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Anyone refinanced a car?

Anyone refinanced a car?

Old Sep 28th 2007, 3:58 pm
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Default Anyone refinanced a car?

Hi, like most expats I had to rebuild my credit when I moved to the US. Maybe finance companies wouldn't take me on when I was purchasing my first car here. I ended up going with CPS and I'm paying almost $400 a month car payment, which I'm sure is due to my 'high risk' and 'lack of credit history'.

Since then, my credit has improved and I have a good score. I wanted to know if I can refinance my car and get a lower payment? Does anyone have any advice? Any scams to be aware of? Will I see a decent drop or is it barely worth the hassle?

Thanks for any help anyone has.
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Old Sep 28th 2007, 4:04 pm
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Default Re: Anyone refinanced a car?

I had the same problem with my first car - 18% interest due to no credit (the wife had crappy credit, now fixed up ).

Speak to your bank - I ended up with a loan that was less than half the rate think it was 8% or so.
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Old Sep 28th 2007, 4:08 pm
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Default Re: Anyone refinanced a car?

"$400 a month car payment" does not fully explain your situation. A far more pertinent point is what APR are you paying.

$400 a month at 1.8% APR and $400 at %30 APR are very different positions

Also, the length left on the loan, and penalties for early repayment etc are all very important factors

Originally Posted by Sexytime View Post
Hi, like most expats I had to rebuild my credit when I moved to the US. Maybe finance companies wouldn't take me on when I was purchasing my first car here. I ended up going with CPS and I'm paying almost $400 a month car payment, which I'm sure is due to my 'high risk' and 'lack of credit history'.

Since then, my credit has improved and I have a good score. I wanted to know if I can refinance my car and get a lower payment? Does anyone have any advice? Any scams to be aware of? Will I see a decent drop or is it barely worth the hassle?

Thanks for any help anyone has.
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Old Sep 28th 2007, 4:23 pm
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Default Re: Anyone refinanced a car?

I had to refinance a car a few years ago, cuz I needed to get my payments lowered. I actually wound up with a higher interest rate (and I have pretty good credit). Payments were lowered because I extended the loan period.

Moral: refinancing does not necessarily get you a better interest rate (if that's one of your goals)
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Old Sep 28th 2007, 4:51 pm
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Default Re: Anyone refinanced a car?

Originally Posted by Pony View Post
"$400 a month car payment" does not fully explain your situation. A far more pertinent point is what APR are you paying.

$400 a month at 1.8% APR and $400 at %30 APR are very different positions

Also, the length left on the loan, and penalties for early repayment etc are all very important factors
look at AAA, as they are pretty good with deals and no penalties...
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Old Sep 28th 2007, 6:56 pm
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Default Re: Anyone refinanced a car?

makes sure thats three A's, the alternative is a sobering experience . . .

Originally Posted by Bob View Post
look at AAA, as they are pretty good with deals and no penalties...
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