LAKERFAN1975

Hey guys,

So it's been almost a year since i bought the car and i would like to refinance as i have a very high Interest % and now that i have established my credit i am sure i can lower it quite significantly.

My friend's brother works for capital one auto loan dept, so he is going to hopefully be able to help me out, but i am looking to see what honda can do for me first, does anyone know someone that is good and can help?

Also, i would like to do this sooner than later, do i have to wait exactly a year to the day the original loan was opened, or can i say do it 2 weeks in advance (IIRC i bought the car January 4th).

TIA,


Josh.

Dj Elixur

josh.. what rate do you have?

dealers don't actually refinance the car for you. Dealers act as the liason between you, and the bank during the intial purchase transaction. we structure the deal, but it gets sent in for financing thru the bank.

Originally, it was no car, no finance. Go to the dealer, you have car, dealer arranged finance, you have financing. Now, dealer is no longer in the equation, so its between you and the bank.

Walk into any bank (dont go to wamu theyre horrible with rates, best bet is a small credit union), and tell them " i want to refinance my car." bring your paperwork, shop around for the rates *so you know what you'll qualify for* as well as check your credit history too. if you need more help, PM me. go in educated, dont let them jip you.

good luck!

Dj Elixur

you can do it anytime, they just want to see you establish yourself thats all.

meth

where do we find these small credit unions. what are the good ones that you recommend?

LAKERFAN1975

My credit is in the 'A' bracket, so i am sure it shouldn't be a problem.

Right now i am financing through Honda IIRC, so i thought i would give them a chance and save my self a pain, but i know i am going to get a good rate from my mates bro.

Any tips before i make some calls?

kushs2k

I financed my car through a credit union and i'm pretty happy. I'm with altura credit union btw i think they are only in the IE but you only need to go in there once to sign papers and then just mail your payments. They can approve you over the phone too.

Dj Elixur

damn, don't have a red book handy right now meth, will see if i can find one out... just check bankrate.com to see what the rates are at, if you can get into an super preferred tier, then you should have the lowest rate out there. used car rates are usually a bit higher than new car rates (add maybe a point or two but no more), also check with the bank to see if you can work something out with them.
usualy they'll try to get you to buy insurance and gap or something. Gap is ALWAYS good. ALWAYS GET GAP!!! for your sake.

doaner

octfcu (Orange County Teachers Federal Credit Union) has pretty good rates... thats who i financed with for my MY06 but you can only apply if you have a family member who's a teacher or your significant other


I charge a fixed premium hourly pay for being your significant other

Steven2k

i work for wells fargo. let me know if i can help. i'll get the rates for you.

asiantrick

my rate is 2.9% since my credit score is a whoopin 770. I suggest you go to OCTFCU if you have an account there.