I had gotten such a good deal on my Maxima that I had never even asked the % rate on my loan. Well after 6mths, I called the bank to check my pay off amount $19,897.77 and asked what the rate was on tthe loan. He replied with 7.79% Not sure if that's because it's a 72 mth loan or not. The bank it goes through only offers 60mth online for like 5.25%. I thought I had good payments too @ $370.00 per mth. I never even questioned the rate.

So basically I am looking to refinance my car. Has anyone ever done this on any car? Any advice would be appreciated. You can pm too if you want. I really need to lower this rate and maybe with any luck, lower my payment as well.

 

You can check with your back to see what they offer for rates... I used Wells Fargo for my wife's RX300 (It was used) and we got 3.9% for 60 months. My guess is that the longer the term, the higer the rate because the bank has a longer ROI.

If you get a lower rate, I would shorten the term even if the payment is the same or higher. In the long run you will pay less for the car.

 

Im am interested in a refi for my car too. Any suggestions as to possible lenders? Is a refi for a car a specialty transcaction that certain lenders deal with more than others?

 

I have gotten good rates from the credit unions I am a member of when it comes to vehicle financing. (Refi, or otherwise) Just recently they gave me 4.05% for 60 months. Their lowest advertised rate was 4.1% on new cars. If you can hook up with a good credit union then I would recommend you do so. In many cases you only have to open a savings account with $5.00 and you are good to go.