Comments on: Tips for Auto Loan Refinancing, Add Yours

By: Andrew

Andrew — Tue, 10 Feb 2009 07:26:53 +0000

Credit union is definitely the way to go. They’re the lowest rate’s I’ve seen around locally, other than new car financing incentives.

I got lucky last year, my CU was doing a promotion to get cash for refinancing auto loans, so I lowered my rate 1% and got $200.

By: Brianne

Brianne — Mon, 09 Feb 2009 21:49:15 +0000

I applied to re-finance my used auto loan last year, though the refi rates weren’t that much better than my current rate (6.4% versus 6.9%). Despite having a credit score over 750 I was denied by the lower rate offerers. They sold my name to another company that offered to refinance me at a rate of 11% if I extended my payments. I wasn’t trying to lower my monthly payments, just pay less interest so i obviously turned them down. Luckily, I’ll probably have the car paid off this summer because I’m currently paying about five times the monthly payment to knock it out as quickly as possible.

By: Green Panda

Green Panda — Mon, 09 Feb 2009 17:55:53 +0000

I would consider credit union in general. You can sometimes rates lower than some competitive banks.

Chartway CU 3.99% (looks like average credit can be around 5-7%)

By: Rob

Rob — Mon, 09 Feb 2009 15:55:18 +0000

Considering becoming a member of Pentagon Federal Credit Union ( non miliatary can join for a small fees – details are on their page ). They have 3.99% loans on used cars for up to 60 months…. and they finance up to NADA Retail. That’s about the best deal I’ve seen around. Easy as pie too, it can all be done online without so much as a single phone call.

You did note that you have good credit ( that’s a requirement to get *any* loans with Penfed – they do not do subprime, period. )