Refinancing away from SETF

Was wondering when I can refinance with another bank instead of Toyota? Is it 90 days after purchase?

 

You can always refinance the bank that holds the title just want to be paid in full whatever it is including the interest might have to pay some fees

 

Well I noticed the damn finance manger jacked my interest up to 3.11 instead of the 2.84. The document says 2.84 but theres a box that says Annual Percentage rate 3.11 but at the top of the document it says base rate 2.84%. So I think i got tricked into the 3.11 interest so I want to refinance ASAP with my credit union to 2.75. Can I do that now or do I need to wait like 90 days?

 

You can do it immediately, just need to call SETF for a payoff quote

 

I would check with Toyota Finance first, but I did the same, I used the Toyota Finance deal to get an extra incentive and later paid the loan off 4 months later without penalties.

 

There IS a difference between the interest rate and the APR. You might have been misled, but they did nothing wrong.

https://www.consumerfinance.gov/ask-cfpb/what-is-the-difference-between-an-interest-rate-and-the-annual-percentage-rate-apr-in-an-auto-loan-en-733/#:~:text=An auto loan's interest rate,fees, expressed as a percentage.

 

Ah so they fucked me over. Great. Ill just to my credit union later this month.

Edit: never mind. My credit union APR is way more than SETF at 60months. Ill just rapidly pay it off I guess

 

I don’t think they fucked you over, hell they got you a lower rate than your credit union. It sounds to me like you either weren’t listening when you signed the paperwork or don’t understand the meanings of the terms (and still don’t). APR isn’t interest rate. Your base interest rate is 2.84%. Because there’s more to the cost a loan than just interest, and those fees are added monthly over the length of the loan, the APR (effective interest rate) is 3.11%.

 

There's no fee for paying off early. Plus every extra payment pushes the next one due out a month. If you paid 12x your monthly payment the next one isn't due until Sept 2021. At least from what I remember years ago on the Toyotafinancial.com website.

Also, a lot of times even a credit union will charge like a $300 refinance fee, as well. Not sure if this is with all banks.