Last Friday I traded in my MINI Cooper S on an Black 05 Dodge Magnum RT (with the Hemi). I did it because the MINI just wan't practical with 2 kids, wife and a dog and I really like the style of the Magnum. What can I say I'm a wagon guy (car before the MINI was a BMW 530 touring wagon). Anyway I did a good job working the price of the car down but then when it was time to sign the finance papers I took my eye of the ball and got stuck with 6.9%. My wife and I have excellent credit. Is there anyway to refinance this auto loan through another party? Possibly Chase who holds my mortgage and my previous auto loan or am I just stuck. If so I'll just chalk it up to stupidity and go on down the road happy with my new ride.
Yes, but most places will not give you a new car rate on a refinance. Check with a local Credit Union. They usually have a $25 membership fee but have good rates and are more flexible than others. You also check with CapitolOne (PeopleFirst) for their refinance rates. eLoans car refinance rates are (without fees - but I still check that): 36 mo or less - 5.29% 37-60 mo - 5.79% 61-72 mo - 6.59%
Get a home equity loan and just use it to payoff your current auto loan, The interest you pay on home equity loans is deductable.
of course, if something drastic happens, and you can't meet your car loan payment, they can take your house! keep that in mind.
I get stuff about twice a week asking me to refinance my car loans. What's funny is that they always offer a rate way above the 0.9% I have on both. So, yeah, I think you can.
The home equity loan is an equity line similar to a credit card except the interest rate is much lower and you can deduct the interest you pay. Each month there is a minimum balance that you are required to pay so its pretty easy to keep up with. At the end of the term of the loan, you just have to make sure that the entire loan amount is paid off.
i understand that. but the reason you're getting a lower rate is because you're giving them a security interest in your freaking home!!!! i'm just saying..you need to know that going in. otherwise you take unsecured creditors and turn them into secured creditors with an interest in your most valuable asset.
Thanks for the info guys. I think I'll look into a credit union and see what I can work up. Thats what I get for not paying attention at the end of the deal.
Sorry for the bump... Did you ever go through with this? What kind of interest rate did you get? I bought a car yesterday and got a great deal, but got RAPED (with no lubrication) on the interest rate. They guy said my credit score was good, but I went on Consumer Credit Counseling back in 2001 (and paid all my cards off in 2002) and that was the reason for the crappy rate. I guess the fact that I've since been able to buy a house and my credit has been PERFECT for 4 years now didn't matter. I'm pretty sure I can do better through my employee credit union. I wish I would have gone through them originally.
I didn't go through with it. I looked into it and probably could have saved a few bucks but then I lost steam and forgot about it. Good luck and let me know how it turns out.
when you paid off all your credit cards, did you close them also? closing accounts negatively affects your credit. damn, i just realized this thread was started over a year and half ago.
by the way, i know it's been over a year, but how do you overlook the interest rate? every car i've bought, the finance guy made it clear what rate i was getting. did they tell you one thing and just write down another?
Oh hell, I was thinking it was just 6 months ago. I didn't notice the year. They were closed before I started CCCS. It sucks that you have to pay for your dumb mistakes for 7 years. I paid everything off. There were no charge-offs. And my credit has been absolutely PERFECT since 2002. You would think that would count for something. I guess I'll have to wait another 3 years before I can reap the benefits of all my hard work.
It was a great car but the gas mileage sucked. I sold it and got another MINI Cooper. It's not as practical but it's much more fun to drive and gets twice the mileage.
It was new years eve. my kids were there and I stopped paying attention to what was happening and some how I ended up with a higher rate.
Call you insurance company and see what type of rate they offer and if you can refinance. For example, State Farm does new car loans as well as refinances.
