Not really tips, but good finance companies, with good rates.

I need to refinance my '04 Chrysler Sebring. I need a better interest rate then 14%. I'd like to get around at least 6.

My credit is in good standing. I owe more on the car then what it's worth. For some reason I've noticed the price of everything is going up (A gallon of milk is friggin $3.98) but my paycheck is the same. The taxes on the house are gonna go up again, so guess I gotta start cutting corners.

Any tips would be appreciated.

 

I just bought my new truck and had an excellent credit score, yet Wells Fargo gave me 8.49% interest, I was ticked and went to a local credit union and got it knocked down to 5.85%.

Check with credit unions, whether it's for credit cards, or loans, they are rarely if ever beat out by the big banks on rates. I use a credit union for all loans and a bigger bank for regular banking due to the locations.

P.S. I guess I need to post in that Sig thread about maybe getting one made with the pics from my gallery combined with a law enforcement type theme.

 

14%???!!!

Holy Chit, how long have you had it, and please dont tell me you bought it new in 04 and been paying the 14% interest this long.

Like was posted previously, go to a local credit union and become a member if they allow it. I have my truck loan for around 5.25% from my credit union which has been very good to me. My credit is fairly good but Im only 24 so.

 

Wow, 14% is stiff. My credit sucks and I got 6.75% on my truck.

 

When I got my 06 at the local dealership I got 6.5% using their financing. The trick is when you buy the next vechile and talk to them about financing, look around and shop for interest rates. My local credit union was running 6.5% and I told them I would just finance through the credit union unless they could match the price. Since you already own try to start out somewhere like BankRate.com http://www.bankrate.com/brm/rate/auto_home.asp
This is a link to their auto section.

 

http://www.bankrate.com/brm/rate/auto_home.asp

 

Sorry, I didn't see that ncsufire had already posted that link. Two in a row, I would recommend you visit that site.

 

Jamz, if you are a member or can be a member of USAA, they always have pretty good rates for house, cars.....etc.

 

Done. I have put in a couple apps today. I dont want to get too many inquires (SP?) on my credit report.

Thanks all.

 

I don't think your credit takes as big a hit when you are searching for the best deal on a loan. They understand that you are searching for the best deal and usually only hit you for the initial credit search.

 

True statement, I didnt think of that.

Keep em coming.

 

You mean "a better interest rate THAN 14%?

I would also suggest you check Capitol One auto finance and E-loan online.

READ THIS: http://www.carbuyingtips.com/refinance.htm

This whole sight is one of the best on the web when it comes to buying or leasing vehicles.

 

DOH!

That's what I meant in Kobi's "Then and Than" thread....thanks.

Yep, I filled out an application for Capital One.

 

The biggest problem is going to be that you are now financing a 3 year old vehicle: this is usually the max that most “prime” firms will finance.

One possibility would be [if you have a house] would be to pay off the car with a home equity loan. USUALLLY a home equity loan is safer for the lending institution, hence a lower rate. As stated above, also try a Credit Union…because they only loan to members/owners, the rates are usually at least .5 point below the bank’s rates.

Another thing to look at: I don’t know if you financed with Chrysler Financial, but they were one of the last ones to change from a rule of 78’s loan type to a simple interest. Without going into the whole thing, a rule of 78’s loan preloads all the interest up front, so after 3 years, about all that you would have paid is interest….Check and see what your payoff is and if it is a rule of 78’s loan. I don’t remember when they changed over. One other thing: the dealer [I assume you purchased it from a dealer] has been raking in the $ every month. Most financial companies have what is called “dealer reserve”: this is the difference between what the dealer ‘sold” you the loan for [say 14%] and what the finance companies “buy rate was to the dealer [say 10%]. That 4% goes to the dealer every month that the loan is open. When I worked in the finance business, there were dealers that I cut $100,000.00 dealer reserve checks every month…..

Hope this helps:

Woof
Bowser

 

Hey Jamz, I can help you out. I worked as a Dealer Service Rep / credit analyst for one Canada's largest banks up untill June of this year. So I can give you expert credit advice. WATCH THE HITS ON YOUR CREDIT BUREAU!!! Don't listen to people when they say it can't hurt your credit score! IT CAN!! Be sure you know what you are applying for! If banks see you are credit shopping they get nervous! I know when I see bureaus with lots of hits I want to know why this person wants so much credit all of a sudden?? You don't need to apply to dozens of banks to get a quote on interest. Just ask the bank what their rate is for your credit criteria. Also obtain a copy of your credit bureau. Check for any mistakes on it. You can even call your current bank where you have the rate of 14% and ask to have your interest rate reduced. The bank can reduce your interest rate if you have good repayment history.

If you have any questions buddy just ask!