Rates falling, re-finance?
05-16-2001, 02:52 PM
#1
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Rates falling, re-finance?
The fed lowered interest rates yersterday another 50 basis points. We are now at 4% I believe. My car is financed at 9%. Do you think its possible for me to refinance? I financed for 60 months. I know that you can refinance a house, but really not sure how it would work with a car.
My thought is basically to get someone to give you another loan at lower rate and pay off the current outstanding amount.
Thanks for the feedback
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'01 CLS Satin Silver w/Black, Navi-less, spoiler,
Tint 15%, Polarqs M6s, Desired Mods: 18" Wheels/tires, Springs/Sways, CAI, subwoofer.
http://albums.photopoint.com/j/Album...513&a=12224080
The one thing that unites all human beings, regardless of age, gender, religion, economic status or ethnic background, is that deep down inside, we ALL believe that we are above average drivers.
My thought is basically to get someone to give you another loan at lower rate and pay off the current outstanding amount.
Thanks for the feedback
------------------
---------------------
'01 CLS Satin Silver w/Black, Navi-less, spoiler,
Tint 15%, Polarqs M6s, Desired Mods: 18" Wheels/tires, Springs/Sways, CAI, subwoofer.
http://albums.photopoint.com/j/Album...513&a=12224080
The one thing that unites all human beings, regardless of age, gender, religion, economic status or ethnic background, is that deep down inside, we ALL believe that we are above average drivers.
05-16-2001, 02:54 PM
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yes, you can refinance your car. my friend did this last year, had a 48 month loan at 9.25% and refinanced for 60 months at 7.5%
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avengerjr
2001 CL-S Satin Silver / Ebony Interior / Non-Navi[*] spoiler , wheel locks , 20% tint , fenderwell trim[*] mud guards , winter floor mats , full nose mask[*] Xephyr CAI
<font face="Verdana, Arial" size="2">Originally posted by Big_Pimp's_Type_S:
The fed lowered interest rates yersterday another 50 basis points. We are now at 4% I believe. My car is financed at 9%. Do you think its possible for me to refinance? I financed for 60 months. I know that you can refinance a house, but really not sure how it would work with a car.
My thought is basically to get someone to give you another loan at lower rate and pay off the current outstanding amount.
Thanks for the feedback
</font>
The fed lowered interest rates yersterday another 50 basis points. We are now at 4% I believe. My car is financed at 9%. Do you think its possible for me to refinance? I financed for 60 months. I know that you can refinance a house, but really not sure how it would work with a car.
My thought is basically to get someone to give you another loan at lower rate and pay off the current outstanding amount.
Thanks for the feedback
</font>
------------------
avengerjr
2001 CL-S Satin Silver / Ebony Interior / Non-Navi[*] spoiler , wheel locks , 20% tint , fenderwell trim[*] mud guards , winter floor mats , full nose mask[*] Xephyr CAI
05-16-2001, 02:55 PM
#3
Cost Drivers!!!!
yeah, I was thinking the same thing....i need to do some research. You might not be able to refinance but you might be able to consolidate auto-loan with any other debt you have and sorta circumvent the system 
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'01 Silver CL-Type S
!BEWARE THE SILVER SWORD!
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'01 Silver CL-Type S
!BEWARE THE SILVER SWORD!
05-16-2001, 02:56 PM
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<font face="Verdana, Arial" size="2">Originally posted by avengerjr:
yes, you can refinance your car. my friend did this last year, had a 48 month loan at 9.25% and refinanced for 60 months at 7.5%
</font>
yes, you can refinance your car. my friend did this last year, had a 48 month loan at 9.25% and refinanced for 60 months at 7.5%
</font>
Do you know how he did? What was required, how does the ownership transfer over from one lender to another?
