Has anyone, specifically a 5th gen, 'refinanced' a loan (I don't care about financing a new car with the factory rates) and where may be the best rates, etc.

 

The question is not OT. Some of us might be thinking of this since the interest rate is low now.

 

I tried it last night. I wanted lower payments. Apparently my credit is okay for the $550/mo payments I have now but refinancing to $410/mo would be an unreasonable credit risk... can anyone explain that to me?

 

I would guess you would have to pay it over a longer period of time...is that right? In that case, maybe they consider your credit unfit for a longer period...

 

My favorite complaint is "insufficient credit history"...

I'm 22 how much history do they expect!?

Anyway.. I'm getting off this thread's topic.

 

I think having to pay a loan longer increases 'risk'... I am no financial expert tho

 

Well you could of just paid the Max off when you got it. Especially some of the rich drug dealers that run around here.

 

Well I'm actually a distributor... one of my dealers... we'll just call him K*v*ng (to protect his identity). Anyway, one of my dealers lost a big shipment to me. Aparently he left it on the top of his supercharged maxima and it fell off on the highway when he was handing some Honda owners their *****. Sheesh! Amateurs!

So anyway I don't currently have the liquid assets to pay off the loan.

 

Try your company credit union. Mine is offering 5.95% for car loans up to 60 months. I'm currently paying 7.9% through Nissan. 1.95% interest savings on $12.5K over three years means more cash for mods

 

 

got my stuff the other day.... just wanted to let you know

 

This is the police! Come out with your hands up!

 

NMAC has a policy that of not doing credit checks for good customers. Once you have 1-year of history on your loan with them, you can refinance at their tier-1 rates, provided you put enough down to be ahead on the loan (owe less than the car is worth).

Also, if your NMAC customer # reflects this tier-1 policy, you can buy any new Nissan or Infiniti at tier-1 rates without worrying about the full credit rate.

NOTE: I am sure they still require a salary which meets the 30% rule...that each monthly payment accounts for no more than 30% of your gross monthly salary.

For info about Tier-1 rates, just stop by your local dealer and talk to the finance person there and ask for the current information. They have, on paper, five tiers of finance rates and they primarily base their financing on your Beacon score with exceptions mostly related to salary qualification.

 

Thanks gang

 

Great info. So what do they use to determine what the car is worth?

 

Based completely on what they think they can recover if you default on the loan. Checking average blue-book dealer prices would probably give you an idea. They're just protecting their a$$ if you don't pay.