Just bought a new Suburban, my interest is higher than I expected. When could I refinance for a lower interest rate?
2006-11-26 07:25:43 · 2 answers · asked by Garland Red Neck 1 in Business & Finance ➔ Credit
Theoretically you can refinance a vehicle as many times as you want to. However, practically, you are limited by the value of the vehicle and the availability of ready lenders. Your credit score may also gets nicked slightly if you pay off debts significantly early. In your case, try to first find a lower interest rate and see if the change in the monthly payment is even worth the fees and the hassle associated with the refinance...and make sure the Suburban is still worth the unpaid principal balance. If you find some substantial monthly savings (due to lower interest rate)...and you don't stretch out your number of payments significantly...then the refi might be a good idea.
2006-11-26 10:19:01 · answer #1 · answered by dltcpa 2 · 0⤊ 0⤋
Yes, as long as your credit rating is approved by the financial institute. And the amount you are financing, is equal or lesser than the value of the vehicle. Try calling the financial institute first, sometimes, they will drop 1-2 percent, if there is competition, or a chance of losing a customer.
2006-11-26 15:29:25 · answer #2 · answered by Speedbuggy43 4 · 0⤊ 0⤋