Auto Refi

[Whelan]

Curious as I could literally get a rate that is half of what I am paying now for the rest of my term. I can afford it now no problem, but would rather pay towards principal than all this interest.Most places say 75k or lower, some banks say 99,999 or 100,000 or lower. What if your a little over? I mean how does the mileage check work, do they come out and look at the car or do you have to get a mileage statement?

[Whelan]

Oh well, got approved, doin the refi went to 5.3% down from 8.99%. WHOOP!!!

[Wolfman213]

Savings in cash mean more money for mods!!! Or car care products in your case

[jake75]

Unlike long term loans such as mortgage loans the apr on a car loan really does not affect the payment that much because most of a car payment is going towards principal from the start..Not exact but close.15,000 5 years @ 9% = 306.25/mo15,000 5 years @ 5.3% = 283.13/moBut $23 a month is still $23 a month.That's why you should always run the numbers when choosing between a rebate or a low finance rate. In most cases you are better off taking the upfront rebate money.The best deal if you can do it is use a Home Equity Loan to finance a car. Then the interest is deductible (assuming you itemize).

[Whelan]

I was looking to do several things by an auto refi:1) Reduce my payment slightly2) Payoff the loan sooner3) Additional boost to credit rating. Now that a loan has been closed that was originally over $20k, I am in a new loan at approx. $8k. This boosts my rating further as well as credit history as it counts as a closed loan.4) Get the loan in more comfortable terms. It will be with BOA who I use for lots of things and this allows me to do things such as transfer funds to the loan from my accounts, removing the need for coupons, withdrawls, etc. And it gives me the benefit of transferring when I want, so I can pay on the 1st and avoid the 20 day interest accrued, thus paying the loan even quicker.