2006-07-10 17:43:13 · 5 answers · asked by Andrew A 1 in Business & Finance ➔ Personal Finance
Go to a credit union. Find your local "open enrollment" credit union or see if you're eligible to join a credit union thru work, spouse, parents, as a college alumni, etc. Somewhere there is a credit union that you can join. Becoming a member typically requires a deposit into a savings account (usually $25) that you must leave in the bank for the duration of your new loan. Talk to the loan officer and they will help you. Calling your dealership or your current lender is a waste of time -- your dealership wants to sell you a new car and your lender wants to continue collecting a lot of interest from you.
Most likely, if you've made six or more payments (all on time btw) you are eligible to refinance.
One bit of advice: Don't make the mistake of lowering your payments by extending the length of your loan. Many people refinance a car loan and increase the amount of interest they'll pay by going over the original length of the loan. i.e. You buy a car and agree to make payments for 5 years at a high interest rate. After one year has gone by you refinance at a better rate, but you do it for 5 more years. That means you are going to pay on your car for 6 years -- one year at a high rate, and five at a lower rate. All your doing is making it that much harder to trade in your car. SO, if the original loan you signed was supposed to be paid off in 3,4,5 or 6 years, get a new loan that will have you paid off in the same amount of time.
Lastly, I've heard of people "taking out equity" in their cars. This is just dumb. Cars are a depreciating asset -- they don't have equity. All that's doing is stealing from your future and paying interest on that theft. If anyone suggests you do that turn around and walk out -- no responsible loan officer would suggest such a thing.
2006-07-11 13:22:32 · answer #1 · answered by steelers12661 2 · 4⤊ 1⤋
1
2016-09-26 11:38:09 · answer #2 · answered by ? 3 · 0⤊ 0⤋
ask around like your friends and see who they have and if two or three of friend finance agent go the that agent then that agent how you would go about refinance,because they should, they can you better low pay car and also talk with car dealship they should know piont you into the right direction.
2006-07-10 17:49:24 · answer #3 · answered by blueeyegeorgiapeach 2 · 0⤊ 0⤋
depends on how many payments you've made. is car financed thru bank or dealership. if bank, then go to the loan department. if dealership then talk to finance person.
2006-07-11 00:23:12 · answer #4 · answered by koifishlady 4 · 0⤊ 0⤋
Plenty of good advice here.
2006-07-10 22:21:19 · answer #5 · answered by Anonymous · 0⤊ 0⤋