Moneys getting tight for me not working 40 hours weekly and I have 2 car payments that are killing me. My taco's a lease so I dont think I can do anything with it given my buy out is $22,801 my best bet is probaly to let the 16 remaining months go by. On my camry its financed through capital one I have 40 payments remaining @8.4% with a balance of$14,145.17 I'm hoping that I can refinance this down to where my payment will hopefully go from $405 to around $350-$360. Has anybody had some good luck refinancing?
Last edited by El Loco VG; 03-27-2009 at 05:28 PM.
I know on a new car you can get even 0% but like I said when I purchased the car back in 06 thats what they gave me. I'm looking to refinance looks like t hrough a credit union I can get a 6.75% anyone have a better number for me?
Quote:
Originally Posted by mjonags32
thanks for the reminder, we actually have to refi my GFs new beetle.
have you tried to get rid of your leased vehicle... www.swapalease.com there are other online sites to swap a lease with someone. with a lease, you're stuck unless you can find someone to either buy it for more than your residual value plus taxes and fees (around $24,200) or to just take over the lease thru one of these online companies.
your best bet with the camry in my opinion is to trade it in, take the loss, extend your payment for another 5 years taking advantage of the current rates on new cars..... get a yaris 4 door and enjoy 36mpg and a low payment at 0% interest. http://www.swapalease.com/vehiclesea...hicleID=499000 There is one for $174/month leased.
man, good luck though... times are rough for a lot of people right now.
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2002 Impulse Red Pearl Tacoma DoubleCab 4x4 v6 S/C 195,000 miles and counting!!!
I refinanced my truck last year, went from 5.75% to 5%.
8.4% is very high for a car loan. I looked at Capital One when I first bought the truck, and they were very high, even though my Credit score was above 760.
Check out local Credit Unions, they generally have lower rates than banks. My loan is thru a local CU. Also look into stretching it over 6 and not 5 years. It will lower monthly payments too.
I had a 6 year loan on my Isuzu, but paid it off a year earlier, thanks to Sarah Palin and gas rebate
I've refinanced with Citi...basically they send you a blank check that you send to your other loan company, super easy...If I were you, with times being what they are I would sell the car and buy something outright for cheap.
I've refinanced with Citi...basically they send you a blank check that you send to your other loan company, super easy...If I were you, with times being what they are I would sell the car and buy something outright for cheap.
just my .02
who were you with prior? and what kind of rate change did you get?
Loan rates must be going up. I got 3.9% through Toyota Motor Credit. 8.4% is ridiculous though, you should be able to refi that to 6% easily, just don't know if you'd save money by then.
I wish I could have helped you guys out before you bought. I settle for nothing more than 5%. You should always work dealers against each other to get what you want. Don't focus as much on the final price, because a bad interest rate and they get all that money back. I bought TCUV, which means I got 100mi warranty, extended care (for half price), and half the financing as new. New rates were 5.9% at lowest. Used was 3.9% and I bought the general managers truck basically.
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That propellor on the front of planes is really just a big fan for the pilot. Don't believe me? Make it stop, watch him sweat!
Ok update for you guys I had a 8.4apr through capital one (originaly was 11.5 through TFS) back in 06 when I refinanced that was actualy a decent rate. I did some research online and the best rate I found was through Chase. I did the closing today at 5.651% this is a realy good rate, I could of even dropped a 1/4 point if I would of switched my banking to chase and did the auto pay. My credit score was at 754 suprisingly I thought it would be lower with the car loan but luckily I qualified as tier 1. I did a loan for 48 months my old loan had 40 payments left so my payment went from 407 to i think 330ish I will continue to pay 400 but if I'm tight any given month it"ll be nice to be able to pay only 330. At the end of the day I added 8 months but hopefuly can pay it off in 3 years.
remember refinancing isnt the same as buying a new car. toyota will give you a great rate on a new car just so they can move the vehicle, and currently even with a certified used vehicle they will give you the same rate as on a new vehicle through promotion so they can move used cars as well. But with a refinance the car is already yours and used and depreciating and many cases worth less than you owe so a bank wont give you a great rate, and toyota wont refinance you they will take it as a trade in on a new car.
Congrats. If you do pay $400 a month (and not $330), make sure to write on the check/staple a note to the check asking bank to apply extra $70 to the principal, otherwise Chase will put that towards interest on the loan.
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