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---------------------
'01 CLS Satin Silver w/Black, Navi-less, spoiler,
Tint 15%, Polarqs M6s, Desired Mods: 18" Wheels/tires, Springs/Sways, CAI, subwoofer.
http://albums.photopoint.com/j/Album...513&a=12224080
The one thing that unites all human beings, regardless of age, gender, religion, economic status or ethnic background, is that deep down inside, we ALL believe that we are above average drivers.
05-16-2001, 03:01 PM
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<font face="Verdana, Arial" size="2">Originally posted by Big_Pimp's_Type_S:
Do you know how he did? What was required, how does the ownership transfer over from one lender to another?
</font>
Do you know how he did? What was required, how does the ownership transfer over from one lender to another?
</font>
So I told him about the loan rates and he went to talk to them and ended up telling me that he refinanced his loan.
Sorry I don't have anymore details than that.
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avengerjr
2001 CL-S Satin Silver / Ebony Interior / Non-Navi[*] spoiler , wheel locks , 20% tint , fenderwell trim[*] mud guards , winter floor mats , full nose mask[*] Xephyr CAI
05-16-2001, 03:18 PM
#6
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I did that about four months ago. I did it through my credit union (Pentagon Federal). I went from 9.24% down to 6.9% for 60mos. It made a significant savings.
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05-16-2001, 03:38 PM
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Yes you can refinance your car just like a home or simular to a balance transfer on a credit card, Just choose the auto lender that will give you the lowest rate (6-7) is a good range now, and the process basically involves them paying off your old contact and issuing you a new one at the lower prevailing rate. I am a stockbroker in Tucson and even I can offer this service to my clients, The best way to save on financing charges and the associated fees is to buy the car with a cash deal 
but I know not everyone can do that sorta of thing, for sucha long lease 60mo, you'll see dramatic savings for even a 100 basis point decrease. Good luck!
------------------
_ _____________________ _
'01 Black CL S, Spoiler, Tint,Comptech Headers, Sways, Exhaust& Springs, AEM CAI w/ Bypass,Denso Iridium Plugs
but I know not everyone can do that sorta of thing, for sucha long lease 60mo, you'll see dramatic savings for even a 100 basis point decrease. Good luck!------------------
_ _____________________ _
'01 Black CL S, Spoiler, Tint,Comptech Headers, Sways, Exhaust& Springs, AEM CAI w/ Bypass,Denso Iridium Plugs
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05-16-2001, 03:47 PM
#8
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Ok, so far I am hearing Credit Union. What if I am not a member? Is there another way?
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---------------------
'01 CLS Satin Silver w/Black, Navi-less, spoiler,
Tint 15%, Polarqs M6s, Desired Mods: 18" Wheels/tires, Springs/Sways, CAI, subwoofer.
http://albums.photopoint.com/j/Album...513&a=12224080
The one thing that unites all human beings, regardless of age, gender, religion, economic status or ethnic background, is that deep down inside, we ALL believe that we are above average drivers.
------------------
---------------------
'01 CLS Satin Silver w/Black, Navi-less, spoiler,
Tint 15%, Polarqs M6s, Desired Mods: 18" Wheels/tires, Springs/Sways, CAI, subwoofer.
http://albums.photopoint.com/j/Album...513&a=12224080
The one thing that unites all human beings, regardless of age, gender, religion, economic status or ethnic background, is that deep down inside, we ALL believe that we are above average drivers.
05-16-2001, 03:50 PM
#9
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Credit Unions are usually the best place to go for auto financing/re-financing. Here is another option....
http://www.peoplefirst.com/
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2001 Acura 3.2CL Type-S
Satin Silver/Ebony
No Navi/No Spoiler
Competch springs
35% tint
PIAA 19169 bulbs
K&N 33-2178 air filter
The Aviation Zone
http://www.peoplefirst.com/
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2001 Acura 3.2CL Type-S
Satin Silver/Ebony
No Navi/No Spoiler
Competch springs
35% tint
PIAA 19169 bulbs
K&N 33-2178 air filter
The Aviation Zone
05-16-2001, 03:52 PM
#10
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Yay!!! Another AZ person!
