All,

This may not be the right forum to post it; if so, i am sure neuron will nip it in the butt

Its time for me to refinance my car, so i had a couple of questions for the gurus here

1. Since i purchased this car used, i signed up for a 7% interest rate (cheapest i could get) for financing it. The condition was that i will be unable to refinance for first 6 months. Now that the term has expired, do you guys think it would be a good idea to refinance?
2. My credit score and history are immaculate, so i am pretty sure i will be eligible for a better rate. Any recommendation of who i can go with?
3. Based on your experience, what shoudl be a good % range for a used car with 35k miles on it?

 

I remember when I bought my Vigor back in 1993, I got several offers to refinance at lower rates, I can't remember, but I don't think I went through AHF that time around. With both the TL and RL (both through AHF) and I have not received any offers.

My credit is also immaculate (~ 760-780 FICO).

Curious to see what others have done with this.

 

Just took a quick look at several places. For my state, the lowest auto refi rate published currently is 7.15%. You might be able to get a lower rate at a credit union, or if you're in a different area, but 7% on a used car is pretty darn good nowadays. To get a quick idea, go to bankrate.com and plug in your state and city.

 

7% definitely won't work. Never mind.

 

I got 6.16% at my Acura dealer when I bought out my lease on 18 May.

 

my acura dealer is quoting me 7.9% now!!! what a ripoff

 

Again, I recommend going to a credit union, they seem to have lower rates, at least around here. I don't think you'll get much below 7% on a used car loan, though.

 

neuron, thanks... your original recommendation was not ignored.. i was just trying to say that the same dealer that was ready to offer me 6.9% when i purchased this car, now says they can't do anything lower than 7.9..

 

What term were you looking for? My credit union doesn't care if it's new/used/refi the rates are the same.
Vehicles (New/Used) up to 125% 48 Months 5.59% with auto pay 6.59% w/o
Vehicles (New/Used) up to 125% 60 Months 5.84% with auto pay6.84% w/o
Vehicles (New/Used) up to 125% 72 Months ($20k min) 6.09 with auto pay7.09% w/o

 

which credit union are you talking about Briny?

 

No worries.

Interest rates for cars have only increased over the last few months (at least in my neck of the woods), so this response from your dealer is not surprising.

Those rates that briny quotes (with autopay) are pretty dang appealing, they almost make ME want to refi.

 

My wife has a great credit score, in the low 800's, mines in the mid 700's.
We just bought a used 2006 RL through our credit union (Delta Air Lines) and they said we were eligable for their best rate of 7% in May of this year, 2007.

I thought that was pretty good,

Love my RL too... AND my wife

 

i'll second mr_allenp's question.. which credit union is this.. the rate is too dang appealing... looking for 60months.....

 

I've refinanced my 01 MDX with University Fed Credit Union in the past (ufcu.org). They offered great rates at the time and any one can become a member. They have a program called 2nd chance loans which is their refinance program. Give them a try.

 

All this to save $15 a month?? 7% is what some banks charge on new car loans. I understand wanting the best rate, but the time to get that rate was when you bought the car, not when you are trying to refi b/c all your leverage is gone. All dealers put points on rates (usually 2-3 percentage points depending on term). After negotiating a price you demand they finance at their buy rate or you walk (make them show you the rate matrix). All this becomes irrelevant on a refi though b/c you have already bought the car. So with a lot of headache and work you might be able to save a couple of bucks a month but why bother, b/c that elusive "better deal" will ALWAYS be out there. Enjoy what you have instead!!!

 

thanks lausy... will give it a try...

 

thanks jcbridges... all your points are valid and duly noted... at this point, since i do not know how much i can/will save, i would like to at least explore my options... in all likelihood i may not end up saving much on refinancing (as you mention); but i would have tried at least :-)

 

Well if you must then try Pentagon Federal Credit Union if you have ever served in the military or have a family member who has. I think they have refi starting at 5.29% (that is 06 and newer, orig. owner so may be a little higher)

PenFed Rates Linky

 

Home equity line of credit. Then you can deduct the interest rate.

 

hehehe... i would have definitely gone for that, but i am yet to be a proud owner of a house (well, had one while i was down in FL, but thanks to the hurricanes, i had to write it off as damaged goods )