Neeferea

What is refinancing, and what is the point of doing it on my max?

skandalouz

iTrader: (2)

when u refinance u get another bank to pay off ur existing balance to ur current bank... and u in turn would start making payments to the new bank at a lower interest rate... and so ur payments will be less each month...

00gxe5sp

iTrader: (1)

...unless you shortened the term...

CCx

iTrader: (2)

exactly, you can either refinance to reduce your monthly payments, or to pay off your loan quicker...try www.peoplefirst.com, i got my loan through them at an almost obnoxiously low rate, and that was for purchase, their re-fi rates are even lower...

skandalouz

iTrader: (2)

that too...

jttaylor155

if you have had the car for a little while, then the amount you owe is less then originaly. so you are financing a lower amount and the payments are less. it is a good idea to do it once a year.

jttaylor155

if you have had the car for a little while, you have made alot of payments and so the amount you owe is less then originaly. so you are financing a lower amount and the payments are less. it is a good idea to do it once a year.

Audidefector

once a year? Isn't there some kind of fee that makes that unjustifiable? I am currently locked in a 11.9 for 5 years!

y2KAOSMax

There might be a fee if you re-finance thru the same bank you are already financed with.. My credit union adds $1000 to your loan and gives you a check for that amount.. You can apply it right back to the loan or spend in on whatever you want.. I decided to refinance with another bank b/c I didn't want the extra $1000 on my loan.. I had mine refinanced twice now.. First I had 8.99%, then 7.49%, and now 4.99%..

CCx

iTrader: (2)

man...you need to get some refinancing on that....unless your credit is in the absolute toilet, you can get that into single digits easily...tellin' you man...peoplefirst.com, takes two seconds, save hundreds....go for it, you've got absolutely zero to lose (and only money to gain )

92 SE-R 02 SE

i have peoplefirst.com as well. They are awesome, and there was no transfer fee either!

mad_maxx03

iTrader: (2)

Let me ask you guys something.. When I bought my max back in March, no one except for a couple places would finance the car for me.. My credit isnt ****ty, no late fees ever, no bounced checks, nothing. But I'm only 20, so it wasn't really established. I should have taken my dealers advice and waited for a little longer, but I had to get the max I'm locked at 12.7% i know i know... Anyways, how long should I really wait before I try to get it refinanced? Thanks

CCx

iTrader: (2)

mad_maxx03, you can always try and re-finance just to see what type of rate you'll get, it can't hurt you at all...the nation happens to be in such a period where extremely low rates are somewhat standard fare...there's no telling when that might change...hell, i didn't even want to buy a new car, but after applying for the loan and getting such a low rate, i figured now is the best time so might as well...rates can't really get too much lower....

...if you really have no credit blemishes (only blemish being that the record has not been established that long), maybe try to refinance through a company like peoplefirst.com, and just see what the rate is -- i'll assume you got financing through the dealer and not independently through your own sources?

...typically you should wait a little bit, since you just bought the car four months ago...but 12.7% is a little high for a rate in my opinion for someone with no blemishes on the credit no matter the age of the record..good luck

00gxe5sp

iTrader: (1)

the car payment will help your credit. It will show as a trade line, and will only help as long as you have not made any late payments.

jrklar

iTrader: (1)

are you guys getting financing at 11% and 12% on new cars? i've been paying 3.9% on my 2001 since I bought it new. I'd think worst financing on a new car would be around 7%, no?

spirilis

iTrader: (2)

Sounds like I'll try peoplefirst.com as well.
I got put into 17.45% for 6 years (HAHAHA, talk about a JOKE), but I went along with them 'cause I wanted the car that badly :-D
My credit isn't too bad, I've never been late on any payments and my credit cards are in good shape. I pulled my credit report recently and discovered the banks only used Equifax as a source; coincidentally Equifax has the least info on me. (TransUnion and Experian are the other 2 credit bureaus, AFAIK)
I haven't made my first payment yet; is it usually possible to refinance before your first payment? I suppose I should wait 'till the bank I was financed through sends me my packet of loan information...
There's no penalty for paying off this loan (thank god), so it should be a simple refinance.

00gxe5sp

iTrader: (1)

...Depends on your credit....

PimpShiFus

how cna you guys be getting these high rates on maximas? dont they have special financing going on, 0.9%APR??

spirilis

iTrader: (2)

Mine was a used one... not going to find any "good deals" there (haha)
but it was in the right price range... a brand new Maxima would be way out of my budget.