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Subject:
Car loan refinance - under $7500
Category: Business and Money > Finance Asked by: esarkissian-ga List Price: $7.25 |
Posted:
08 Jul 2004 20:27 PDT
Expires: 07 Aug 2004 20:27 PDT Question ID: 371659 |
Hello, Anyone know where I can refinance my car loan of $6700? I have 2 years left of my 5 year loan, but I'm tired of paying $350/month. I'm basically just trying to lower my payments to $150 or so, I don't care if it tacks on a few more years...maybe by then I can pay it off in 1 lump sum. Here's the problem though: my current lender won't give loans under $7500, and they say that's pretty much industry-wide. No shady places please, and no E-loan. Thanks. Ed |
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There is no answer at this time. |
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Subject:
Re: Car loan refinance - under $7500
From: cmiller-ga on 09 Jul 2004 04:19 PDT |
I ran into the same problem two years ago. I couldn't refi one of my cars. ( I only owed $5500) I could on the other one. While you mentioned no e-loans, I did get mine from www.peoplefirst.com (now Capital One Auto Finance); and I reduced my seven year loan to five, and cut my interest from 7.5% to 5%. A significant savings! One suggestion, become a credit union member, I have had great success with them in the past, doing the same thing. Good Luck. |
Subject:
Re: Car loan refinance - under $7500
From: smudgy-ga on 09 Jul 2004 06:49 PDT |
I'll concur with cmiller about credit unions. I had a car loan, 4 years, only $7500 to begin with, through my credit union. In about a year, when rates dropped again, I looked into refinancing (at that point my loan was only $6000 or so) and I had no problems with it; refinanced to a 3 year loan at a better rate and ended up saving about $25 a month. Credit unions are good in this regard because they are (as far as I know) generally nonprofit. Thus they can offer better rates and fewer fees. (I get free checks on my checking account and pay no fees whatsoever unless I overdraft; and I have a relatively good percentage rate to boot.) Good luck, smudgy. |
Subject:
Re: Car loan refinance - under $7500
From: esarkissian-ga on 09 Jul 2004 10:06 PDT |
Thanks Cmiller/Smudgy, I hope I don't have to post this as another question, but where do you find a credit union and how do you join? I've heard family members say they joined so-and-so credit union through their employer, but I have no such opportunity. Also Cmiller, I meant E-loan the company, not e-loans in general. :) Thanks. Ed |
Subject:
Re: Car loan refinance - under $7500
From: esarkissian-ga on 09 Jul 2004 10:20 PDT |
Cmiller, I just checked peoplefirst.com (Capital One) and it says $7500 minimum. Also, I guess I should mention I'm in California, although it wouldn't matter in this case. Ed |
Subject:
Re: Car loan refinance - under $7500
From: efn-ga on 09 Jul 2004 21:12 PDT |
You can find credit unions in the yellow pages, but they generally don't let just anyone open an account. Here's a page on how to find one you can use: http://www.creditunion.coop/how_to_join.html |
Subject:
Re: Car loan refinance - under $7500
From: supportg-ga on 21 Jul 2004 00:10 PDT |
Hello, try with patelco.org. they let anybody join from a list of 1100 companies and "others" that are not on the list.all you have to do is open a $5 saving account with them to become a member and a copy of your paystub maybe.you might get approved for 4.2% to 5.2% auto loan over the "phone". Good Luck, SupporG |
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