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Forum: Car Buying Q & A
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Refinancing

First off, thanks for creating such a wonderful site. I truly wish I would have found this 2 years ago when I purchased my car.

Anyway, my question is in regards to refinancing. I got my car almost 2 years ago at a interest rate of 11.25 % and 72 payments. My credit score has gone up and I would like to refinance and possibly get a rate of at least 7% and go from a 6 yr car loan to a maybe a 4 or 5.

1. Is it worth it to refinance?

2. What are some tips or extra information you can provide me?

3. I was also looking into trading in my 2006 Honda Accord for a 2008-09 Accord any suggestions ( not a really high priority, but just wandering).

Thanks

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Re: Refinancing

I am guessing not knowing all the facts that refinance will not work by the time you factor cost setting up a new loan, also with the term and interest rate at time of purchase I have a strong feeling you may be up - side down.

If you want let's do the math,,, phone the lender for a payout amount ??? e-mail to keep it private along with your zip code, model Accord and miles, or post it your choice.

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Re: Refinancing

Well my payoff amount is $11,323.01, I have a Honda Accord SE 2006 with 57,000 miles and my zip code is 19131.

Thanks

Also, I am not sure what you mean I may be up-side down? Does that mean, I might be better off with what I am paying now?

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Re: Refinancing

up - side down is if your payout is greater than what you can sell for.

If your happy with your 06 personally I would not trade up just 2 or 3 years owing 11G,,, I would however investigate getting a lower rate on the amount owed " credit union or your bank,,, it really comes down to compare the final numbers if it's feasible.

You can also get a fast free on this website, under navigation on the left side, click on " facts to consider before going shopping "scroll down to " research your auto financing options,,, and click on get an auto loan quote now,,, I been associated with Automotive.com for a few years and have never had any negative feedback.
I will be interested to know the rate quoted.

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Re: Refinancing

Hey,

I just wanted to follow up and let you know that I did refinance. My original rate was 11.2 and it is now 3.9. I am supper excited.

Thanks for the advice.

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