Need some suggestions on auto refinancing?

View your credit file based on any of the UK credit reference agencies, or all three at once
LifeLock is the only Identity Theft Prevention Solution backed by a one-million dollar guarantee!Click here to get a 10% discount.

LifeLock Identity Theft Prevention - Save 10%

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?

Need some suggestions on auto refinancing?

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.

Need some suggestions on auto refinancing?

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.

Need some suggestions on auto refinancing?

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.

FirstPrevious12 Next End

Need some suggestions on auto refinancing?

Topic