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refinancing car loans....

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Old May 17, 2007 | 05:56 PM
  #31  
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Originally Posted by 95SiR
you should wait "at least" 6 months before bothering to "refinance"... especially a tiny car loan.
Why is this? I refinanced my loan a few weeks after I purchased my car. Then I proceeded to pay it off a few months afterward. h: :down: to interest.
Originally Posted by Draconius
Used car loans are lower than new car loans.

My prelude was 4.9%
My MS3 started at 8.9%, now is 6.49%
You bought your MS3 pretty recently didn't you? I'm assuming your loan for the prelude was taken out maybe a year or two ago? If so, another thing to keep in mind is that rates have gone up since then.
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Old May 17, 2007 | 05:57 PM
  #32  
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Originally Posted by agent87
Why is this? I refinanced my loan a few weeks after I purchased my car. Then I proceeded to pay it off a few months afterward. g: :thumbdown: to interest.
isn't that rather unimpressive to credit agencies?
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Old May 17, 2007 | 06:48 PM
  #33  
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Originally Posted by agent87
Why is this? I refinanced my loan a few weeks after I purchased my car. Then I proceeded to pay it off a few months afterward. h: :down: to interest.

You bought your MS3 pretty recently didn't you? I'm assuming your loan for the prelude was taken out maybe a year or two ago? If so, another thing to keep in mind is that rates have gone up since then.

Also, credit score and report will reflect in your interest rate. That might have played a part if they saw you had a lot of open accounts.
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Old May 17, 2007 | 10:40 PM
  #34  
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Originally Posted by 98CoupeV6
isn't that rather unimpressive to credit agencies?
It could be but I figured that I wasn't buying a house anytime soon and my credit would go back up once I had the loan paid off.
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Old May 18, 2007 | 12:26 AM
  #35  
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I bought my truck used, got 4.9%
Bought the Escape for the wife and have 0% interest.
Being married with good credit > not so good credit
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