#157665 - 11/03/06 11:21 PM
great finance gurus...
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Registered: 07/16/06
Posts: 1382
Loc: Belleville, MI
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I'm looking at refinancing my car. trying to get a lower interest rate. I know that rates vary from state to state and zip to zip, but I was wondering if anyone knew of a bank that I can get a better rate through. My current rate is pretty high.
My credit is in good shape, never been late on any car payments or credit card payments. I usually pay early and ahead on my car and I always pay off my card each month.
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#157667 - 11/04/06 08:47 AM
Re: great finance gurus...
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Registered: 05/23/03
Posts: 8078
Loc: Austin, TX
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Generally there is an age limit of the vehicle and max mileage.
My interest rate is so high, it's higher than some credit cards.
My credit score is 700, but they still looked at some hic-cups I had a long, long, long time ago.
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Bobby
Died 5/1/08, resurrected 5/15/08
ASCD SD hood, 17" Bullitts, Overkill PCM, 3.4" Pulley, NGK TR55IX, K&N 9" cone filter, JimmyC D/P, U-bend removed, Flowmaster 40 series, Hooker big bore tips with resonators, S/B brake lines, drilled/slot rotors, GMPP handling kit, KYB struts, F&R strut supports, HID's, LED's, 2.5" Air Dam, red GTP overlays on custom badges, white rear insert.
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#157669 - 11/04/06 03:24 PM
Re: great finance gurus...
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Member
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Registered: 07/16/06
Posts: 1382
Loc: Belleville, MI
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well it cant be 6 yrs 70k cuz my car was 6 years old when I bought it and I financed it through 5/3rd bank. I thought most banks only financed it if it was 8 yrs or less and under 100,000 miles.
I'm looking into refinancing my auto loan with a personal loan to see if that would give me a lower interest rate.
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#157670 - 11/04/06 04:15 PM
Re: great finance gurus...
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Registered: 08/09/03
Posts: 3256
Loc: Oregon
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Originally posted by HercMan:
I believe 6 years or 70K miles. Most reputable lenders won't finance. My credit union had two types of auto financing. One was I think under 5 years it was for "new car" financing and had lower rates. The other tier was for "older" cars (I think 5-10 years or something) and they had higher rates and shorter loan periods. I ended up getting my GTP on a "new car" loan and my wife's SUV on an "older car" loan. I have them both paid off now though so I don't remember the details.
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#157671 - 11/06/06 12:08 PM
Re: great finance gurus...
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Registered: 09/09/04
Posts: 650
Loc: North Carolina - Raleigh/Cary
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Definitely "shop around".
When I was looking to get financing for the gto my first choice was the bank I have a seven year always-positive relationship with and they gave me a stinky deal. So much for established relationships meaning anything with financial institutes.
So after going around to a few more banks I finally found a good deal with a bank that a friend of the family recommended.
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#157672 - 11/06/06 05:16 PM
Re: great finance gurus...
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Registered: 12/15/05
Posts: 5286
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Refi USUALLY doesn't fall into the same age/mileage concerns as the initial loan. Again, shop around. I've experienced MUCH better rates through my credit union, as well as superior customer service. When you refi, make sure the interest rate is lower and the pricipal is what you owe on the car, anything else, they're takin you. Can't echo Doberman enough, shop around, good luck.
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#157673 - 11/06/06 10:10 PM
Re: great finance gurus...
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Registered: 07/16/06
Posts: 1382
Loc: Belleville, MI
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yeah, I've been looking around. I also want to get my car refinanced cuz my dad is the co-signer and it counts as a line of credit for him so I'd like to get his name off the loan. He helped me out so this will be a small way of helping his credit out.
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#157674 - 11/06/06 10:26 PM
Re: great finance gurus...
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Registered: 06/12/06
Posts: 2694
Loc: Alexandria, Virginia
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Credit union banks are the best. My finance rate is 4.3% through Navy Federal Credit Union, and when I had my car finance through triad, it was 18%. But of course I've never been late or missed a payment since I bought my car December of 2004.
So find a credit union near you.
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Coming soon- 18 inch black mustang bullet rims, GT/GTP rear bumper, tinted windows.
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#157675 - 11/06/06 10:34 PM
Re: great finance gurus...
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Registered: 04/13/06
Posts: 6709
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If it is lower, get a personal loan or a loan based on your credit score (if it is good) to pay off the car and just pay for the new loan.
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#157676 - 11/06/06 10:49 PM
Re: great finance gurus...
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Member
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Registered: 07/16/06
Posts: 1382
Loc: Belleville, MI
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I've been looking at personal loans, most places are a max of $5k and I'd need $6k presently so I'd have to wait for that one. I'm in no rush to refinance. My credit score it good, I've never missed a payment or been late on any of my car/credit card payments. Not sure how much credit I have since I'm only 19 and dont have very many bills that involve credit.
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#157677 - 11/07/06 09:01 AM
Re: great finance gurus...
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Registered: 06/08/06
Posts: 362
Loc: Topeka, Kansas
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If you have a c.c. and a car loan, and have been making car payments, and c.c. payments in good standing for a couple of years, then you should have substantial info. to loan to. Like mentioned above, I would try a credit union, they usually give better rates.
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