I was finally able to refinance my truck. All the internet sites outright rejected me, so I went to my local bank. I went from a 12% interest rate to 4.5%, which is way lower than any rate the sites offered. It lowered my payment significantly.
It's a lot more fun to drive now that I don't have to worry about affording it. heh.

 

I have my Lightning loan thru a credit union. I started out at 5.5%, then they notified me the interest rate had dropped to 4.75%, and did I want them to lower it?

Well, Dooh! Saved me two payments overall.

Last week asked them again; dropped to 3.65%. Another payment saved!

 

That sounds good man, congrats!

I am curious though, if you don't mind me asking... is your payoff amount still rather high or have you brought the principle down some from the original financed amounted?

Also, since you went with your local bank, have you been with that particular bank for over 1 year, if so how long?

Just gathering up some info for the future


Thanks,

Chris

 

Well, I extended the loan, to lower my payments. I know.. I know... that's bad. But by financing for the time I have left on this loan, I only would have saved about $500, so I opted for a longer loan, for less payments.
I'm saving about $5000 over the course of the loan, though, by the refinance.
And yeah, I've been with this bank all my life. Literally. I got my first savings account there when I was born, and my parents had been using it for years and years before I was born.

 

Thanks for the 411 Buddy, I appreciate it!

-Chris

 

anyone looking to refi should check with capital one aout loans-they rock!!

 

No they don't. Punk ***** rejected me, even though I have a 722 credit score, and I've had a card with them for 7 years, and have paid my balance in full every month. Rejected me outright for a higher percentage rate than I got with my local bank.
I don't understand lenders at all.

 

I had bought my Cobra, L, and Focus through People First. I was checking their interest rates the other day, and noticed that they are now Capitol One. They were great when they were People First...I haven't tried them lately, Ford's 0% is hard to beat!

 

We had 13.5% on our '01L because Rick had never had a vehicle loan before, and his credit was not deep (paid cash for everything till he was 38).

In November we refinanced it at 4.75% with Peoplefirst/CapitalOne auto finance.

My payment used to be $656, but I would pay $700. The new payment is $733, but we are paying it off 9 months sooner than with the old loan. You can do the math.

It is really cool to see your balance drop by $650-700 with each payment................ instead of by $500 or less. We finally owe quite a bit less that kbb trade-in value (not that we are even thinking of trading it in.................. its just nice to know.

BTW, our credit score was between 680-720. However, there was 9 years on the job, and not even the slightest thought of a debt ratio problem. Maybe that was the difference???

 

Great to hear it worked out for you and you were able to keep your Lightning…