How do I refinance my auto loan?

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Shouldn’t a credit score of 626 and a DTI ratio of .19 recieve a better interest rate for an auto loan of 14,700 for 60 months than 11.9%? I’ve had my credit pulled so many times trying to get this car im afraid of where its at now. I wan’t to refi this car. I got my first car with NO credit at 14% a year ago. What do you think? Any finance people out there? My gf’s dad is in a mortgage firm but he’s very biased and I don’t like asking him a lot of things about this. He says i should have gotten a used car. But that’s beside the point. What steps can i take to refi my loan and what rate do you think I can be at? Thank everyone beforehand
It’s a brand new 07 Hyundai Accent. I’ll look into a credit union and some nearby banks. Thanks. I’ll wait for some more answers before choosing the lucky best answer-er!! ūüôā
I haven’t even made my first payment yet. It begins the 15th of july. So I don’t care at all about “starting over” on the terms. danks everyone
And i got my first car for God knows why, but it was at 400/mo for 72 months. and it was a 2005 durango which had me spending $ 125+ a week in gas. I had to get myself out of that nonsense. I love this car.

I know this season many people could use a loan due to the economic situation where would I go online to sell these particular loans that i have to offer

8 Comments
  1. Reply
    Barry auh2o
    February 18, 2011 at 8:43 pm

    Talk to the people where you have the loan.

  2. Reply
    Xiomara M
    February 18, 2011 at 9:19 pm

    Most banks no longer offer car loan refinancing. Try a credit union (if your car is fairly new) or your current lender.

  3. Reply
    ‚ô•ThEoThErMe‚ô•
    February 18, 2011 at 9:36 pm

    well when i got my first car it was brand spaken new only 1 mile on it it was over 20,000 i had absolutely no credit i got it for 11% i had it for about 2 months traded it in got a used car at 8% it just depends on where u the car from and where its financed thru so what u can do is call or go to the place u got and find out who they financed thru then call them and ask or u can also get a loan from ur bank to pay off the car and banks usually have lower% rates then u just pay the bank back (i would do that if i were u) when u refinance u have to start ur 60 months over again so say u only have a year left to pay u refinance and it jumps back up to 5 years good luck

  4. Reply
    spifiman1
    February 18, 2011 at 10:33 pm

    Auto finance is what I do for a living and 11.9% for a 626 score is actually a pretty good rate.

    You might try your local bank or credit union.

  5. Reply
    Billie H
    February 18, 2011 at 11:29 pm

    You should concentrate on getting it paid in FULL. Your credit score doesn’t matter when you don’t have or use credit.

    At $ 14,700 for 60 months with zero interest, is $ 245 per month. You are paying around $ 326, so you’re paying that much each month for the privilege of driving this auto. You’re renting money for $ 81 a month. That’s over $ 4860 over your 5 year loan (nearly $ 4900 in finance charges).

    Let’s say you had a rate of of 5.9, you’d still be paying $ 284, which is a far cry from zero (if you had paid cash).

    Poor people incur debt, saddle themselves with interest, fees, and charges for things they could of saved up monies from your pay. Pay cash for your cars, build wealth, live within your wage.

    Amazing.

  6. Reply
    mikeherman45
    February 18, 2011 at 11:59 pm

    You can take care of it online.

    Check out http://www.refinancingyourvehicle.com/

  7. Reply
    STEVEN F
    February 19, 2011 at 12:33 am

    You don’t. If you are planing to LOAN money, you would be MAKING loans not selling them. Selling a loan is when you have already loaned money and you accept a lump sum in exchange for the right to collect the remaining payments. Secured loans, such as mortgages and auto loans are NOT made online. Even actual mortgage companies require an in person closing.

  8. Reply
    God Is Wonderfull
    February 19, 2011 at 1:29 am

    I am Mrs Mary Kent,currently living in New jersey city,USA.I am a widow at the moment with three kids and i was stuck in a financial situation by may 2009 and i needed to refinance and pay my bills.I tried seeking loans from various loan firms both private and corporate but never with success,and most banks declined my credit.But as God would have it,i was introduced to a man of God a private loan lender by name Mr Mikel Locke who gave me a loan of $ 50,000USD and today am a business owner and my kids are doing well at the moment.So dear,if you must contact any firm with reference to securing a loan with low interest rate of 3% and better repayment plans and schedule,please contact Mr Mikel Locke.He doesn’t know that am doing this but am so happy now and i decided to let people know more about him and also i want God to bless him more.You can contact him through his email at mikellockelendingfirm@gmail.com

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