Hey MtBikR... email me.... goldtypes@acura-cl.com
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2001 Acura 3.2CL Type S
Comptech Springs
Comptech Sway Bars
Comptech Headers
AEM CAI
PIAA 19169
Hey MtBikR... email me.... goldtypes@acura-cl.com
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2001 Acura 3.2CL Type S
Comptech Springs
Comptech Sway Bars
Comptech Headers
AEM CAI
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05-16-2001, 04:30 PM
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4% 
i would kill to get 7%. i currently paying 11%. planing on refinancing in august since it'll be 1 year since my purchase date.
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CL-S
White/Ebony/Navi/Spoiler/Visor/Full Bra/Mud Guards/Acura Car Cover/Tint 20%,35%,5% on Sun Roof, Rockford 250a2 Amp w/JL10w6 / K&N Drop in Filter.Polarg m-6.
Comptech Headers,Springs,Sways, Eurolite Xenon Crystal high beams.Polarg m6
gtech 0-60 6.03 w/ 438 pound load. preheader.
i would kill to get 7%. i currently paying 11%. planing on refinancing in august since it'll be 1 year since my purchase date. ------------------
CL-S
White/Ebony/Navi/Spoiler/Visor/Full Bra/Mud Guards/Acura Car Cover/Tint 20%,35%,5% on Sun Roof, Rockford 250a2 Amp w/JL10w6 / K&N Drop in Filter.Polarg m-6.
Comptech Headers,Springs,Sways, Eurolite Xenon Crystal high beams.Polarg m6
gtech 0-60 6.03 w/ 438 pound load. preheader.
05-16-2001, 04:38 PM
#12
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<font face="Verdana, Arial" size="2">Originally posted by NOVAwhiteTypeS:
4% i would kill to get 7%. i currently paying 11%. planing on refinancing in august since it'll be 1 year since my purchase date.
</font>
4%
i would kill to get 7%. i currently paying 11%. planing on refinancing in august since it'll be 1 year since my purchase date. </font>
05-16-2001, 05:33 PM
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home boy... check out
http://www.bankrate.com
there you could see actual rates from various banks in your area. 7.25% was the lowest here in miami with no fees. good luck homeboy
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Current ride: 91 Dodge Colt.... no p/w, no p/l, no AC
Preiovus ride: 2001 CL-S, Black, dropped 2 inches, stock
http://www.bankrate.com
there you could see actual rates from various banks in your area. 7.25% was the lowest here in miami with no fees. good luck homeboy
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Current ride: 91 Dodge Colt.... no p/w, no p/l, no AC
Preiovus ride: 2001 CL-S, Black, dropped 2 inches, stock
05-16-2001, 06:16 PM
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ACME sucks!
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I currently have 7.85% and have had the car for one year in July. I will not refinance unless I can get close to 7%.
------------------
2001 Acura 3.2CL Type-S
Satin Silver/Ebony
No Navi/No Spoiler
Competch springs
35% tint
PIAA 19169 bulbs
K&N 33-2178 air filter
The Aviation Zone
------------------
2001 Acura 3.2CL Type-S
Satin Silver/Ebony
No Navi/No Spoiler
Competch springs
35% tint
PIAA 19169 bulbs
K&N 33-2178 air filter
The Aviation Zone
05-16-2001, 06:20 PM
#15
ACME sucks!
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<font face="Verdana, Arial" size="2">Originally posted by beestea:
Hehe... 4% is the fed intrest loan rate. That is the rate that Banks will loan money to other banks at. You and I won't ever see anything that low :P</font>
Hehe... 4% is the fed intrest loan rate. That is the rate that Banks will loan money to other banks at. You and I won't ever see anything that low :P</font>
This is very good because a lower Discount Rate will allow for a bigger drop in mortgage rates.
