Saturday, October 31, 2009

Refinance a car loan?

We got ripped off when we bought our first car with a huge interest rate. It has been over a year....is there any way to refinance? Will this lower our credit score?



Refinance a car loan?

NO...if you have negative equity you will have to live with it.



Refinance a car loan?

As far as i know the only way to get a cheaper interest rate is to trade your car in for something newer. With a year of credit building, as long as you were'nt late on your payments you should have no problem. Good luck, i went through the same thing except im still paying my ridiculous interest rate because i've already put so much into it im afraid to essentially start over!



Refinance a car loan?

You can refinance, however this will drag out the time you are paying for the vehicle. If you could pay more on the loan instead of refinancing you could reduce what it cost you to borrow money.



Refinance a car loan?

If you refinance, your credit score will only drop slightly because your available credit percentage will increase. Don't worry about your credit score dropping if you stand to save significantly on the interest rate. It's the smart financial move.



Refinance a car loan?

Call the bank you have the loan with and ask them , you have paid for a full year I assume never have been late with your payments. They should offer you a lower rate provided the equity in your vehicle is close to that of the loan balance. If they will not then shop around to other banks ....



Refinance a car loan?

If you bought a new car and put little down, you may find that your current loan balance is greater than the book value of the car. In that case, a %26quot;refi%26quot; is unlikely.

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