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| *Loan,banking and credit>>>refinance loan |
How much will my interest rate go down after i refinance my car loan? |
i bought a car 2 months ago and the dealer told me that i can refinance my loan after 7 months. my current interest rate is 12, what will it be after i refinance? please help!!! i live in NY if that helps I think the dealer was pulling one on you. Contact your bank for their latest interest rates. 12% interest for a car is really high. I agree with the first poster. The dealer was just blowing smoke up your *ss. It mostly depends on what your credit score is, and any deragatory stuff that shows up on your credit score. Yes 12% is high, but ive seen people as high as 22 for a car loan. Auto finance is what I do for a living and the dealer was giving you what we call "Hope for gain". This is when you tell the customer what they want to hear to close the deal. All auto loans are based on the following factors; 1. LTV (loan to value). 2. Term of loan. 3. Age of vehicle. 4. Miles on vehicle. 5. Credit score/profile. 6. Down payment. 7. Time on job. 8. Time at residence. 9. Income per month before taxes. If you have made 7-payments (banks normally look for at least 12) and you have decent credit you may be able to refinance at your local bank or credit union. Depending on how the loan was structured in relation to the above factors, 12% is not a bad rate actually. Finance Manager for a car dealer for over 7-years. |
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