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Can you refinance an auto loan?

W

Wah

Golden Member
We are getting butt raped on our current interest rate... do people refinance auto loans?
 
The problem is most car loans are negative equity, so refinancing through conventional means is very difficult.
 
Yes you can, I did this week ... however if you're REALLY getting raped (over 9%) your credit may not be perfect, so if you attempt to refinance you'll get a similiar or worse interest rate.

Who is your current lender and what rate are you paying?

We purchased our new Honda Accord from a car dealership and obtained financing through them. They got us a loan with American Honda Finance at 8.50% and we signed the papers.

One year later we've made all the payments on time, paying an extra $200/mo to reduce the principal balance.

On Monday we signed loan papers which dropped our interest rate from 8.50% down to.
 
Originally posted by: RossMAN

We purchased our new Honda Accord from a car dealership and obtained financing through them. They got us a loan with American Honda Finance at 8.50% and we signed the papers.
Click to expand...
You forgot to mention that you got the car for $8,000 below invoice.
 
Originally posted by: Cyberian
Originally posted by: RossMAN

We purchased our new Honda Accord from a car dealership and obtained financing through them. They got us a loan with American Honda Finance at 8.50% and we signed the papers.
Click to expand...
You forgot to mention that you got the car for $8,000 below invoice.
Click to expand...

Actually $2,000 below invoice but close enough 🙂
 
we're getting 7.75% thru chrysler financial... our credit is not that bad at all (i'm getting 4.9% on my other car). I gotta look into this.
 
Originally posted by: Wah
we're getting 7.75% thru chrysler financial... our credit is not that bad at all (i'm getting 4.9% on my other car). I gotta look into this.
Click to expand...

Then it's definitely worth looking into. If you have a newer model you could qualify for financing as a NEW car instead of a USED car.

For the best rates, check out all your local credit union's which have really relaxed their membership criteria. You could probably join half the credit unions on that list with no problems, usually there's a $25 minimum savings account balance, no monthly fees and LOOK AT THE LOAN RATES!

Central Jersey FCU
3.99% new cars
4.75% used cars
 
Originally posted by: RossMAN
Yes you can, I did this week ... however if you're REALLY getting raped (over 9%) your credit may not be perfect, so if you attempt to refinance you'll get a similiar or worse interest rate.

Who is your current lender and what rate are you paying?

We purchased our new Honda Accord from a car dealership and obtained financing through them. They got us a loan with American Honda Finance at 8.50% and we signed the papers.

One year later we've made all the payments on time, paying an extra $200/mo to reduce the principal balance.

On Monday we signed loan papers which dropped our interest rate from 8.50% down to.
Click to expand...

wow that is to high i guess your credit is not perfect. Was able to get thru honda a loan about amonth ago of 3.6%
 
Originally posted by: Ylen13
Originally posted by: RossMAN
Yes you can, I did this week ... however if you're REALLY getting raped (over 9%) your credit may not be perfect, so if you attempt to refinance you'll get a similiar or worse interest rate.

Who is your current lender and what rate are you paying?

We purchased our new Honda Accord from a car dealership and obtained financing through them. They got us a loan with American Honda Finance at 8.50% and we signed the papers.

One year later we've made all the payments on time, paying an extra $200/mo to reduce the principal balance.

On Monday we signed loan papers which dropped our interest rate from 8.50% down to.
Click to expand...

wow that is to high i guess your credit is not perfect. Was able to get thru honda a loan about amonth ago of 3.6%
Click to expand...

Yep unfortunately you are correct.
 
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