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.

 

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

 

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!

 

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.

 

I don't really know, it was all paperwork from what he told me. He did this at the same Credit Union where I got my loan for 7%, we work for the same company.

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

 

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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CL-S
White/Parchment
Gold Emblems
Mud Guards / Wheel Locks
Spoiler
Winter Floor Mats

 

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!

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_ _____________________ _
'01 Black CL S, Spoiler, Tint,Comptech Headers, Sways, Exhaust& Springs, AEM CAI w/ Bypass,Denso Iridium Plugs

 

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.

 

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

 

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

 

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.

 

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

 

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

 

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%.


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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

 

Actually, the Fed Funds Rate is at 4%. The Discount Rate (charged on direct Fed loans to commercial banks) is down to 3.5%.

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).]

 

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

 

Mine is at 7%, I only wish I could have gotten the 6.75% that they wanted me to get, but stupid credit union pissed me off and I didn't want my paycheck to go there on the direct deposit system. stupid credit union!!


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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

 

This is correct, but I don't see the mortgage rates coming down until at least next Monday. The first Monday after a Fed rate cut seems to be the best day to shop.




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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

 

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.

 

Well, heck, check out www.bfcu.com where I
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!)

 

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

 

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