Refinancing my auto loan?
Dalton C asked:
I want to refinance my current auto loan, and i don’t know alot about refinancing because i never did it before. First, how many payments do i have to make on time before i can check with different companies about refinancing? Some people have told me you can refinance after 6 months of on time payments. Second, how much will my payments or interest rate drop from my current rates? Third where is the company/bank to go for refinancing?
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I want to refinance my current auto loan, and i don’t know alot about refinancing because i never did it before. First, how many payments do i have to make on time before i can check with different companies about refinancing? Some people have told me you can refinance after 6 months of on time payments. Second, how much will my payments or interest rate drop from my current rates? Third where is the company/bank to go for refinancing?
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Tags: Different Companies, People, Rate Drop
February 10th, 2009 at 5:51 am
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Try your own bank first. If you belong to a credit union, that is even better.
February 12th, 2009 at 8:30 am
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The amount of payments you need to make will vary, also it will depend on what your car model is, its year, and how much is still out on it. Your current credit picture will also come into play as to what kind of deal you can get. Usually a local bank or credit union can give you the best deal.
February 13th, 2009 at 1:44 am
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The only way you can lower your payments is to get a loan longer than your currant one. If you have a high interest loan, the best way to cure that is just make extra payments each month on the loan.
February 15th, 2009 at 3:32 am
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Usually refinancing an auto loan is a waste of money. You shouldn’t have bought the car in the first place if you can’t afford the current payments
Also, a good place to check is…
Good Luck.