Auto refinance

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Las
Posts: 22
Joined: Sun Dec 27, 2015 7:57 am

Auto refinance

Post by Las » Fri Dec 07, 2018 12:44 pm

My credit is very good now. My current auto loan is 4% and I have 2 1/2 years left. The payout today is 7400. What places have good auto refinance loans with lower interest rates?

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cheese_breath
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Joined: Wed Sep 14, 2011 7:08 pm

Re: Auto refinance

Post by cheese_breath » Fri Dec 07, 2018 12:59 pm

Can you pay it off instead?
The surest way to know the future is when it becomes the past.

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bottlecap
Posts: 5880
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Location: Tennessee

Re: Auto refinance

Post by bottlecap » Fri Dec 07, 2018 1:25 pm

I doubt you'll get a better rate on financing for a now-used car, but I could be wrong.

JT

RickBoglehead
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Re: Auto refinance

Post by RickBoglehead » Fri Dec 07, 2018 1:31 pm

www.bankrate.com lists rates.

PenFed is usually very good. Depends upon the model year of the car. https://www.penfed.org/auto/refinance

Las
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Joined: Sun Dec 27, 2015 7:57 am

Re: Auto refinance

Post by Las » Fri Dec 07, 2018 1:36 pm

Thanks I will check out Penfed, my car is 2016, so I should be able to refinance

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whodidntante
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Re: Auto refinance

Post by whodidntante » Fri Dec 07, 2018 1:38 pm

In my area credit unions have the lowest rates. 2.29% is available for a refi. YMMV.

bob60014
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Re: Auto refinance

Post by bob60014 » Fri Dec 07, 2018 1:40 pm

It doesn't make sense to do it.

Las
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Joined: Sun Dec 27, 2015 7:57 am

Re: Auto refinance

Post by Las » Fri Dec 07, 2018 1:56 pm

Why not?

mmmodem
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Re: Auto refinance

Post by mmmodem » Fri Dec 07, 2018 1:59 pm

Even if you get 2.2%, that's like $5 a month savings. Is that worth the hassle​?

N10sive
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Re: Auto refinance

Post by N10sive » Fri Dec 07, 2018 2:09 pm

mmmodem wrote:
Fri Dec 07, 2018 1:59 pm
Even if you get 2.2%, that's like $5 a month savings. Is that worth the hassle​?
OP could also extend the refinance to a longer date. That will lower payment if OP wanted to put more into investments etc. Though $7400 doesn't seem worth the hassle. Unless its a cash flow issue.

OP your best bet is pry a local credit union. Sometimes though they have a min 10k loan amount.

Las
Posts: 22
Joined: Sun Dec 27, 2015 7:57 am

Re: Auto refinance

Post by Las » Fri Dec 07, 2018 2:18 pm

Ok thanks, I don’t want to extend the loan.

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