We got a car about 15 months ago with a 9.39% APR since my credit score was not that great (around 620) and was not so long either. My job is the same. Paid off all the credit cards, improved the credit scores, now all are above 720. I never missed any payment, and I always add about an extra 100 to the monthly car payment to pay it off earlier and to pay less APR by the end of the loan. My next due date is in June.. I’m thinking to refinance to get lower APR. My original loan (by Toyota) was for 60 months, now I would go with 48 months, since I don’t want to pay it forever.. My question is, would it worth the time and surely some fees to refinance? How many % less I would be able to get? Thanks!
I still owe about $22.000
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Hey anyway to save some money and win instead of the finance guys winning. I say yes do it.
Wow, good for you on improving your credit!
Here’s the deal…refinance if you can and get your payment and rate lowered. It will save you a LOT of money in the end. Also, be aware that if you pay on or BEFORE your due date that extra $100 you are paying every month will go toward your principal. If you pay even one day after your due date then most of it either goes toward your next payment (which it sounds like your finance company has been doing) or toward interest. This really doesn’t help you out that much, other than being able to “skip” a payment if you need to. What I would do is ask that they take that extra money and apply it to principal and then keep paying on the loan as usual…making sure that the payment gets there on or before the due date each month. By doing this you can pay the car off MUCH earlier and pay MUCH less.
Most companies will not let you refianance for more than the current value of your car. As you you drive your car off the lot it loses value. Is your car worth more than $22,000 currently. You can go to KBB.com to do a rough check.
The only way to find out is to check some finanicial institutions around you to check and see what rates you can get.
With good credit, you are still looking at about a little over 7% interest rate for a 48 month term.