Car Loan Refinancing

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I've looked at E-Loan and Capital One but I want to know if anyone knows a better place online. Last time I checked my credit score was 555, it dropped dramaticaly from 681 but that's a long story. It's been about 8 months since I got my credit score and i've been timely on all my car payments, credit cards, ect. So I know my credit score is higher now. The loan on my Golf is 14.9% and I want to drop it at least to 10%, I think that's still too high but I don't want to hope for much. anyway, anyone use any refinance company? suggestions?
 

CRX-YEM

Moderator
VIP
sorry to say but over 8mos. your credit score has maybe gone up by 20-30points and a 585 score is sub-prime lending. your not gonna be a ble to find an interest rate worth trying to re-finance. to even be considered for prime lending most places require scores about 675-680. If you're a member of a credit union that might be your best bet.

I'd also add a car loan should be no more than 3% on a new car, and I agree 8% on a used car.
 
My first car loan for the corvette was from hamelton financial....now keep in mind this was a car that was 10 years old with 76k on it.....my rate was 12.5%...after 3 months refinanced with E-loans and have a 5.5% rate....
 
Originally posted by CRX-YEM@May 31 2005, 08:40 AM
sorry to say but over 8mos. your credit score has maybe gone up by 20-30points and a 585 score is sub-prime lending.
[post=505585]Quoted post[/post]​

maybe your right but keep in mind, i've been timely and/or early along with paying more than the minimum amount to about 18 different creditors :blink: :lol: :ph34r: this has been since last august so it's more like 10 months instead of 8. my friend's tell me to wait the full year but that's still 2 payments that i could cut in half. anyone have a refinance website for me this time around? :(
 

jamesA

VIP
Originally posted by pissedoffsol@May 31 2005, 08:24 AM
christ! that sucks ass. theres no reason to pay more than 5% now a days on a car loan. used car, 8%
[post=505580]Quoted post[/post]​


:( my loan rate is 5.7%.

No way to refinance either, it's a fixed rate through my credit union.
 

CRX-YEM

Moderator
VIP
Originally posted by 2000Si+Jun 1 2005, 01:54 AM-->
pissedoffsol
@May 31 2005, 08:24 AM
christ! that sucks ass. theres no reason to pay more than 5% now a days on a car loan. used car, 8%
[post=505580]Quoted post[/post]​


:( my loan rate is 5.7%.

No way to refinance either, it's a fixed rate through my credit union.
[post=505980]Quoted post[/post]​


Not true, you can refinance thru any bank or lender that will be willing to give you a better rate and take you car as colateral, get a new loan and pay off your credit union. Similar to doing a balance tranfer on a credit card.
 

jamesA

VIP
Originally posted by CRX-YEM+Jun 1 2005, 09:55 AM-->
Originally posted by 2000Si@Jun 1 2005, 01:54 AM
pissedoffsol
@May 31 2005, 08:24 AM
christ!  that sucks ass.  theres no reason to pay more than 5% now a days on a car loan.  used car, 8%
[post=505580]Quoted post[/post]​


:( my loan rate is 5.7%.

No way to refinance either, it's a fixed rate through my credit union.
[post=505980]Quoted post[/post]​


Not true, you can refinance thru any bank or lender that will be willing to give you a better rate and take you car as colateral, get a new loan and pay off your credit union. Similar to doing a balance tranfer on a credit card.
[post=506070]Quoted post[/post]​


Yeah, I can go through another bank. but I've been with the CU for 10 years and it's the only place I regularly bank at.
 
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