Money Matters
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Refinance a car loan

Hello, 

I do not post here, but I was hoping for some advice. We want to refinance our car loan, what is a good rate and what is a good place to do it? Is a bank a wise choice or should I look else where?

 

thanks very much  

Re: Refinance a car loan

  • I would just call a few banks/credit unions and ask for their rates.  You will also want to ask if there are any fees involved.  Currently, my credit union's rates are 2.79% for a 60-month (or less) car loan (new or used).  Refiancing costs
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  • Credit unions tend to have excellent rates.

    Do NOT finance ANY vehicle for longer than 3 years.

    If that payment is too much - you are buying too much vehicle for your budget.

  • Thanks very much
  • Unless your first car loan was on a used car, a refinanced car loan would be at used car rates which tend to be slightly higher then new car loans.  Also, I haven't heard that car loan rates have dropped.  I would only do this if your credit sco
  • I also want to add that if you refi, do not add back any time to your loan term. Meaning if you have 38 months left, don't take out a 39 or more month loan.
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