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Just Refinanced the Truck!

Discussion in 'Off-Topic Discussion' started by AFButters, Oct 4, 2010.

  1. Oct 4, 2010 at 9:08 AM
    #1
    AFButters

    AFButters [OP] Rigger, Please!!

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    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%)
     
  2. Oct 4, 2010 at 9:12 AM
    #2
    MyToyTaco

    MyToyTaco ╒╪╕

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    Does it only help to refinance if your credit has gotten better from when you first got the loan?
     
  3. Oct 4, 2010 at 9:21 AM
    #3
    AFButters

    AFButters [OP] Rigger, Please!!

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    It doesnt hurt to request a quote.. you can always say No and keep your exsisting loan.
     
  4. Oct 4, 2010 at 9:23 AM
    #4
    Brunes

    Brunes abides.

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    DC or New Jersey - Depends on the day....
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    Inside: Tint, Wet Okole 1/2 Piped Red/Black Covers, Black Weathertech Digital Fit Mats, URD Short Throw w/ TWM Weighted Knob, USA Spec iPod adapter. Outside: 4300K Retro w/ Angel Eyes and Red Shrouds, 5000K Blazer Fog Light Retrofit, Debadge, Bed Locking Handle, Satin Black Rims Performance: TRD/Steigmeier Blower w/ 2.7 Pulley. 668 Injectors and 320 LPH AEM Fuel pump. URD UCON and 7th Injector. DTLT Headers, URD Y-Pipe, Wicked Flow Muffler. Suspension: Both: OME Shocks Front: 886X's and TC UCAs Rear: Dakars Armor: Relentless Front Bumper Relentless High Clearance Rear w/ Tire/Rotopax Swing Out Relentless Front, Mid, and TCase skids BAMF Diff Skid Recovery and Spares: Fullsize Spare Tire 2x2 gal Rotopax 1x1 gal Rotopax 1x1 gal Water Rotopax Warn 9.5XP-S Winch Hi-Lift Extreme 60" Ironman Off-Road Recovery Kit
    ^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.
     
  5. Oct 4, 2010 at 9:24 AM
    #5
    MyToyTaco

    MyToyTaco ╒╪╕

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    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? :rolleyes:

    you're right though, won't hurt to check...
     
  6. Oct 4, 2010 at 9:25 AM
    #6
    Brunes

    Brunes abides.

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    Don't forget to shop a few banks if you can...
     
  7. Oct 4, 2010 at 9:25 AM
    #7
    dirtytaco2010

    dirtytaco2010 Well-Known Member

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    i want to refinance im 5.9 62 months left 550 a month! ouch
     
  8. Oct 4, 2010 at 10:51 AM
    #8
    AFButters

    AFButters [OP] Rigger, Please!!

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    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
     
  9. Oct 4, 2010 at 12:06 PM
    #9
    Evil Monkey

    Evil Monkey There's an evil monkey in my truck

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    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.
     
  10. Oct 4, 2010 at 12:13 PM
    #10
    Evil Monkey

    Evil Monkey There's an evil monkey in my truck

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    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).
     
  11. Oct 4, 2010 at 12:37 PM
    #11
    TACOMA TRD

    TACOMA TRD Well-Known Member

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    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.
     
  12. Oct 4, 2010 at 12:49 PM
    #12
    Niles19

    Niles19 Well-Known Member

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    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.
     
  13. Oct 4, 2010 at 2:51 PM
    #13
    TACOMA TRD

    TACOMA TRD Well-Known Member

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    That was a Toyota certified truck to get that deal. Plus you got the 7 yr 100 k warranty.
     
  14. Oct 4, 2010 at 2:55 PM
    #14
    dirtytaco2010

    dirtytaco2010 Well-Known Member

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    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
     
  15. Oct 4, 2010 at 3:07 PM
    #15
    gunner_20

    gunner_20 ...

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    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.
     
  16. Oct 4, 2010 at 6:10 PM
    #16
    AFButters

    AFButters [OP] Rigger, Please!!

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    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
     
  17. Oct 5, 2010 at 4:47 PM
    #17
    MyToyTaco

    MyToyTaco ╒╪╕

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    thanks to you I just refi'd...dropped 7 points!
     
  18. Oct 5, 2010 at 6:20 PM
    #18
    AFButters

    AFButters [OP] Rigger, Please!!

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    Good stuff.. every little bit helps... (0.7% or 7.0%)
     
  19. Oct 5, 2010 at 6:24 PM
    #19
    schiz94

    schiz94 Thread Jacker

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    my parents are in the process of getting the house refinanced.. and only 6k to pay on the truck
     
  20. Oct 5, 2010 at 7:24 PM
    #20
    Niles19

    Niles19 Well-Known Member

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    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.:eek:
     
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