Refinance my car... how do i do that?

Question

When I bought my 2002 Xterra in 2005, my interest was too high, 21%. They said after a while I could try to refinance... it's been almost 2 yrs, how do I do that? Yes, I know I have to call them... but does anyone really know how that works? My payments weren't always on time, does that reflect badly on it? Thanks

Answer 1

Late payments will be reflected on your credit score and that will cause you to pay higher interest loans. If you are a member of a credit union, then you can refinance with them and the payments will be taken out of your paycheck and you will get a lower interest payment because of it. The credit union will pay off your exsisting loan for you and you'll be making the payments and repairing your credit score.

good luck.

Answer 2

When you apply to refinance your car loan the best you can do for yourself is to alter the terms of the agreement to whatever suits you. If you wish you can shorten the repayment period or reduce the amounts paid out by stretching out the loan over a longer period and this can lower the APR rates at the same time.

Answer 3

go to this website: http://www.creditunion.coop/ to find your local credit union. many have open enrollments for members of the community of which they are based. All you need to do is open an account, and then apply for a refi. you'll need to have the balance on your current loan to apply. As long as you haven't been late on your payments, and you don't owe too much more than the car is worth, they'll probably approve your request at a much lower interest rate.
good luck.

Answer 4

you just call who you would like to refinance with and tell them that you would like to refinance your current vehicle.....