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2001 Acura 3.2CL Type-S
Satin Silver/Ebony
No Navi/No Spoiler
Competch springs
35% tint
PIAA 19169 bulbs
K&N 33-2178 air filter
The Aviation Zone
[This message has been edited by MikeN (edited 05-16-2001).]
05-16-2001, 06:27 PM
#16
Suzuka Master
I just locked in yesterday for a 30 year home loan. Even though the overnight bank rates have dropped 2.5 percent, the mortgage rates are going up. This tends to be good for the credit cards and short term loans (such as cars), but not for mortgages. The more we drop into recession, the better mortgage rates are. Banks don't have to lower the rates right now because the housing market is strong.
Refinancing a car is a good idea right now. Look for about 7%.
-Ash
Refinancing a car is a good idea right now. Look for about 7%.
-Ash
05-16-2001, 06:30 PM
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<font face="Verdana, Arial" size="2">Originally posted by MikeN:
I currently have 7.85% and have had the car for one year in July. I will not refinance unless I can get close to 7%.
</font>
I currently have 7.85% and have had the car for one year in July. I will not refinance unless I can get close to 7%.
</font>
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avengerjr
2001 CL-S Satin Silver / Ebony Interior / Non-Navi[*] spoiler , wheel locks , 20% tint , fenderwell trim[*] mud guards , winter floor mats , full nose mask[*] Xephyr CAI
05-16-2001, 06:33 PM
#18
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<font face="Verdana, Arial" size="2">Originally posted by Ashburner:
I just locked in yesterday for a 30 year home loan. Even though the overnight bank rates have dropped 2.5 percent, the mortgage rates are going up. This tends to be good for the credit cards and short term loans (such as cars), but not for mortgages. The more we drop into recession, the better mortgage rates are. Banks don't have to lower the rates right now because the housing market is strong.
Refinancing a car is a good idea right now. Look for about 7%.
-Ash</font>
I just locked in yesterday for a 30 year home loan. Even though the overnight bank rates have dropped 2.5 percent, the mortgage rates are going up. This tends to be good for the credit cards and short term loans (such as cars), but not for mortgages. The more we drop into recession, the better mortgage rates are. Banks don't have to lower the rates right now because the housing market is strong.
Refinancing a car is a good idea right now. Look for about 7%.
-Ash</font>
------------------
2001 Acura 3.2CL Type-S
Satin Silver/Ebony
No Navi/No Spoiler
Competch springs
35% tint
PIAA 19169 bulbs
K&N 33-2178 air filter
The Aviation Zone
05-16-2001, 07:41 PM
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Credit union is the best way to go, although I have 6.70 at B of A. Don't ask me how I got it, I have no idea (and this was when rates were high, 7 mos ago). Talk to your current lender, see what they can do. If their rate seems high, check around. Keep in mind every time you apply your credit is run(generally). A couple of times is ok, everything these days is based on credit score and too many inquiries can cause your score to drop, try not to shop too much. Good luck.
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01 CL TYPE S: BLK/EBONY, NAVI, AEM CAI, SITTING ON MASITALY SAGITTA 18'S W/ NITTO 555 235-40-18'S AND EIBACH SPORT SPRINGS.
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01 CL TYPE S: BLK/EBONY, NAVI, AEM CAI, SITTING ON MASITALY SAGITTA 18'S W/ NITTO 555 235-40-18'S AND EIBACH SPORT SPRINGS.
05-16-2001, 11:21 PM
#20
Moderator Alumnus
<font face="Verdana, Arial" size="2">Originally posted by colbster:
Credit union is the best way to go, although I have 6.70 at B of A. Don't ask me how I got it, I have no idea
</font>
Credit union is the best way to go, although I have 6.70 at B of A. Don't ask me how I got it, I have no idea
</font>
got mine - 6.25% before the rate cut!
Actually I got approved but haven't actually gotten the rate yet, so if I'm lucky, they'll drop it to 5.75% and I can get a 7 year loan to boot! Makes financing the entire car actually affordable.
