Auto Loan Refinance

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

  1. Cranehandler macrumors member

    Mar 11, 2016
    Manila, Philippines
    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


    Mar 2, 2008
    Always a day away
    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


    Oct 20, 2011
    Austin, TX
    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


    Staff Member

    May 3, 2009
    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

    Feb 8, 2007
    Mesa, AZ
    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


    Jan 14, 2002
    totally cool
    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 Suspended

    Nov 5, 2014
    Irvine, CA
    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.

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