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Old 10-08-2001, 10:21 AM   #1
NoSaabs
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Member#: 7688
Join Date: Jun 2001
Chapter/Region: Tri-State
Location: Newark, De.
Vehicle:
2008 Legacy GT Sedan
Diamond Grey

Question Refinancing? Anyone done this recently?

Now that the interest rates are so low, has anyone considered refinancing their car loans? I only owe about 10k on my car, but my interest rate is 7.9%. I'm sure I could get a lower rate these days, but what do you guys think about this?
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Old 10-08-2001, 10:24 AM   #2
efoo
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Check with your bank to see what fees/costs there are in refinancing, and do the math to see if it ends up costing you less or more. In my case, my credit union charges no fees, and I immediately took the bait and dropped my interest rate from 8.95% down to 5.75%.
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Old 10-08-2001, 11:03 AM   #3
caseynsb
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Chapter/Region: South East
Location: VA
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2006 Legacy GT
RIP: 2000 RS-T / 04 WRX

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I refinanced a couple months ago and got a much better rate, but my rate changes constantly, it's like the standard APR + 1% or something like that.. so if the rate is @ 5%, mine is 6.

Best thing about refinancing is that I got to skip 2 month's payments.. (i put another 7k into the loan when i financed too.. lower payments all together).
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Old 10-08-2001, 11:53 AM   #4
AlphaDog
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I refinanced about 3 months ago and dropped 2 full points.

-Dog
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Old 10-08-2001, 04:05 PM   #5
NoSaabs
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Join Date: Jun 2001
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Location: Newark, De.
Vehicle:
2008 Legacy GT Sedan
Diamond Grey

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hm..i'll have to check w/ my bank and see what the deal is. 7.9% isn't too bad, but i'm sure there's much better out there right now...
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