I'm going to look into refinancing my car in a couple months... My credit is MUCH better now than it was when I got the loan...I'm getting raped @ 17.9%, so I should be able to find a better deal somewhere.. I'm planning on applying at my bank where I have my current loan, as well as Capial One.. Any other suggestions? When I first got my lona, I had 3 collections, 1 pd. charge-off, and 2 unpaid charge-offs. This time, I only have 1 paid charge-off remaining. Also, how will my credit report look? Will it show my first installment loan as paid in full, and then show a seperate installment loan? Or will there be some notation about refinancing? Thanks, jmart
It will not show re-financing. Most likely, it will show the current loan -PAID and then you wil have a new line of credit show up. In theory, a person reviewing the credit will see a loan for $x closed and a loan for $x opened at the same time, but I wouldn't worry about that. If you use the same lender, or if they make a big deal about the 're-finance' notation, your first loan could show as $0- Account transferred. Your best bet for refi is Cap One auto or Peoplefirst.com . Your bank, unless it is a credit union, will most likely be pretty stingy about an auto refinance. Most are. What is your equity situation? That is even more important than your credit when it comes to refi with a car. Shawn
Car Equity: 97 Isuzu Rodeo Blue Book: ~11,000 Loan Payoff: 11,700 I'd be willing to throw in a couple thousand down if need be.. I currently have a Cap One visa, so I may look @ them for refinancing.. jmart
Hi Deb. Hmmm....reasonable....that's a bid 'depends' ;P They will not publish rates nor will the quote you an estimate over the phone without pulling credit. To clarify that a little more, there may be a State or two that has laws requiring them to give their range, but I am not sure. Terms are 36 to 72 months in 6 month increments only. Terms obviously depend on credit and collateral (auto). Vehicles must be 5 yrs old or newer. No motorcycles, boats, RV's, etc (but peoplefirst.com does). And the kicker...NO Kia, Daewoo, or Hyundai! Why? Because these vehicles have the absolute worst resell value of any in the US. I am not knocking them if you own one, I am just stating the facts. I will say that it has improved a little on Hyundai in the past two years or so, but they are still very poor when it comes to resale. If anyone here owns one and has tried to trade it I am sure they can vouch for this. If you are looking for a car, take this into consideration. There is a reason you get a 10 yr warranty on them...you are going to be stuck with it for at least that long. Sounds like www.peoplefirst.com might be a better alternative for you because of the age. I am not sure how far back they write, but you can look into it. Also consider that a '95 is only going to get a max of 36 months from most lenders and a 'good' rate (other than a credit union) is most likely going to be around 11% (current buy rate at a lender I have access too right now for 95 and older is 10.5%) Hope this helps! Shawn
jmart- Cap One is prob going to be your best bet. They are 'only' going to require 10% down or 1,000.00 , whichever is lower. More money down will be up to you unless they condition the loan for a lower amount. Sounds like you are in pretty good shape. If you apply online, I would apply through www.loanmobile.com and not the Cap One Auto site. Sounds silly as they are the same exact company, but you get more flexibility to check status that way. Your best bet might even be to call them and see if you can get any info based on an 'account review' soft inquiry on your report to avoid a hard inquiry. Don't know if they will do that, but it's worth a shot. Good Luck! Shawn
Don't ask me why I said '95... not enough coffee.. I have a '96 Honda Accord 25th Anniversary Ed with 52k miles (yes yes yes)...my rate is so wrong, I am ashamed to type it here, but they did give me a loan with no positives and plenty negatives on my CR.. Do you think I could do OK with Cap 1 (EX score is 540, not sure of others)? Deb @ Mich St
Thats right....I remember now..... sorry bout that. You still got a kickin rate! Your in Ga., right? Did you go to Jim Ellis? Shawn
Thanks. I went there 'browsing' once....they are very 'snobby'. I was looking at a few different cars...audi and others...they just wanted to bad mout the others- didn't even try to sell me. Oh, well...I was just looking then anyway. Shawn