'course, I'll probably be prepaying a lot,
so I don't pay interest out the wazoo, but it's nice to have the option of not paying, if time get tough.
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'01 Aegean Blue CL S-Type w/ Nav(coming soon!)
05-17-2001, 02:37 AM
#21
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MT Biker, I am also from Tucson (also a new mt. biker, just bought a TREK last month)and currently own a '97 CL. I will be buying a '01 or '02 CL-S in OCT/NOV, and was wondering if you purchased your car from Beaudry, and what your opinion of the dealership has been. If possible, pls E-mail me at Sharkroy@netzero.net Thanx.
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Sharkroy@netzero.net
97 CL / Soon: 02 CL-S
69 Camaro Drag Car
93 Volvo 850 GLT
<font face="Verdana, Arial" size="2">Originally posted by MtBikR:
Yes you can refinance your car just like a home or simular to a balance transfer on a credit card, Just choose the auto lender that will give you the lowest rate (6-7) is a good range now, and the process basically involves them paying off your old contact and issuing you a new one at the lower prevailing rate. I am a stockbroker in Tucson and even I can offer this service to my clients, The best way to save on financing charges and the associated fees is to buy the car with a cash deal but I know not everyone can do that sorta of thing, for sucha long lease 60mo, you'll see dramatic savings for even a 100 basis point decrease. Good luck!
</font>
Yes you can refinance your car just like a home or simular to a balance transfer on a credit card, Just choose the auto lender that will give you the lowest rate (6-7) is a good range now, and the process basically involves them paying off your old contact and issuing you a new one at the lower prevailing rate. I am a stockbroker in Tucson and even I can offer this service to my clients, The best way to save on financing charges and the associated fees is to buy the car with a cash deal
but I know not everyone can do that sorta of thing, for sucha long lease 60mo, you'll see dramatic savings for even a 100 basis point decrease. Good luck!</font>
------------------
Sharkroy@netzero.net
97 CL / Soon: 02 CL-S
69 Camaro Drag Car
93 Volvo 850 GLT
05-17-2001, 02:44 AM
#22
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MT Biker, I am also from Tucson (also a new mt. biker, just bought a TREK last month)and currently own a '97 CL. I will be buying a '01 or '02 CL-S in OCT/NOV, and was wondering if you purchased your car from Beaudry, and what your opinion of the dealership has been. If possible, pls E-mail me at Sharkroy@netzero.net Thanx.
------------------
Sharkroy@netzero.net
97 CL / Soon: 02 CL-S
69 Camaro Drag Car
93 Volvo 850 GLT
<font face="Verdana, Arial" size="2">Originally posted by MtBikR:
Yes you can refinance your car just like a home or simular to a balance transfer on a credit card, Just choose the auto lender that will give you the lowest rate (6-7) is a good range now, and the process basically involves them paying off your old contact and issuing you a new one at the lower prevailing rate. I am a stockbroker in Tucson and even I can offer this service to my clients, The best way to save on financing charges and the associated fees is to buy the car with a cash deal but I know not everyone can do that sorta of thing, for sucha long lease 60mo, you'll see dramatic savings for even a 100 basis point decrease. Good luck!
</font>
Yes you can refinance your car just like a home or simular to a balance transfer on a credit card, Just choose the auto lender that will give you the lowest rate (6-7) is a good range now, and the process basically involves them paying off your old contact and issuing you a new one at the lower prevailing rate. I am a stockbroker in Tucson and even I can offer this service to my clients, The best way to save on financing charges and the associated fees is to buy the car with a cash deal
but I know not everyone can do that sorta of thing, for sucha long lease 60mo, you'll see dramatic savings for even a 100 basis point decrease. Good luck!</font>
------------------
Sharkroy@netzero.net
97 CL / Soon: 02 CL-S
69 Camaro Drag Car
93 Volvo 850 GLT
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