Is this possible? Even a year after getting the original loan? I got a loan through the dealership (I know, stupid) and I'm paying interest out the ass. I've got to get this b**** paid off or refinance it ASAP. Just wondering if anyone has refinanced a car loan and if so, who you used.
I did the same thing with my 4Runner. Bought it in 02 from Carmax, and ended up refinancing a year later with Capital One. Its not a bad idea if you want to lower your payments and rate. I reccomend Capital One or E-Loan (good experiences with both). Interest rates should be around 6-8% right now.
Try to find a credit union that you meet the requirements to join, and re-finance it there. My mom is a teacher so I was able to finance recently through the Educators credit union at 5.75%.
How high is your interest? The dealer gave me a 3.9% for a 2006 Camry when I bought it in 05 and I am earning over 5% on savings. I thought dealers were all offering low or 0% loans these days?
I don't want to say for fear of people pointing and laughing at me, but suffice to say the 6%-8% Drewdog mentions in his post would be an improvement... I have good credit (I bought a house a few years ago with no credit problems whatsoever) but they nailed me on a few missed car payments from 2001, even though I eventually paid it off. My credit has been PERFECT since then, but I guess that didn't matter.
