ValenciaS

I have a question here. So Im currently got my auto loan through SETF (South East Toyota Financing) and the interest rate was 9.13 %. I have had the car roughly for 6 months now. Since the economy is not doing to well at the moment , hows the refinancing side of it ? I would like to lower my interest payments and also my monthly paments. What are your suggestions for refinancing, Companies ect..

Yanki01

local credit union will be the best. call them for the best rates, if you know your credit score they might tell you the rate you may qualify for? i work in the loan dept at my credit union, a couple of months ago we were giving out $300 gas cards for auto refi's from other financing companies. seriously, call around for deals. anything lower than 9.13% will be good since your saving money.

ValenciaS

ok thanks ill call around , any suggestions on companies that you would recommend ?

Yanki01

whatever good, reputable credit unions are in Flordia? they're different everywhere. just dont go to a bank. with the economy right now....

credit unions > banks

Yanki01

this should help the choosing...

http://www.google.com/search?q=credi...ient=firefox-a

tcCALI

don't you have to have the car more then a year before you can refinance?

Yanki01

nope, you can finance it the day you walk off the lot. even if you finance it through the dealer. of course the dealer says that because they dont want to lose the loan. he'll when i signed at the dealer they told me not to refinance it untill 6 months. I left San Antonio with the car and went to work on monday and refinanced it there. my rate at through Chase was 11.5%, monday at my credit union it was 5.25% and still is with the payment being $50 less than when i signed the contract. the rates are always different everywhere. thats why you need to call to get the best rates. we mainly use Equifax when pulling credit reports, the loan officer might also want to pull Transunion and Experian depending if the credit score is a couple of points away from getting a better rate. you can also get pre-approved when car shopping. they'll tell you what your approved for and your rate. only thing is if you tell the dealer your pre-approved, they might not tell you all the rebates they have for the specific car your buying?

jct

i tried to refi my car thru my credit union and i couldn't do it cause of my ex-wife and i have really bad credit...

oh well i'll be paying off my car this year anyways with 13%apr on a 6 year plan with lil over a year to go

Yanki01

yea credit cards can be good too, just dont max out though. it doesnt look good on your credit reports and make sure you read the fine print. some personal loans can be ok, usually they have a higher rate than auto loans.

tcCALI

thanks Yanki.

Travis589

I was woundering if i should ever re-finance but i got my scion at the dealer and financed through them with 5.75%. sadly everone i talk to said i could re-finance since i hadnt paid enough payments. so i said the hell with them, it will be paid off by dec, so sucks for them

tcCALI

^ huhhhh? they said you could because you didn't make enough payments yet? that sounds a bit reverse.

Yanki01

makes no sense?

ValenciaS

thanks yanki for all the help

Yanki01

not a problem.