Auto Loan Refinance

Discussion in 'Community Discussion' started by Cranehandler, Dec 6, 2016.

  1. Cranehandler macrumors member

    Joined:
    Mar 11, 2016
    Location:
    Manila, Philippines
    #1
    Hi! Anyone who knows a good company for Auto Loan Refinance? A friend, who just gave birth in the US, asked for my help to find one. Thanks for your time.
     
  2. Tomorrow macrumors 604

    Tomorrow

    Joined:
    Mar 2, 2008
    Location:
    Always a day away
    #2
    I've never heard of REfinancing a car loan, but I suppose it's possible. I guess in theory any place that would finance a car outright might do this. Try a local credit union, they seem to offer good rates to their members.
     
  3. AustinIllini macrumors demi-god

    AustinIllini

    Joined:
    Oct 20, 2011
    Location:
    Austin, TX
    #3
    We used lendingtree to get a good rate. It was kind of nice to acquire the car's title from the original lien holder. I would start there.
     
  4. maflynn Moderator

    maflynn

    Staff Member

    Joined:
    May 3, 2009
    Location:
    Boston
    #4
    I did that once and it was a fairly seamless act. I had a fairly high car loan once which is fine, but then my wife was laid off and that changed everything. The refinancing helped lower the payments, but the downside is that it resets the clock on when you actually own the vehicle.

    I'd probably not do it again, and I'm quite zealous over making sure what ever I drive, has a low payment if I buy (or lease)
     
  5. sdilley14 macrumors 65816

    Joined:
    Feb 8, 2007
    Location:
    Mesa, AZ
    #5
    You can refinance a car just like you can refinance a house. You can refi to get a lower rate, a lower payment, a shorter or longer term, you can refi and get cash out against your equity in the car, etc etc.

    Credit unions will typically offer the best rates. Aside from that, most of the national lenders are about the same as far as rate, terms, credit requirements, etc. - Chase, Ally, Wells, or you can go through a place like Lending Tree where they run your app across multiple lenders to find the best deal.

    If they have "credit challenges" or they're maxed out on their equity in the vehicle (100% loan-to-value or higher) they can look at subprime lenders, finance companies, etc.
     
  6. obeygiant macrumors 68040

    obeygiant

    Joined:
    Jan 14, 2002
    Location:
    totally cool
    #6
    So your friend who recently gave birth here already had a car and wants it refinanced? or she now needs a car because she's had a baby?
     
  7. Stella Martin macrumors newbie

    Joined:
    Nov 5, 2014
    Location:
    Irvine, CA
    #7
    Others here have a great idea. You can try an auto loan with a credit union. I know they are giving a low interest rates.
     

Share This Page