Vehicle Refinancing
11-02-2012, 12:09 AM
#1
BRAAAP
Thread Starter
Vehicle Refinancing
Has anyone refinanced a vehicle?
Just wondering because honestly I kind of jumped in to buying my truck without a very large down payment and my credit score wasn't the greatest. I got approved and could not say no. My payment is almost ridiculously high. I can afford it no problem but of course there are better things I could be doing with the money saved every month.
If you refinanced, how long did you wait? I bought this thing in June, I was thinking waiting maybe a year. Is that too long or not long enough?
Just wondering because honestly I kind of jumped in to buying my truck without a very large down payment and my credit score wasn't the greatest. I got approved and could not say no. My payment is almost ridiculously high. I can afford it no problem but of course there are better things I could be doing with the money saved every month.
If you refinanced, how long did you wait? I bought this thing in June, I was thinking waiting maybe a year. Is that too long or not long enough?
11-02-2012, 12:58 AM
#3
When I bought my truck I went through the stealership (even though they had a higher interest rate) because they offered rebates with the condition I financed through Ford Motor Co.
I had my truck refinanced 3 days later with a credit union at 1.69%. I went through Pentagon Federal Credit Union... and they're offering 1.49% on refinanced vehicles right now with loan lengths of 12-60 months.
https://www.penfed.org/refinance-auto-loan/
Both my parents and brother uses them as well, good people and good service - haven't had a problem!
No, I don't work there
- just believe in putting in a good word for companies that treat me right 
I had my truck refinanced 3 days later with a credit union at 1.69%. I went through Pentagon Federal Credit Union... and they're offering 1.49% on refinanced vehicles right now with loan lengths of 12-60 months.
https://www.penfed.org/refinance-auto-loan/
Both my parents and brother uses them as well, good people and good service - haven't had a problem!
No, I don't work there
- just believe in putting in a good word for companies that treat me right
11-02-2012, 09:42 AM
#6
Senior Member
You can refinance anytime.
You mentioned that you don't have perfect credit. Check out a lot of different credit unions/bank's interest rates. I would start with the one with the lowest rate. If they can't approve you, move onto the next lowest one. If possible, money down usually helps in some credit decisions. It just depends on the CU/Bank.
You mentioned that you don't have perfect credit. Check out a lot of different credit unions/bank's interest rates. I would start with the one with the lowest rate. If they can't approve you, move onto the next lowest one. If possible, money down usually helps in some credit decisions. It just depends on the CU/Bank.
11-02-2012, 09:43 AM
#7
Senior Member
I'm waiting until after I make my fourth payment. I don't think it makes a difference when I do it, but that was what my dealer requested I do so I'll keep him happy. He's actually doing the refi for me too so I better do it his way.
Buck
Buck
Trending Topics
11-02-2012, 01:03 PM
#8
I bought on a Friday at stealer ship at 7.0 % then on Monday refied for 2.3% at my credit union . Had to finance at dealer to get rebates, and he gave me that bS to wait 3 months ( he gets a kick back from the high % rate) never was questioned .
