. We have used Wells Fargo and Capital One.
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| Posted 1/5/12 9:14 PM |
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Re: Refinancing Car Loan
I would check w your bank or credit union. As far as I know, your loan needs to be less than two years old. Car would have to be 2008 or above and worth what you owe on it. Nada value. You also can't extend your loan, if u owe 31 months then u take a 31 month refi.
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| Posted 1/5/12 9:28 PM |
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