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Yadkin 05-25-2012 04:02 PM

Refinancing- huge savings
When I bought my vehicle four months I was offered $1000 rebate or a financing deal. As I recall it was 1.9%, but only up to 36 months, and the monthly payment was just too scarey. So the old adage, a bird in the hand is worth two in the bush, prevailed, and I took the cash, financed about $31k through a local bank at 3.5% for 60 months. That is a lower rate than new mortgages so it was still a fair deal.

The bank sends me a calculated statement every month showing the principle and interest paid. I got around to analyzing it a bit more and holy crap I was paying $90/ month in interest.

Today I had some time so went over to my local federal credit union that I have been banking with for about five years. Here's what folks here need to know: They agreed to refinance as a new car loan, and told me they'd do that for a vehicle 2011 or newer.

My savings account had an extra $10k in it because I didn't get as scewed by the IRS as I had been expecting, so I dumped that right onto the old loan payout. This allowed me to get the principle down to $20k and keep the payments about the same but for 36 months, obtaining their lowest new car loan rate of 2.25%. I agreed to direct withdrawal from my savings so I saved another .25%.

So for the first month I'm paying less than half the interest that I was paying, and over the life of the loan I save about $1800. :thumbsup:

SvenskaJeepGuy 05-25-2012 05:12 PM

Re: Refinancing- huge savings
seeing current rates always makes me pissed off that i paid off alot of my student loans ten years early....... they had rates of 2.4%. a credit union near my house was offering $200 cash to refinance 2010 or newer through them. there are alot of good deals out there to refinance newer vehicles. i dont think there are enough people out there taking advantage of this.

Yadkin 05-25-2012 06:00 PM

Re: Refinancing- huge savings
The interest rates on older vehicles was only a point or so more. Still a great deal if you're stuck with a high rate.

Yadkin 07-19-2012 07:41 PM

Re: Refinancing- huge savings
Damn, home mortgage rates have set record lows for five weeks in a row now. I'm currently at 4.25% I see rates as low as 3.25, with deeply discounted closing costs. I think I'm going to do it again.

These are 30 year fixed. :slapfight:

mitchelm 10-09-2012 05:19 PM

Re: Refinancing- huge savings
I think you guys should check out They have great auto rates. If you have no military affiliation, you can join one of two memberships that support the military. Thats it. Rates are 1.49 up to 60 months for New/used/refinance. I'd check it out. I got my 2008 laredo and took close to $8000 back in rebates and financed with them for 4.75. I'd refinance, but I only have a year left and you can only get the 1.49 rate if you refinance from a diff bank

macmac 10-23-2012 08:49 PM

Re: Refinancing- huge savings
just locked in for 30 yrs fixed at 3.75

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