Just Refinanced the Truck!

Got an offer from BOA to ReFinance the truck at 3.93%.. for 60 Months.. $280 a month BAM!! for a toal of 16,843

I had 52 payments left at $330 at 6.25% for a toal of 16,768

So if anyone else is stuck in a intrest rate over 5% I would def look into a refinance.. I checked Bank of America (3.93%) and USAA (3.99%)

 

Does it only help to refinance if your credit has gotten better from when you first got the loan?

 

It doesnt hurt to request a quote.. you can always say No and keep your exsisting loan.

 

^This.
The over all interest rate can drop far enuf to help you out. If your credit score got better that is an even bigger help. Shopping quotes is always an option.

Also consider making the same payment you have been on the new lower loan required payment unless you REALLY need the extra money freed up in your budget...it'll pay it off that much faster.

 

hmm. i've been thinking about this, but my credit hasn't gotten better, and my bank told me it would only help if it was better. maybe they are just trying to keep me at the higher APR?

you're right though, won't hurt to check...

 

Don't forget to shop a few banks if you can...

 

i want to refinance im 5.9 62 months left 550 a month! ouch

 

ouch.. yeah ill probobly pay between 280-300 each month depending on how the money is doing and then it will help reduce my monthly payment

 

It might still work if the truck is worth more than you owe. As long as your credit isn't any worse, you should be able to get something.

If you're already financed through the bank, try a different bank/credit union. They aren't going to willingly give up a higher rate for a lower one.

 

Your rate is already kind of low. Unless you go with a longer term (which means you'll pay more in the end), you're probably not going to see a whole lot of difference in your monthly payment. At 3.9%, it would probably drop your payment by about $35/month ($515 vs $550).

 

Thats not too bad....I just got 4.9 for 72 when I bought mine. After I shopped the truck, I went and shopped around for my loan.

 

Wow I got 2.9% for 60 months $285 a month back in Mar 08, it is just a 2008 5 lug reg cab maybe thats why.

 

That was a Toyota certified truck to get that deal. Plus you got the 7 yr 100 k warranty.

 

yeah maybe mine was used 8k on it so financed 90% 66 months but is a 4x4 dc lb too so maybe more? I dunno my credit wasnt that awesome either

 

I just did the same thing a few weeks ago. I had Chase Auto (6.5%) and went with BOA. I got 3.65% for 60 months. Dropped my payment from $423.65 to $321.46.

 

I guess im just glad I had a good down paymen from my deployment.. that I didnt have to manage $400-550 a month payments

 

thanks to you I just refi'd...dropped 7 points!

 

Good stuff.. every little bit helps... (0.7% or 7.0%)

 

my parents are in the process of getting the house refinanced.. and only 6k to pay on the truck

 

It was new not pre owned certified it's a 2008 i bought in Mar 08 with 6 miles on it it must have been my 760 credit score because I put nothing down.