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Should i refinance my car auto loan?

M

Mayfriday0529

Diamond Member
I need advice if i should refinance my car or not.

anyone know of any refinancing calculators online.

Loan Amount 12,789.50
Interest 12.04%
60 Months, 18 paid already 42 to go.

if you need any other info please let me know.

in the past some of you said i should use a local credit union to do this, at the time i was still building my credit score.

 
Well, you can pretty much kiss the 18 payments you've already made goodbye, you'll be starting over. What would the interest rate be on the new loan?
 
I dont know, i havent applied yet.

I was hoping for something under 6%

Edit:
would it be better just to pay more into each monthly payment?
i did find a calculator online for that could save up to 1500$ and pay it off in at least one year ahead of schedule.
 
What is the current payoff on the loan? What is your current monthly payment? Feel free to PM me if you don't want to state this in public.
 
Originally posted by: Hoober
12% seems extraordinarily high. I've got credit cards with lower interest rates. How's your credit?
Click to expand...

That's what I'm wondering. Either the dealer screwed him and/or he has very bad credit.

IF you think you'll get approved, apply with a local credit union. Our American Honda financing was around 10.50, we re-financed with a small credit union for 4.75%. Over the course of the loan that amounts to substantial savings.

Auto loan calculator
 
To answer everyone.
My montly payment is 285 at month. Payoff at the moment is 9773.44. At the time i got the car my credit i dont think was bad but it stated that the amount of money i get a month to the ratio of loans was way over. After looking around for a loan for a car this is the only one i got.

now my credit is about a 700 check it three months ago.
 
Originally posted by: Jnetty99
I need advice if i should refinance my car or not.

anyone know of any refinancing calculators online.

Loan Amount 12,789.50
Interest 12.04%
60 Months, 18 paid already 42 to go.

if you need any other info please let me know.

in the past some of you said i should use a local credit union to do this, at the time i was still building my credit score.
Click to expand...

Now that you have built some credit you should go to a CU and hear what they say. I did refinance my car for 5.2% after being raped for 8 months with 29% interest just because I did not have a credit history.
 
Using your payoff amount + loan rates from peoplefirst.com:

36 months @ 5.15% = ~$295 a month ($10 extra a month cuts off 6 months of payments)

I would do that (if you qualify) then start making extra payments.

Even if you don't make extra payments that still knocks off 6 months of payments for what amounts to pocket change every month.

Viper GTS
 
Originally posted by: Viper GTS
Using your payoff amount + loan rates from peoplefirst.com:

36 months @ 5.15% = ~$295 a month ($10 extra a month cuts off 6 months of payments)

I would do that (if you qualify) then start making extra payments.

Even if you don't make extra payments that still knocks off 6 months of payments for what amounts to pocket change every month.

Viper GTS
Click to expand...


So i would possibly save 1700$ for those 6 months less.
 
Originally posted by: Jnetty99
Originally posted by: Viper GTS
Using your payoff amount + loan rates from peoplefirst.com:

36 months @ 5.15% = ~$295 a month ($10 extra a month cuts off 6 months of payments)

I would do that (if you qualify) then start making extra payments.

Even if you don't make extra payments that still knocks off 6 months of payments for what amounts to pocket change every month.

Viper GTS
Click to expand...


So i would possibly save 1700$ for those 6 months less.
Click to expand...

Your current loan you would pay $11,970, you would pay $10,620 at 5.15%/36 months.

So about $1350 (you forgot to account for the $10 a month more you'd be paying).

Viper GTS
 
Originally posted by: RossMAN
How long have you had your current loan?
Click to expand...


18 months. i got it in may 2003.

I like to state that i only got this stupid loan because my car was destroyed in a car accident and i needed a car and every dealer and loan company rejected me at that time.

now things are better.
 
Originally posted by: RossMAN
18 months is a good length of time.

You did make every payment on time (no late payments) correct?
Click to expand...

Everything on time, i have had one late payment on a credit card about 4 years ago.
 
I just called a credit union near you and they are offering 4.00% on new car loans (which your 2002 model qualifies as new if you apply before 12/31/2004).

Go for it!
 
Originally posted by: RossMAN
I just called a credit union near you and they are offering 4.00% on new car loans (which your 2002 model qualifies as new if you apply before 12/31/2004).

Go for it!
Click to expand...


Thanks Rossman. I will gather all the info today and see what they say.
 
I would refi as well if I was getting screwed as hard as you were on a loan like that, I have lower rates on my CC. Just how far down the toilet is your credit?
 
18 months ago and 12%? You got screwed. I know most places had 0% financing deals as much as 2-3 years ago and they continue to today. I'd refi it if you could without getting screwed with closing costs and stuff like that.
 
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