My friend just bought a used car at a 12% interest rate for 60 months. I think that is pretty high...
2006-07-31 08:10:43 · 7 answers · asked by Pretti Poodle 3 in Cars & Transportation ➔ Buying & Selling
Holy Schnikie that's a high rate. I'd refinance that as soon as possible. The terms for paying an auto loan vary, depending on the original loan. Many banks have no early payoff fees, so you can in theory pay off a loan a week after you open it. Other lenders have early loan termination fees, or will have clauses requiring full payment of the interest before it releases the lien.
Have your friend look through the paperwork when he or she signed the loan. Or have him/her call the bank that the loan is through. They can help
2006-07-31 08:18:07 · answer #1 · answered by Anonymous · 7⤊ 0⤋
1
2016-09-30 16:35:41 · answer #2 · answered by Nanette 3 · 0⤊ 0⤋
In your case this site can be very helpful HTTP://FINANCE-SOLUTION.US
RE How long should you wait to refinance an auto loan?
My friend just bought a used car at a 12% interest rate for 60 months. I think that is pretty high...
2014-09-13 18:37:08 · answer #3 · answered by ? 1 · 0⤊ 0⤋
12% is INSANELY high!!! You can refinance next week if she wants. Get out of that loan NOW!
2006-07-31 08:14:22 · answer #4 · answered by impossible 4 · 0⤊ 0⤋
Everyone is jumping to some conclusions here. What if her friends credit score is 478?
2006-07-31 09:02:42 · answer #5 · answered by Gregg H 3 · 0⤊ 0⤋
How long should you wait to refinance an auto loan?
T.R.Y
T.H.I.S.
S.I.T.E
W.H.E.R.E
Y.O.U
C.A.N
F.I.N.D
T.H.E
B.E.S.T
S.O.L.U.T.I.O.N
F.O.R
Y.O.U
2014-12-30 10:50:52 · answer #6 · answered by ? 1 · 0⤊ 0⤋
6 months of on time payments will get you a refi
2006-07-31 08:14:05 · answer #7 · answered by lugwrench3@verizon.net 3 · 0⤊ 0⤋
do it asap.....if your friend belongs to a credit union or AAA they can do it for half that rate (unless they have horrible credit)!
2006-07-31 08:47:23 · answer #8 · answered by bobsled 5 · 0⤊ 0⤋
i think you can do it after a year
2006-07-31 08:13:17 · answer #9 · answered by mommy2savannah51405 6 · 0⤊ 0⤋