wildoats24 asked:
I bought a 2006 Dodge Charger a year ago and am paying 7% interest on my loan. I have a five year loan and am paying $215.00 a month. I have never had a car loan before and was wondering if it might be worth it to refinance through another institution for a lower rate. I was a 21 year old with a credit score of 642 (Not bad for a college student I thought) when I bought the car. I believe I payed 13K with a trade in of $1,500.00 and gave $1,000.00 down if that means anything. Since then I have made all my payments on time and don’t have any outstanding credit. I wasn’t sure if there was an amount of time that was best to wait before refinancing or just do it when it’s right.
Mortgage Finder
I bought a 2006 Dodge Charger a year ago and am paying 7% interest on my loan. I have a five year loan and am paying $215.00 a month. I have never had a car loan before and was wondering if it might be worth it to refinance through another institution for a lower rate. I was a 21 year old with a credit score of 642 (Not bad for a college student I thought) when I bought the car. I believe I payed 13K with a trade in of $1,500.00 and gave $1,000.00 down if that means anything. Since then I have made all my payments on time and don’t have any outstanding credit. I wasn’t sure if there was an amount of time that was best to wait before refinancing or just do it when it’s right.
Mortgage Finder
Tags: Car Loan, Dodge Charger, Refinancing Loan
7 responses to I’m thinking refinancing my car loan?
Instant Auto Insurance Quote
after 1 year with a 7% and that is really good you are better to keep it.
You lose if you refiance.
Free Checking Account
Nobody is going to refinance a car loan… and if they did you wouldn’t get that good of a rate. Basically you’re asking the bank to refinance your used car. It just doesn’t happen. There’s no incentive for a bank to do that.
The 1, 2 and 3 percent rates for new cars are subsidized by the manufacturer and are factored into the pricing. Home loans are really low because a home has real collateral value and these loans are typically underwritten by the government.
I don’t know anyone that has ever refinanced an auto loan. You are probably backwards on that car. If you don’t have equity in the car why would a bank take the risk? Don’t believe me? Call a few banks and credit unions. Call the people that your current loan is with.
I’m thinking refinancing my car loan?
Credit Report
There are many questions surrounding the chance to receive a refinancing car loan because it is far less known about than the option to refinance a mortgage. If you are familiar with mortgage refinancing, you know that that primary goal is to save money by procuring a lower interest rate.
Before you go to refinance your car loan, you should find out what your credit score is. Do you know what your score was when you originally took out a loan for the car you are currently driving? If it is higher now that it was then, you will certainly benefit from a lower APR. Knowing your credit score before you approach a lender will give you an idea of what kind of a rate you should be qualified to receive.
I’m thinking refinancing my car loan?
Credit Report
Your asking really good questions.
I am amazed at the number of people who don’t realize how much they are paying in interest charges.
I would look at what it would cost you to refinance (ask for ALL costs) and then look at what you would save in interest over the life of the loan. If your saving money – go for it.
Small amounts of money – saved over a long time- can make you rich.
if you get the new loan, pay it off as soon as you can. then continue to pay that amount in a saving account for your next car.
I’m thinking refinancing my car loan?
Click here for Retail Heaven!
If you are not upside down, sell the car and buy a new one at 0% if you can. If you cannot, buy another beater and save for a new truck… Better than paying interest! Your aim should be to never pay interest to anyone, that will save you thousands over your lifetime.
I’m thinking refinancing my car loan?
Fixed Rate Home Equity Loans
There have been a several options for lending.just you have to choose depending on your purpose.Most people come up with bad credit for a loan.i don’t think it is not hard to get now a days with out having fair credit score.check this is place may be a help to find solution.
You can get approved for an online loan on same day.i advise you to pick loan from certified lenders .direct loan is the good choice so that you will get at low apr compared to different states..
I’m thinking refinancing my car loan?
Consolidating Debts
Financed cars is more expensive to insurance cause it requires full coverage. You can compare how much you would pay for full coverage of this car using this tool – carquotes.sinfree.net
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