Car loan refinance?
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Thread created 04-25-2011 by Zemblanity
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Which is why he needs to get out of this 14% loan.
Car loan refinance?
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Thread created 04-25-2011 by Zemblanity
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reread his statement.
Car loan refinance?
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Thread created 04-25-2011 by Zemblanity
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Generally if you don't put a down payment your car will be worth less than what you owe after the first year. This is also highly dependent on interest rate as well.
Car loan refinance?
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Thread created 04-25-2011 by Zemblanity
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Can a car loan be refinanced? when i started the car loan, i didnt have a good cr score so got a loan with 14% interest....is it possible to refinance now that the score is better (675-ish)
How...
Car loan refinance?
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Thread created 04-25-2011 by Zemblanity
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It is common and easy. Google auto refinance
www.penfed.org
http://www.capitalone.com/autoloans/refinance/
Car loan refinance?
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Thread created 04-25-2011 by Zemblanity
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Ouch. For some reason it hurts when people put a downpayment on a car. Don't trust yourself to keep the money around to make payments?
Car loan refinance?
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Thread created 04-25-2011 by Zemblanity
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14% OMFG.
Crap that's like the rate on an unsecured personal loan!
I didn't know that companies refi'd car loans - cars aren't like houses - the value of a vehicle is constantly declining by...
Car loan refinance?
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Thread created 04-25-2011 by Zemblanity
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Well, its because the finance company had that requirement for a huge downpayment (as one of their unwritten condition) .
Car loan refinance?
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Thread created 04-25-2011 by Zemblanity
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unless you don't put down a deposit.
Car loan refinance?
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Thread created 04-25-2011 by Zemblanity
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but even in a 6-year loan, the vehicle is usually worth more then what you have left to pay on it after the first year or so for most cars
Car loan refinance?
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Thread created 04-25-2011 by Zemblanity
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at 14% I think it was a good idea to pay it fast..
Car loan refinance?
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Thread created 04-25-2011 by Zemblanity
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in which case the vehicle will be worth more then what you have to pay even sooner.. what's your point?
Car loan refinance?
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Thread created 04-25-2011 by Zemblanity
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oh - that is what I meant in my first post (no downpayment) - basically I don't see why anyone wouldn't let you refinance if your car is currently worth more then what you owe, which would at about...
Car loan refinance?
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Thread created 04-25-2011 by Zemblanity
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i did put down a hefty downpayment....10k when the car cost was about $28k out the door..its a new car (2010) too , so i m sure its value is more than what the loan pending amount is....
Car loan refinance?
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Thread created 04-25-2011 by Zemblanity
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:confused: you like paying extra money unnecessarily (interest)? if car loans were interest free it would be a different story.
Car loan refinance?
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Thread created 04-25-2011 by Zemblanity
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repped u both guys, thanks
Car loan refinance?
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Thread created 04-25-2011 by Zemblanity
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Typically 1 point is your # to make a refi pay for itself. With Mortgage interest rates being so low, that # is a bit higher. Refi's typically take 18 plus months to pay for themselves. So if you are...
