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Refinancing A Car Loan?

Discussion in 'BBS Hangout' started by ima_drummer2k, Mar 26, 2007.

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  1. ima_drummer2k

    ima_drummer2k Member

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    Is this possible? Even a year after getting the original loan?

    I got a loan through the dealership (I know, stupid) and I'm paying interest out the ass. I've got to get this b**** paid off or refinance it ASAP.

    Just wondering if anyone has refinanced a car loan and if so, who you used.
     
    #1 ima_drummer2k, Mar 26, 2007
  2. Drewdog

    Drewdog Member

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    I did the same thing with my 4Runner. Bought it in 02 from Carmax, and ended up refinancing a year later with Capital One. Its not a bad idea if you want to lower your payments and rate.

    I reccomend Capital One or E-Loan (good experiences with both).

    Interest rates should be around 6-8% right now.
     
    #2 Drewdog, Mar 26, 2007
  3. Harrisment

    Harrisment Member

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    Try to find a credit union that you meet the requirements to join, and re-finance it there. My mom is a teacher so I was able to finance recently through the Educators credit union at 5.75%.
     
    #3 Harrisment, Mar 26, 2007
  4. pirc1

    pirc1 Member

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    How high is your interest? The dealer gave me a 3.9% for a 2006 Camry when I bought it in 05 and I am earning over 5% on savings. I thought dealers were all offering low or 0% loans these days? :confused:
     
    #4 pirc1, Mar 26, 2007
  5. rusHour

    rusHour Member

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    that can get pretty high if your a 1st time car buyer with little to no credit history.
     
    #5 rusHour, Mar 26, 2007
  6. pirc1

    pirc1 Member

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    This was toyota incentive rated, they tell me anyone can qualify. Is that not true?
     
    #6 pirc1, Mar 26, 2007
  7. ima_drummer2k

    ima_drummer2k Member

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    I don't want to say for fear of people pointing and laughing at me, but suffice to say the 6%-8% Drewdog mentions in his post would be an improvement...

    I have good credit (I bought a house a few years ago with no credit problems whatsoever) but they nailed me on a few missed car payments from 2001, even though I eventually paid it off. My credit has been PERFECT since then, but I guess that didn't matter. :rolleyes:
     
    #7 ima_drummer2k, Mar 26, 2007
  8. bobrek

    bobrek Politics belong in the D & D

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    Check with your insurance company. Many of them do auto loans.
     
    #8 bobrek, Mar 26, 2007
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