How do I go about refinancing a car?

[Jumpem]

My Miata is through Mazda itself. I had bad credit when I got it due to not paying a credit card a few years ago when I was homeless. So my car is at 12%. I've paid on time each month for a year, and my credit score has gone up. I'm hoping to be able to get something closer to 5-6% now.

What's the process like? Do I just try my local bank?

 

[AgentEL]

Yes, try your bank or credit union.

 

[Jumpem]

Originally posted by: AgentEL
Yes, try your bank or credit union.

Do they pay off my loan with Mazda, and then I pay them?

 

Originally posted by: Jumpem

Originally posted by: AgentEL
Yes, try your bank or credit union.

Do they pay off my loan with Mazda, and then I pay them?

Yes.

 

[KLin]

I refinanced my truck through eloan. I went from 9% to 5.55% on a 3 year loan. Dropped my monthly payment from $406 to $230.

 

[Caesar]

Originally posted by: AgentEL
Yes, try your bank or credit union.

How about trying at lendingtree? I am also thinking about refinancing my car loan and some people suggested me to try it.

 

[thomsbrain]

Originally posted by: KLin
I refinanced my truck through eloan. I went from 9% to 5.55% on a 3 year loan. Dropped my monthly payment from $406 to $230.

that's a serious improvement!