Who should I talk to about re-financing ?

[polm]

I have been financing a vehicle for the past couple years at a rate of 9.74% interest.

I have a total of 7,000 dollars left on to pay on the vehicle.

Is re-financing an alternative I can/should look into ?

 

[vi edit]

Check into a credit union and see what they can do for you.

What year is the car? That can make a siginificant difference in the interest rate.

 

[CPA]

check out Peoplefirst.com

 

[KK]

Maybe a credit card. sometimes they run promotions 4.9% or so.

KK

 

[RossMAN]

What year is the vehicle?

What's your monthly payment?

What city/state are you located in?

 

[polm]

Originally posted by: RossMAN
What year is the vehicle?

What's your monthly payment?

What city/state are you located in?

1997

380.00

TN

 

[RossMAN]

Originally posted by: vi_edit
Check into a credit union and see what they can do for you.

What year is the car? That can make a siginificant difference in the interest rate.

Good advice and I agree.

American Honda Finance Corporation approved our new car loan for 8.50% or 10.50% (I forget) which I really didn't care about since I knew I'd refi in 1 year after making on time payments. After 1 year I refinanced with a local credit union for 3.99% saving me roughly $800 interest over the life of the car loan. If I pay extra every month, that reduces the loan term which means I'll pay even less interest.

Most CU's will consider a 2001 - 2004 car new, so your car would clearly be used.

Here is a list of TN Credit Unions.

I picked one in Knoxville which had rates starting at 3.95% for up to 60 months, if you qualify.

Definitely refinance with a local Credit Union, good luck!

 

[RossMAN]

That would be awesome if you qualify for a used car refi of around 4%.

I just used this auto loan calculator

$7,000 @ 4% for 36 months (3 yrs) = $206.67 per month x 36 months = $7,440.12 - $7,000 = $440.12 interest paid