Auto refinance

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Topic Author
Las
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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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Re: Auto refinance

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

Can you pay it off instead?
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bottlecap
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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

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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
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Las
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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.

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Las
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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.

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Las
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Re: Auto refinance

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

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

klow
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Re: Auto refinance

Post by klow » Thu Dec 13, 2018 5:21 pm

Or you could refi with residual based financing. The monthly payments are based on the future value of the vehicle (vs full amortization) so payments are typically much lower than conventional loan. FiWize.com has a buy back guarantee which is pretty sweet (can return the car after you hit the future value). Some credit unions have them as well. Good luck!

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Re: Auto refinance

Post by LadyGeek » Thu Dec 13, 2018 5:45 pm

Welcome! According to the website (FiWize), residual based loans are not for owners who will keep their car to the very end.

Be sure to understand the restrictions, especially if you want to terminate early. Read the FAQs carefully - be sure to click on "Load More FAQs".
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