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MarathonKnitter
HAPPY
Member since 2/07 17374 total posts
Name:
EMBRACING CHANGE
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auto loan question
my last, and biggest, debt is my car loan.
i've started thinking about refinancing it, but i haven't the foggiest on how to start the process. help.
thanks.
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Posted 7/6/16 11:36 AM  |
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WannaBeAMom11
LIF Adult
Member since 1/11 7391 total posts
Name:
Name
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auto loan question
Look at rates online for used car rates. The credit union like Teachers always has good rates as does capital one. Everything is usually done over the phone that's how I've always done it.
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| Posted 7/6/16 1:07 PM |
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angelicd77
LIF Adolescent
Member since 12/13 794 total posts
Name:
Kim
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auto loan question
You can go through the dealer you bought it through or like the PP said a private bank. The credit unions usually do offer better terms. Just be careful- refinancing your car might not be worth it. The car may not be what you owe (and then the banks wont give you another loan on it) and then youre starting back at square one with interest and term length. If you have any other questions PM me. I work at a dealer.
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| Posted 7/6/16 1:10 PM |
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MarathonKnitter
HAPPY
Member since 2/07 17374 total posts
Name:
EMBRACING CHANGE
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Re: auto loan question
Posted by angelicd77
You can go through the dealer you bought it through or like the PP said a private bank. The credit unions usually do offer better terms. Just be careful- refinancing your car might not be worth it. The car may not be what you owe (and then the banks wont give you another loan on it) and then youre starting back at square one with interest and term length. If you have any other questions PM me. I work at a dealer.
interesting. i had totally not taken into consideration the fact that cars lose value. duh.
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| Posted 7/6/16 1:22 PM |
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angelicd77
LIF Adolescent
Member since 12/13 794 total posts
Name:
Kim
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Re: auto loan question
Posted by MarathonKnitter
Posted by angelicd77
You can go through the dealer you bought it through or like the PP said a private bank. The credit unions usually do offer better terms. Just be careful- refinancing your car might not be worth it. The car may not be what you owe (and then the banks wont give you another loan on it) and then youre starting back at square one with interest and term length. If you have any other questions PM me. I work at a dealer.
interesting. i had totally not taken into consideration the fact that cars lose value. duh.
That's going to be your biggest hurdle. As long as the car is worth what you owe you should be okay. I would just make sure you don't go for a super long term like 60 or 72 months. That will give you your lowest payment, but you'll end up paying the most in interest and if you decide to get rid of the car before you pay it off, it most definitely wont be worth what you owe at that point.
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| Posted 7/6/16 3:00 PM |
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