Refinancing my car
Thread Starter
Out Of Control!!
Joined: Nov 2001
Posts: 35,855
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From: Southern CA
Refinancing my car
I don't know much about car loans, so any info would be appreciated. Basically, I took apprx a 38K loan last March for 60 months at 8.5%. I over pay each month, 1000 total a month, so as of March, I'll owe about $26K on the loan. I was wondering what rates I could get since interest rates are lower now. Also, is it possible to take a larger amount than before in order to get more mods on my car?
Thanks for the help!
Thanks for the help!
Administrator
Joined: Nov 2001
Posts: 12,267
Likes: 906
From: THE Orange County, California
2024 C8 Z06- 2025 BMW CS- 2022 Porsche 992 GTS
Depending on your FICO Credit Score you should be able to lower your rate some. Your car is now a one year old car (via calendar year) so some banks may charge a higher rate than their best offered rate. Try some of the following links- they have easy over the phone or online approval checks:
People First
ELoan
Kern Schools Federal Credit Union
I gave you the Kern School link because they have a 84 month retail loan rate of 6.50%. Yes, this is 7 years but you dont have to repay it in that time and they are simple interest loans. I seriously doubt any bank will give you extra money over the payoff amount on your car unless you have a ton of equity. In your case you do so it will be up the bank. If no bank is willing to do this you could do the 84 month loan and reduce your payments dramatically. At 84 months with an amount financed at 26k (6.50%) your payment will be about 387.00 per month. This will give you lots of extra cash for your mods or the ability to pay down your principal balance each month.
And if you need payment quotes based on different rates and amounts financed, just let me know
People First
ELoan
Kern Schools Federal Credit Union
I gave you the Kern School link because they have a 84 month retail loan rate of 6.50%. Yes, this is 7 years but you dont have to repay it in that time and they are simple interest loans. I seriously doubt any bank will give you extra money over the payoff amount on your car unless you have a ton of equity. In your case you do so it will be up the bank. If no bank is willing to do this you could do the 84 month loan and reduce your payments dramatically. At 84 months with an amount financed at 26k (6.50%) your payment will be about 387.00 per month. This will give you lots of extra cash for your mods or the ability to pay down your principal balance each month.
And if you need payment quotes based on different rates and amounts financed, just let me know
Last edited by Vic55; Jan 8, 2002 at 11:16 AM.
Administrator
Joined: Nov 2001
Posts: 12,267
Likes: 906
From: THE Orange County, California
2024 C8 Z06- 2025 BMW CS- 2022 Porsche 992 GTS
Originally posted by Mach430
Hey thanks Vic! I can get the 6.5 with extra money! Woohoo!
Hey thanks Vic! I can get the 6.5 with extra money! Woohoo!
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MBWorld Fanatic!
Joined: Nov 2001
Posts: 2,065
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From: Florida
2002 CLK 55 AMG Coupe ;)
Mach430
In today's speech, Fed Chairman Alan Greenspan left the door open for additional rate cuts.
Consequently, I think there will be another .50 % plus cuts in the next couple of months, which will be good timing for an equity loan around May 2002.
Plus we may be taking out another home loan late this year.
Consequently, I think there will be another .50 % plus cuts in the next couple of months, which will be good timing for an equity loan around May 2002.
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