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Auto Loan Refinance

3,940 1,433 May 1, 2018 at 09:36 PM in Finance (2)
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Good evening all,

I have just bought a new car about 2 weeks ago and found out that I should have looked harder at finding funding before I purchased the car. Can anybody recommend a good/easy credit union/bank/mafia member to refinance a loan with? The interest rate I am at is 3.49%

Many thanks and also looking to do the same with my wife's student debt. I think the rate she pays is 5.4% right now.

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#2
I've only refinanced with PenFed; it was easy, you do need to be a member but that's easy too.
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#3
Quote from Dr. J
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I've only refinanced with PenFed; it was easy, you do need to be a member but that's easy too.
Thank you. I had penfed and might go that route again just trying to see if anybody can recommend another one that i might have missed.
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Make it a great day!
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#4
Depending on your credit score, LightStream [lightstream.com] could be a good option. It is secured by your vehicle but they do not want the title. So when I refi'd with them, it looks like my car is paid off when in actuality it is not. Kinda interesting. Anyway, they're rates were the best when I looked.
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#5
how many months,how much do you want to refinance
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#6
Quote from phillint
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how many months,how much do you want to refinance
I am looking at 60 months tops but think it would really be less than that. We only owe 15 grand on it. laugh out loud
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Quote from ogp
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Depending on your credit score, LightStream [lightstream.com] could be a good option. It is secured by your vehicle but they do not want the title. So when I refi'd with them, it looks like my car is paid off when in actuality it is not. Kinda interesting. Anyway, they're rates were the best when I looked.
I will have to take a look into this. This sounds interesting I appreciate your assitance.
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#8
Read your contract again.
early payoff clause?
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for those that hate spelling mistakes www.walmarts.comCool

bulb save money by checking your insurance every 2 years (and not every 20) Thanks Liberty Mutual for reminding me to shop. The $842 increase this year sums it up. Across the board increase for Ohio....whatever

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Quote from stufine
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Read your contract again.
early payoff clause?
I will have to look into that. Thanks for pointing that out.
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#10
Rate is good. Should have done dealer/manufacturer financing at 0% but because it wasn't offered there may be some blemish on your credit or score too low to qualify for manufacturer financing.

Penfed in CA was at lowest 4 point something. That's if you bought a new car with their check. After the fact the rate is higher. Just pay off as fast as you can if it's only 15 grand.

At 3.49 percent let's say if banks cost of funds is 2% that means they are most likely paying to have your loan and everyone else's loans on the books to fortify their balance sheet for fiscal reportings. Banks probably making 1.5% but after everything is said and done banks probably losing money on servicing your loan. (Dealers mostly use fico auto v8 for scores, which are a little more lenient) what's your score? 6 something?

You won't find lower and if you do please reply back and with who.

Btw, there is no pay off clause on auto loans just leases. Which you must pay the lease in full prior to terminating.

SoFi is at 2.63 with 720+ score for the student loan too...
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Last edited by theodore1 May 6, 2018 at 06:49 PM.
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Quote from theodore1
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Rate is good. Should have done dealer/manufacturer financing at 0% but because it wasn't offered there may be some blemish on your credit or score too low to qualify for manufacturer financing.

Penfed in CA was at lowest 4 point something. That's if you bought a new car with their check. After the fact the rate is higher. Just pay off as fast as you can if it's only 15 grand.

At 3.49 percent let's say if banks cost of funds is 2% that means they are most likely paying to have your loan and everyone else's loans on the books to fortify their balance sheet for fiscal reportings probably making 1.5% but after everything is said and done banks probably losing money on servicing your loan. (Dealers mostly use fico auto v8 for scores, which are a little more lenient) what's your score? 6 something?

You won't find lower and if you do please reply back and with who.

Btw, there is no pay off clause on auto loans just leases. Which you must pay the lease in full prior to terminating.

SoFi is at 2.63 with 720+ score for the student loan too...
thank you for giving useful information
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Last edited by sinemej May 7, 2018 at 04:23 AM.
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#12
Thanks for the SoFi and I think that is the direction I/we are probably going to head in.
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#13
I recently did PenFed 36 months at 1.49%.
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Quote from cccheel
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I recently did PenFed 36 months at 1.49%.
Thanks I will try to get this figured out hopefully this weekend. laugh out loud
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Quote from theodore1
:
Rate is good. Should have done dealer/manufacturer financing at 0% but because it wasn't offered there may be some blemish on your credit or score too low to qualify for manufacturer financing.

Penfed in CA was at lowest 4 point something. That's if you bought a new car with their check. After the fact the rate is higher. Just pay off as fast as you can if it's only 15 grand.

At 3.49 percent let's say if banks cost of funds is 2% that means they are most likely paying to have your loan and everyone else's loans on the books to fortify their balance sheet for fiscal reportings. Banks probably making 1.5% but after everything is said and done banks probably losing money on servicing your loan. (Dealers mostly use fico auto v8 for scores, which are a little more lenient) what's your score? 6 something?

You won't find lower and if you do please reply back and with who.

Btw, there is no pay off clause on auto loans just leases. Which you must pay the lease in full prior to terminating.

SoFi is at 2.63 with 720+ score for the student loan too...
Did you ever hear of the dealer/manufacturer wasn't offering it at the time?
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