I'm looking to refinance my 2003 Toyota Corolla S car loan from Toyota Financial. I bought it with only $150 down, and financed everything. So I got a loan for $19,900 at 11.5% for 5 years. My current payments are $437.81. On the 1 year anniversary of the loan, I want to refi the loan to cut the interest rate in HALF, but redo the loan for only a 4 year term. This will lower my payment by $50, but more importantly pay this off much sooner with the lower interest rate. Who do you know that does car refi's? Wells Fargo doesn't - I've already checked. Any responses are appreciated!
Do you belong to a credit union? Their rates are really good right now. I know that there is householdauto.com that refinances loans. I found them by searching in google.com. Try searching the internet or look in a local bank near you. Does the bank where you bank at do refinances? Check there.
I did just apply with Pacific Community Credit Union in Fullerton, CA. I have yet to hear back from them. I also applied with Capital One, and I got an "instant denial". We'll see what happens!
My auto loan is with capital one at the rate of 10.5% and they dont accept refinance application, so I am thinking of e-loan. E-LOAN pulls from which bearau and is it a soft or hard enquiry and what is the average score approved in texas.
I am in TX, and I just got approved by E-Loan for up to 32,200. The rate is not that great, 15.99, but my scores average about 560 on each report, and everyone else was offering me a loan for less money for 18.95 or as high as 20.95. My salary is pretty good so I can handle the payments, but I will definately want to re-finance in 6 months to a year. If I could get my loan for even the 11.5 you are paying, I would do an Irish jig in the streets, so I am trying to get to that point or lower. Not sure who they pulled. Have not decided on what car to get, will probably get a Corrolla too.
