Looking to re-finance at a better rate than Ford Credit's 8.9%. Looking for 5% or better. I want about 15,000 for 3 years. Thanks!!!

-AR

 

5% or better???? My Credit Union has a best rate of 5.65%, but your credit rating needs to be a Beacon 675 or better. If you credit is average or good count on 6.5-7%.
Ford Credit should be able to match the credit Union's rate..................8.9% is a Chump rate including the Dealer's cut.

 

I see now that the nat. average is 6.29, with 5.79 being about the best. I would be happy under 7%. I do meet or exceed this rating, so it shouldn't be too big a deal, just not sure where to look. Ford Credit won't refinance.

-AR

 

go to peoplefirst.com I've financed a couple cars through them. Last rate I got was 5.4% just a few weeks ago. Had the check in less than 24 hours.

 

i got 4.9% for 60 months

 

I was going to refinance mine......my present rate is 7.1%. If I went to 5.75% my payments would only decrease by 2 dollars a month. That really isn't worth it for me but I imagine you could save 10$ a month if you are financing $20,000.

 

Rick99: Was that $2 decrease with the same number of payments left on the loan? Surely you were reducing the number of payments by several months with the refinance terms, right?

Was the charge for refinancing outrageous?

The big question is:
How much money would you have saved with the refinance over the remainder of the loan?

 

My bank will refinance for 12,24,26,48,60, or 72 months only. As far as what you asked me NO...............you have to redo the loan for one of the above terms. there is a loan calculator at www.mullinaxford.com and you can get your payment amount using that calculator. My Credit Union doesn't charge a fee to refinance a loan.......I know some banks do.

 

(Note to self: Don't ask 4 questions in one posting ever again.)