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).
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.
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.