hey guys,
i'm currently financing my S at 6.29% for 60mths. does anyone know how i might be able to refinance it? i've read other owners having rates down into the 3's.
thanks for your help.
ciao,
jeff

 

Find a bank that offers an interest rate you're interested in and ask them about refinancing...it's about as simple as that. I had 8 point something when I first picked up Michelle, but after a year or so refinanced to something closer to 5%.

 

most banks have a stipulation that state you

 

Here's an option if you own a home: Get a home equity loan from Fleet to pay off the car. Right now, Fleet is offering between -.5 to -.75% off of the prime rate, which works out to ~3.5%. Take the Fed tax deductable into account and you end up w/ soemthing close to 2.5%. The prime rate, of course, is flexible but there's no sign of it going up in the near future.

 

Rates are dependent on your credit rating and the provider; normally it's tough to refinance a car. "Used" cars usually have a higher interest rate than new. I've always had the best success financing thru whatever bank the dealer has a connection with. I'm paying 5.5% but I'm also 35 and have an A+ credit rating, no debt and a nice income. If you're younger and don't have the income or have more debt or not yet an established credit rating, then you'll get a higher rate.

Even if you dropped your rate by 1%, you'd only save $600 over the course of 5 years on a $30,000 loan. I'm not saying $11 a month is "nothing" but it's certainly not substantial.

 

when i bought mine i was at 9.9 then a few months after sept.11 i got a rate of 5.24 at a different bank. So give it a shot can't hurt.

 

thanks alot guys...that seems pretty easy. i'm young and have a stellar credit rating. but i have a large debt (dental school). so i'll make some calls and see what pans out. thanks again.
jeff

 

Just did a quick search on the net. Found a place that gave me a 4.88% rate! DAMN!!!!!!!