What you need to understand is, that BAD things happen to GOOD people. I've been there myself.

 

Guys, when you put more money than the required amount to your 'car payment' per month, make sure it goes to the principal like someone above said. It shouldnt diminish next months payment. Best way to prepay stuff is to set asidehalf of your payment every two weeks. So if your car payment is $400, try to pay $200 every two weeks. This works for a lot of people bc most people consider a month to be 4 weeks. Comes out to one extra payment per year. VERY common for 30 year mortgages... by doing this it shortens the term of the loan to less than 24 years.
Also, if you are getting better offers elsewhere, threaten your current lender that you are going to repay the entire loan in one shot.... they're most likely to help you if your credit is good bc some interest is better than none.

Btw, I'm an analyst for a really large commercial bank lol

 

Some crazy rates. I'd suggest visiting you local credit union; they can really help you out. I'm at 0% through Ford.

 

Hello sir.
Will you tell what is good time to refinance our car.

 

Capital One was going to be my suggestion when I read the thread topic but looks like you already went that route. I went through them once and I got a great rate on a van for my company but you just need to follow all the proper steps they require to make things go smoothly. You could also use it as a bargaining chip with your current lender. If you go the Cap 1 way with a lower payment, keep making the same amount you were to your previous lender and youll pay it off alot quicker without doing anything different from what you have been doing already.

 

Oooold thread.

I can't believe those interest rates mentioned here though. There is no way I'd agree to something like that. I'd just go find some other car to buy until I could get cheaper rates. Luckily for me, I have excellent credit and got a 0% deal through Ford Credit. Of course, I also didn't try to buy a car like this when I was a teenager. That's just dumb IMO. Doing that welcomes you to VERY high interest and VERY high insurance. It's just not worth it.

 

refi whenever you get the best deal! I bought my 2005 in July at $230 a month @ 7.1% for 72 mos. My last loan was 2 months before for my Passat W8, $215 a month @ 6.3% for 60 months. I was 21 when I got both loans. Also used car loans are higher than new car loans.

take the best rate you can find

 

Hrm.
17.99% through Ford Motor Credit.
60 months.
$342 a month.
I had no credit at all.
Original sticker was $24k I believe.
Put $10k down.
Been paying off for 9 months now.

What's a good idea for refi? =P

 

My loans have been through my credit union, I would def check your area for one. Generally have better terms too

 

I know that feeling. I look at the bright side... My car cant talk back.

I am only paying 6.5% for a 84 month note through a credit union