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auto refinancing virgin
noir_blood
Registered User regular
Registered User regular
I'm in Texas if it mattes.
Okay, the important details;
I'm two and a half years in a five year loan for what (at the time) was a new 07 Nissan Sentra. APR is at 10% with payments clocking in right below 400. I have about 700 credit score. The loan is with a cosignor.
So, would it be worth trying to auto refiance? I googled, and it seemed like that was the case, but I don't know how to go about it. What's a good website to start with, or how do I go about picking the bank? Every website seemed to offer another different website to use, and i'm afraid they're only using it due advertisement , etc
Okay, the important details;
I'm two and a half years in a five year loan for what (at the time) was a new 07 Nissan Sentra. APR is at 10% with payments clocking in right below 400. I have about 700 credit score. The loan is with a cosignor.
So, would it be worth trying to auto refiance? I googled, and it seemed like that was the case, but I don't know how to go about it. What's a good website to start with, or how do I go about picking the bank? Every website seemed to offer another different website to use, and i'm afraid they're only using it due advertisement , etc
noir_blood on
0
Posts
Well, you may be saying to your self that you can get a lower rate on the loan and save yourself some cash. The lower rate may be possible, but you will have to look around to see what is out there and if it is possible. Talk to some banks and get an idea what rates you qualify for.
In all likelihood you are probably not going to find a bank that will give you a 2.5 year term on your loan, so you will be extending the term. This in its self will lower your monthly payments because your loan will be spread over a longer term. However your cost may go up as you will incur interest over a longer term.
The math is pretty simple. You can take a peek at Bankrate.com they have a whole auto section that can give you some solid advice, as well as some calculators to see what your total payment and monthly payments will be.
As far is the original loan. You are probably in the clear to pay off early, but check to be sure that there is no early pay off penalty. Usually that expires after 1 year or so though. Also, the fact that it has a co-signer is irrelevant. If you go through with this then you will just be getting a new loan at a new rate and term to pay off the remainder of the old loan.
One last thought. If you have extra cash, you could apply that to the car loan and save your self some interest over the remaining term by shortening the outstanding balance. No extra paperwork, no extra fees.