Can I call and ask for the loan to be refinanced? This was my first vehicle I bought by myself with no co-signer. Since my previous cars’ loans were in my mom’s name and I was only a co-signer, I had no car credit when I bought my vehicle now. Therefore my interest rate was a bit higher around 8%. I don’t want to extend my payments or anything. I just want a lower interest rate. I bought this vehicle in Nov of 06. I’ve consistently made my $600/month payment on time. I would think after a year and a half that i have now established some car credit. Is it feasible to call up my auto loan company and ask them? Has anyone else done something like this before?
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You can actually refinance with the company you have now. They should offer you to be able to do that. Also, another way is to refinance and add your parent as a cosigner b/c if they have good credit, then they will give you lower interest rate. Good luck. Check with a local credit union bank. They usually offer pretty low intrest
How much better do you think you can get than 8%, that’s not too bad of a rate. If they bank charges a fee and you are lucky enough to get 7%, what are you really gaining?
I’ve seen credit unions at around 6%, but that’s for great credit. I think you’ll find that after all this work to find a good rate, you aren’t really saving much.
Try your own bank first. Not the bank the loan is through, the bank you actually have a checking/savings account with.
If they don’t want to assume the loan then you can try the bank the current loan is through.
If they don’t want to work with you try an outside lender. RoadLoans is a good one to try. They offer loans and refinances at extremely competitive rates.
Here’s a quick link to RoadLoans:
http://bytemgdd.com/clk.aspx?l=12265&c=3909&s=
Every bank will first attempt to stretch your loan out a little. They want to collect more interest on you! Don’t be offended. It’s just business. Tell them you want to keep the same loan length.
If they don’t want to do that then you can always accept the longer loan period and just add more each month to the payments to pay it off sooner. There’s no penalty for paying a loan off sooner than the agreed upon terms.
One final thing you can do. If they turn you down because you are “upside down” in the loan (you owe more than it’s worth) then consider “cashing back” any extra’s you purchased. For instance, did you purchase the window etching insurance? Tire warranties? An extended warranty? If you cash these back in then they send the money to the lender and it actually lowers the amount you owe on the vehicle.
But don’t cash back the extended warranty unless you’re sure you can get the loan picked up and a new extended warranty purchased. Cars cost too much to repair nowadays and an extended warranty can save your life (and your pocketbook!)