i don;t know after how many months can you help me it is a lot for me
how can i do this
2007-02-16 09:01:05 · 7 answers · asked by poaPKPJ A 1 in Cars & Transportation ➔ Insurance & Registration
12.5% is horrible. You must have bad bad credit! (under 720 Fico Score is kind of not good)
Yes, you can refinance the car AT ANY TIME after the loan becomes active.. BUT... you will have to give a hefty amount of money cash in order to do this.
Only they can tell you how much you need to give in order to lower your payments because all this depends on how much your loan is for and for how long.
Good Luck
.
2007-02-16 09:08:48 · answer #1 · answered by rob1963man 5 · 0⤊ 0⤋
I have been in the insurance business for 19 years I worked in many dealerships where people with not such great credit were told they could refinance there car loan. This is true but not true. If you purchased the car new that is the best rate you are going to get. If you refinance it later the interest rate will be more as new cars get a better %rate. (A reason to buy new then used) The dealership will not refinance the car for you. You would need to go to a bank and refinance it yourself If you can not pay the rate then fix your credit to get a better rate or get a co-signer.
2007-02-20 11:48:46 · answer #2 · answered by Kat G 6 · 0⤊ 0⤋
Holy crap, dude! I have a Visa card with a rate lower than that! If your credit is good you can refinance ANYTIME. You just have to find a bank or credit union willing to loan you the money (usually about 8.5%). Here's the rub--make sure the car you bought isn't worth less than what you owe on it. If you are upside-down on the loan you are really screwed.
2007-02-16 19:54:44 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Try a credit union too. I refinanced with mine and knocked about 3% of the interest rate, and that's going from a new car finance to a used car finance. With what I saved, a year later I was able to just pay the thing off - better than having the debt hanging over your head.
2007-02-16 17:20:48 · answer #4 · answered by mattzcoz 5 · 0⤊ 0⤋
Yes, that is a fairly high interest rate. They caught you on that one.
I agree with the above poster. Capital One is a good bank to do business through.
2007-02-16 17:09:31 · answer #5 · answered by Angry Moogle 2 · 0⤊ 0⤋
Go to www.capitaloneautofinance.com. Click on refinance and they will walk you through it. It is a FANTASTIC company to do business with.
2007-02-16 17:08:09 · answer #6 · answered by Kenneth F 3 · 0⤊ 1⤋
Boy, you just got punked!! by that finance company.
2007-02-16 21:08:54 · answer #7 · answered by Anonymous · 0⤊ 0⤋