Ok I bought my TL on November 22, 2005 I got screwed with my APR at 5.75 and now I see that Acura is offering 2.9% for the rest of the year. That's $50 a month in savings. Any way I can get my dealership or another dealership to refininace me at that rate?

Any chance I can get lower than what I have even? I looked on E-loans (https://www.eloan.com/s/show/auto?co...874:SID&mcode=) and CAPITAL ONE (https://www.capitaloneautofinance.co...oanChoice.aspx)

but they have their rate at what I have now.

Any help would be much appreciated


Thanks

Ryan

 

5.75% isn't so bad.

Normally special rates are only associated with a new car purchase since those rates are used to move cars and you already bought yours (they are subsidized by AHC).

I doubt you're going to be able to re-fi for less than 5.75%.

 

5.75 for a used car is a great rate. Remember your not getting a new one which is offered at 2.9%.

You may get a little better rate of 4.1 or 3.9% at capital one if you have good credit.

 

If you try to re-finance now, you are re-financing a USED car. It may have been new when you bought it but it is not any longer. Those "teaser" rates you see on TV are for NEW CARS ONLY. It is true that most (all?) dealers try to screw around with interest rates. You may have been able to have qualified for a better rate when you signed the original contract but you made the crucial mistake of not handling it then and there. Bottom line... You are now trying to refinance a used car. Treat it that way and you will see that the best rate you will be able to get is 3.9% now-adays. And that is ONLY if you have a 750+ beacon and a fair amount of cash down on the car $6K. If your like many on here who try to finance as much as possible and have minimal years to credit history, your 5.75 rate is probably as good as your going to get. PS - Here's your BEST option. Pay off your existing loan with your existing Home Equity account. You will NOT be able to deduct the interest on the HE loan since it's not for an actual home improvement but you will get a better rate (some are as low as prime and have no setup fees). Good luck!

 

Get this:
I got my TL on 12/20 and used Honda Finance, 4.14% (60mos, 25K) which beat my eloan of 4.69%. If I had waited 2 days I guess I could have gotten the 2.9%
But the extra 2 days is worth it. I love this car


I thought you could deduct the interest even if it's not for a home improvement. There is a threshold limit, though, and I don't know what it is.

-jjy

 

You can deduct HE loans up to $100,000 regardless of what the money was used for. That is how we are financing our TL purchase.

 

That's almost exactly what mine was... Same amount/term for 4.24%. I got mine on 12/11 though so it would have been a longer wait.

I'm still plenty happy with 4.24%.

 

You should check into your local credit union. Mine offers extra 0.5% discount if you maintain 10% of the finance amount in savings account for the duration of the loan.

Happy hunting!

 

vidoprof: Before you refinance your car, pull your credit report and get your Experian PLUS Score (similiar to FICO). You may have gotten 5.75% due to some past financial issues, not enough credit history, an error on your credit report (which happens a LOT more than you think), stolen identity, etc....

Remember, every time a lending institution pulls your bureau (pre-screen) it drops your Score. If there are issues with your financial info, fix it before you attempt a refinance (preventing multiple pulls).

Lastly, in the eyes of your lending institution your Acura is NOT seen as a used car. As long as the vehicle is within the last two model years (2004 - 2005), most lending institutions will give you new car rates. I'd check with a credit union, as most have lower rates as long as you have direct deposit.

 

Hope this makes everyone feel a little better.
Just like home mortgage rates only the very best rate is advertised. This low rate is only offered to people with a very high FICO #, probably 700+. Also, you can only assure the lowest rate if you negotiate it along with your purchase price.

Read the fine print and use your last purchase as a 'learning experience' BTW, I bought on 11/23/05 and asked for and received 3.99% for 60 months. If I had done my homework, could have had a 2.99%. Need to check available rates or have financiang before you go in.