BellAtheTSX

Can anyone provide me with some feedback about refinancing my 08 TSX? I purchased in in 09/09 and it was purchased used.


Should I go back to the dealer and try to refiance it or should I try a online place like lendingtree.com?

Any thoughts or opinions? The car was purchased used.

Thanks!

Hapa DC5

Local credit union, your local bank, or lending tree. Typically a CU would provide the best rate or will try to beat the best rate you are offered.

BellAtheTSX

do you think I should go back to the dealer and try with them or just do it on my own? thanks for the help!

doopstr

The dealer has no incentive to help you. Avoid them.

LaCostaRacer

BellAtTSX- you don't state the terms so it's pretty hard to help you. I think it would require a pretty decent change in interest rate terms to make it worth it because there will be fees. Always go to a bank to get the best rate on a used car- it's rare that a dealer will match bank financing on used cars.

It might make better sense to make a couple of extra payments of principal and pay it off sooner at the high(er) interest rate than mess with a refi. If that's not possible, round your payment to the nearest 50 or 100 and that works pretty well too.
Think of the extra payments as a forced CD that pays a great interest rate- something you would never get from a bank now.

vas25tl

This


I always finance my cars with a credit union, they typically have the best rates unless you catch a promotion like I know US BANK was running 3.99% on used cars for a while.

Moog-Type-S

Why would you want to refi your car loan?

It's usually not worth it at all.

BellAtheTSX

i did a 5 yr load with 8.9% interest. I have been paying $100 additional everymonth to knock the princpal down.

i figured i could refinace the car and get a lower interest rate and save some money on the interest!

vas25tl

If you have good credit, I'd try to refi. You can get at least into the 5's, 9% is too high IMO.

Hapa DC5

See what your local CU will do for ya... Do you mind disclosing your credit score or at least a ball park range? Any negatives on that would ding you on a credit report, such as more than 30 days late, high revolving credit card balances, BK, or high income to debt ratio?

In your situation it would make sense to refi since your interest rate is almost 9%

thunder04

iTrader: (1)

When I bought my TSX way back in the day, dealer financing was around 9% for me. The following week I went to my credit union of the time and re-financed at 6.25%. Then, a couple years later, I joined another credit union (I moved) and re-financed again at 4.99%. It didn't cost me anything extra (though results may vary depending on your current loan's terms), and with both refinances the banks gave me the option of either matching my current monthly payment or changing the length of the loan (shorter or longer). I'd always match my previous monthly payment so that the loan length would decrease.