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Any bankers???? Loan officers????

Anonymous
Posted by Anonymous
  • 13 Replies
We bought a brand new car January 2012, so nearly a year ago. Is it too early to try and refinance for a better rate or should we wait? We are financed thru the dealerships finance company, and I know the credit union we bank with offers lower rates. But I just don't know if its the right time
Posted by Anonymous on Dec. 18, 2012 at 8:20 PM
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Replies (1-10):
CreziaMommyTo2
by on Dec. 18, 2012 at 8:23 PM

i am neither, but it really depends on what you owe and how much you are taking out and for how long...

sometimes re-fi arent worth it, because you take out the loan longer for a lower interest rate, but your paying more, because you have already paid a year, and now your back to year one again

Anonymous
by Anonymous 1 - Original Poster on Dec. 18, 2012 at 8:26 PM
Well. We had a significant trade in, so our payoff on this 24,000 car is only $16000 over the next 5 years. We got a six year loan in total. So I would like to refinance for a lower rte and shorter loan


Quoting CreziaMommyTo2:

i am neither, but it really depends on what you owe and how much you are taking out and for how long...

sometimes re-fi arent worth it, because you take out the loan longer for a lower interest rate, but your paying more, because you have already paid a year, and now your back to year one again


Anonymous
by Anonymous 1 - Original Poster on Dec. 18, 2012 at 8:45 PM
Bump
Diamepphyre
by Ruby Member on Dec. 18, 2012 at 8:54 PM

 Not true, because you're not refinancing the year you've already paid, you're only refinancing the remaining balance.

OP, it's worth talking to your credit union about it, if they can offer a lower interest rate, especially since you were able to put a third down on the original loan. 

Quoting CreziaMommyTo2:

i am neither, but it really depends on what you owe and how much you are taking out and for how long...

sometimes re-fi arent worth it, because you take out the loan longer for a lower interest rate, but your paying more, because you have already paid a year, and now your back to year one again

 

Anonymous
by Anonymous 1 - Original Poster on Dec. 18, 2012 at 9:17 PM
Thanks. I will call them tomorrow. Also, we are interested in tryin to get a home loan. Would it be better to wait to refinance the car until after we get a home loan or how should we do that?


Quoting Diamepphyre:

 Not true, because you're not refinancing the year you've already paid, you're only refinancing the remaining balance.


OP, it's worth talking to your credit union about it, if they can offer a lower interest rate, especially since you were able to put a third down on the original loan. 


Quoting CreziaMommyTo2:


i am neither, but it really depends on what you owe and how much you are taking out and for how long...


sometimes re-fi arent worth it, because you take out the loan longer for a lower interest rate, but your paying more, because you have already paid a year, and now your back to year one again


 


Melbornj
by Ruby Member on Dec. 18, 2012 at 9:20 PM
What is your current percentage rate?
Posted on the NEW CafeMom Mobile
Anonymous
by Anonymous 1 - Original Poster on Dec. 18, 2012 at 9:44 PM
9.59


Quoting Melbornj:

What is your current percentage rate?

Melbornj
by Ruby Member on Dec. 18, 2012 at 10:40 PM
That is quite high. I would definitely try to refinance.


Quoting Anonymous:

9.59




Quoting Melbornj:

What is your current percentage rate?


Posted on the NEW CafeMom Mobile
Anonymous
by Anonymous 1 - Original Poster on Dec. 18, 2012 at 10:41 PM
That's what I'm thinking for sure


Quoting Melbornj:

That is quite high. I would definitely try to refinance.




Quoting Anonymous:

9.59






Quoting Melbornj:

What is your current percentage rate?



ChelseaLDD
by on Dec. 18, 2012 at 10:42 PM

That's really high. I would definitely refinance. How good is your credit?

Quoting Anonymous:

9.59


Quoting Melbornj:

What is your current percentage rate?


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