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Q: Car loan refinance - under $7500 ( No Answer,   6 Comments )
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

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.

There is no answer at this time.

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 (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,
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 (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.

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:
Subject: Re: Car loan refinance - under $7500
From: supportg-ga on 21 Jul 2004 00:10 PDT

 try with 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 might get approved for 4.2% to 5.2% auto loan
over the "phone".

Good Luck,

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