auto loan rates

lkg919 asked:


I have an auto loan with my credit union with a balance of 21,000, the loan term was for six years – began in 10/08, my payments are 370.00/month and I believe my interest rate is around 5%. Should I take my tax refund (6000) and apply it towards my loan?

Does anyone know how much time it would approx. take off the life of my loan? Would this benefit me in the long run? Or should I let my tax refund collect interest in a savings account?
i don’t need a loan!! i already have one.

i am not asking about what kind of loan i should get. i already have an auto loan, i am asking if i should make a large principle payment, and what the pros and cons are.

Keith

Loki asked:


My auto loan has about 5k and change left. I had no credit, nor a co-signer, so I had to bite the bullet of a high interest rate. 14% to be exact. High, I know. However, I want to pay this off by September buy sending in $1000 every 2 weeks. This is possible, but I need to know how this interest is applied. I don’t want to send in 1k and have it all go to interest. I believe the interest was precalculated, so how would this work? Paying 1k until September will leave me with a few payments, but I at least wanna have 12 payments made before I pay it off. Going back to school, so I will need the extra $230 a month, which is what I pay monthly. Any help would be greatly appreciated. Thanks.

Juan

Rush_Informer01 asked:


I’m looking for a car loan for about $10,000 so I can buy my new car before I sell my current one (which is paid off). I have a good credit score of 741 last I checked. I’m in the USMC reserves if that will help with interest rates. I don’t have very much monthly income however since I just quit my civillian security job.

Edwin

sis2sis asked:


I recently bought a car, and had to take a loan with an interest rate of 24.99%. That means that I’m going to pay double for my car once its payed off. I’ve been hearing that I can try refinancing after 6 months of “on time” payments, but I’ve applied twice now, and been turned down both times. Does anyone know anything about this. Who I can call? Or how long I should wait before I try again. The company that financed me does not offer a refinance option.

Tiffany

heather_ernst08 asked:


I don’t know if its possible to refinance my husbands auto loan if his auto loan has an attached loan. He recently needed a loan and the only way they offered him a loan was to refinance his auto loan and it left him with a high interest and such so is that still possible for refinancing? And if it was just refinanced for the additional loan just back in may is it possible to refinance in july for lower interest rate or is refinancing to close together bad? And if the bank that has the loan right now if they have lost the bill of sale and owner documentation does that make it impossible for me to refinance the car? thanks.

Sara

Sobe Itsavized asked:


https://www.bellco.org/Rates_Loan.asp
https://www.bmecu.org/welcome.html
http://www.elevationscu.com/rates/index.cfm?ratefile=rates_all
http://www.bvcu.org/BVCU_rates.php?action=loan_all&discl=loan

Which credit union has the best offer for secured credit cards and auto loans?

DON’T BOTHER SUGGESTING CREDIT UNIONS THAT DO NOT HAVE BRANCHES IN COLORADO. IF YOU HAVE A BETTER SUGGESTION FOR A CREDIT UNION (OR BANK) THAT HAS A BRANCH IN COLORADO WITH BETTER DEALS, FEEL FREE TO SUGGEST. OTHERWISE, PLEASE SELECT FROM THE ABOVE 4.

Thank you.

Stella

Roxer asked:


Well i am planning on getting my motorcycle addition to my license and right now am saving up to buy a sport bike. I am working 2 jobs and am a full-time college student. I plan on spending around $7000. If I save up $2000 as a down, what are the chances my bank (HSBC) would be willing to give me a loan to cover the rest? would I be better going to the UAW credit union (which i am part of) to get one? What would increase my chances of getting a good loan with a good rate?

I plan on doing this all around May 2009…
I am asking this because of this recession and how this will affect me…as i am not sure how it does…
Wow that was horrible English, I’m sorry.

Katherine

JJ asked:


Right now my Fico score is at 568. On my credit report the reasons stated for my low score is because of a severely late payment 8 months ago from a student loan. The reason for this is that for some reason the lender didn’t update my account as being deferred and when I found out about it, I paid it up to current and have made all other payments on time (before and after this with them). I tried contacting them about this but they are not willing to help with the late payment reporting. I also have a large amount of inquires because I’ve been applied for loans with the “bad credit” dealerships only to be told I can get a used $10000 car for like $500 a month payments (not a very good deal in my eyes because most of the vehicles have 100k miles). Now with what fico has released as the scoring for late payments my interpretation of that would be that my score would be in the 650’s if my student loan had reported correctly. If I were to go to a bank or credit union and explained my situation with that would it help me get into a vehicle or just hurt me with another inquiry? I do have some old collections from a divorce that I have been paying off and having them removed that were from about 4-5 years ago, but now I need a new vehicle and all my excess cash went to old bills so I am limited on a down payment. Currently I have 2 credit cards with a total of $500, 20% utilized just to keep a good reporting. I have been at my employer and address for 18 months and my AGI approx 40k.

I am hoping to get some professional opinions whether it would be possible to get an auto loan through a CU or Bank. Would going to a large dealership be the best bet? Any guess on the probability to get a loan would be great.
I understand I would have a higher interest rate but I am willing to accept that. I am just trying to get into a new or slightly used vehicle and bring my score up by April 2010 to purchase a home.

Edith

skiairplane asked:


My credit union approved me to refinance my vehicle for 3 years at 2.9% for a max of $25, 750.00. I owe $29,000.00. I will have to come up with the difference of $4000.00 which I only have $1000.00 of. I can take it off of one of my cards at 0% interest till 2010 and pay it off in 3 months. My question is is that wise? My current rate is 7.9% on the vehicle. When I bought it a year ago my score was much lower then it is now. Any thoughts?

Marjorie

thehoydojo asked:


I am working out a budget for what I can afford and figure that $250.00 a month is beneath a comfortable sum for me and is very safe.

More than likely I’d be refinancing the vehicle through my local credit union at a lower rate and for the credit score bump after I purchase it, but what I am curious about is what type of terms I should get.

Is it better for me to get a lower monthly payment/longer loan but then pay extra on the payment or make double payment. Or just to get a loan for what I can afford each month/short loan.

Sandra