I just picked up a new car, crappy interest rate of 12.25% ($3500 down on $25000 auto). Anyone care to give tips on how they say after a year, got their major automobile finance corp to lower the rates? Any cash needed? How much. Hoping to drop the interest rate down to like 5 or 7 % to save some mucho dinero. Please post any tips, no flames necessary. 01' jetta gls vr6 (black)
Sam- Where did you finance the car? Was it through Volkswagen credit? Please describe your credit for me. Include oldest trade, all derogatory entries, # of inquiries in the past 6 months, and types of credit (installment/revolving/mortgage). This will help to answer your question further... Thanks!
thatz a NICE machine too - slobber! the 6 cylinders are the BEST! not too bad for an interest rate - why not pay a yr then refi? then you'll get a prime rate after 12 months. cya - dogman
really. i think i am going to do that. I was just curious what rate they give out, to any one that has refinanced after a year! Prime rate would be great, and save thousands..
I bought a car last year and was given the same story about "take this crappy rate now and anyone will refi you after 12 months of on-time payments...". I put down 30% on the car and got a 21% rate. Now, I don't know your credit history but I haven't been late on anything for 3 years and was never late on my car payment and I still can't refinance. My loan balance is well below what the banks recommend. Just wanted to vent on that, hopefully you'll have more luck in 12 months.
If you have payment coupons like a mortgage it has a line for extra payment towards principle...pay $100 or $200 extra every month...YOUR INTEREST RATE HAS DROPPED!!!
Try your local credit union, they have some of the best rates and they are not as stingy as the major banks. Hope this helps Reshod augustabelle wrote: ------------------------------- I bought a car last year and was given the same story about "take this crappy rate now and anyone will refi you after 12 months of on-time payments...". I put down 30% on the car and got a 21% rate. Now, I don't know your credit history but I haven't been late on anything for 3 years and was never late on my car payment and I still can't refinance. My loan balance is well below what the banks recommend. Just wanted to vent on that, hopefully you'll have more luck in 12 months.
No one is going to refinance a used car for 5 or 7%. That's a NEW car interest rate. You car will not qualify, plus you need really good credit for that kind of rate.
Wait a minute. The car loan is simple interest. Are you sure? VCI credit i don't think accepts partial payments in any way shape or form. Even if you pay 2 payments at once (impossible),you are liable for paying a payment the next month, (reducing loan term). I'm sorry i can't afford paying two payments at a time!
