Refinance Auto Loan?
I bought a car the other day and financed through them, but really it's through PNC or some shit. My rate is like 6.25, I think. What are the rates like right now for private auto loans? I called Pentagon Federal Credit Union, Wintrust, Capital One, Chase, Barclays, and AAA before going in and got quoted rates in the 6s too. What are refi costs for a car and is it even worth it? My payment's already pretty chill, but why not. Credit is ~790. Thanks homies
With a 790 FICO your rate is >6? I'm with a credit union with a 780 FICO and my rate is 2.1%. Your interest rate seems way too high, I'd check with some other credit unions if you can get membership with them.
This is CPO though. Volvo if it matters. 72 months. I got like 0.9% with my Kia but that was financed through Kia Finance. I don't know what's up with these rates, man. I don't know shit about car stuff. I don't understand why I can still get a 4.25 maybe 4.5 mortgage but they do me like this with the auto.
CPO and Volvo don't really make a difference in terms of rates. Rates are mostly derived from your income and FICO. Your FICO is really high, so you should be getting a much lower rate.
If you're in SoCal check out Schools First. Elope some teacher/ school admin and you'll get awesome rates on auto and home. For reference mine is 60 mo, 2.1% interest, no down payment loan. Seriously, 100% financed.
My wife is a teacher, but we're in Chicago. When did you get your loan? And what do you mean CPO doesn't matter? Rates on new cars are lower.
The loan officer told me its simply "new" and "not new". Could be mistaken, I haven't researched it myself. I was happy with my rate so didn't really push back much. I got my loan about a year and a half ago.
Environment has changed pretty substantially since then. Any of you guys buy a used car in like the last 2-3 months?
BTW BTW BTW for those interested: Volvo just changed their CPA warranty from 7yr 100K to 5yr unlimited. I bought 8 years unlimtied for like $2K. So now I have a pretty much new Volvo for 1/3 the price and an awesome warranty with unlimited miles. This changed literally a month ago.
and a dashboard hula girl for good luck
Pay cash for your cars. We are financiers not stupid consumers. S/O Dave Ramsey.
Why would I pay cash for anything when I have an IRR higher than everyone but a loan shark?
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