Need some suggestions on auto refinancing?

May 23rd, 2010
by admin.

I currenty have a 8.9% interest rate on my used car loan. It was a 16000 loan. I paid 8 payments already and I always paid extras in addition to my regular payments. So I’m well ahead of my payment schedule. I need some suggestions on whether 8.9% is a very good rate. Should I refinance the loan if I can find a better rate?

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4 Comments

  1. ashlee s says:
    May 23, 2010 at 4:21 am

    Personally I feel that 8.9 is a great rate especially if your credit is less than perfect. But there is always something better out there, and no harm in trying to find a better way. I recently re-financed my car loan through Wachovia(used to be WFS). They were able to lower my current rate by 4%. They are a pretty honest company and there is generally no penalty for early pay-off. And you can apply on-line. Best of luck.

  2. SPIFIMAN1 says:
    May 23, 2010 at 5:13 am

    Auto finance is what I do for a living and depending on the value of the car, age, miles, term of loan and about 6 other things 8.9% is a good rate.

    You might try a credit union, they normally have the best rates.

  3. stan c says:
    May 23, 2010 at 5:38 am

    Since you’re already ahead of the game why refi? When you pay extra each month, you’re reducing the interest. Most loans are simple interest which means you pay more on the first halt of the loan than the last half because that’s how the banks make their money. If you have mortgage, you can reduce the life of the loan by paying extra each month.

  4. Kennady S says:
    May 23, 2010 at 6:03 am

    If you think that you are paying a higher repayment amount for your existing car loan