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4 Responses to “Is this the right time to refinance my auto loan of 10.7%?”

  • Smilin'_Bob_The_Enzyte®_Guy:

    Absolutely, especially in this market. You should be able to almost halve the rate if your credit is good…

  • coloradygrl:

    You can expect to refinance if you have been paying your loan at the current rate for AT LEAST a year (sometimes they won’t allow a refinance until you’ve paid for 3 years)… BUT if you meet the criteria I just listed it is a prime time to refinance. Interest rates are generally low if you have decent credit. A friend of mine just bought a new car and got suckered into a 7% rate with sub par credit. Anything is better than 10.7% though, I’ve never even heard of a rate that high. Sucks dude, good luck with the refinance and try a credit union.

  • Vince:

    hello
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  • Brooklyn:

    Most people know that they can refinance their house, but fewer know that it’s possible to refinance a car loan, too! It’s become extremely popular in recent years. And it might seem like a silly idea, since most car loan terms are short–typically three to five years. If you got your car loan when rates were high, you may be able to get a lower rate now. Or perhaps, when you first obtained your car loan your credit was less-than-perfect. If you’ve managed to improve your credit score over the past year or so, you may now qualify for the lower rate. And a lower interest rate means less cost to you over time. Even dropping your rate by 1-2% can mean significant savings over the life of your loan.

    http://www.worldbestloans.com/

    Many car loan lenders that will refinance your loan don’t charge any fees. That means no application fees, no fees for paying off your first loan early, and no other extra charges. So in many cases, refinancing your car loan won’t cost you anything at all! And if you refinance for a lower rate, that’s like saving money for free. Although most lenders wont charge you any fees to refinance your car loan, it is possible you’ll have to pay to have the title of your car changed. So ask about any of these extra costs first to ensure the savings is worth the expense.

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