Loan Officer « auto loan rates

August 10, 2010

I purchase a tahoe 3 weeks ago and i realize that the interest rate is 17.5 % for a 27,000 auto loan?

Filed under: Credit — Tags: Auto Loan, Interest Rate, Internet Buddies, Loan Officer, Loan Rate, Refinance, Tahoe — @ 3:23 pm

ohni0000 asked:

this interest rate is making the montlhy payments $650 /month. The loan officer said that if I pay this for a year we can get it refinance. I not sure about this, I believe I jumped to fast and didnot realize. My questions are, is this too much interest , can I get it refinance for cheaper payments like she said, can I take vehicle back to save from going through this, is 17.5% alot???? Please help me , I really dont know too much about this and need help from internet buddies. Thansk in advance

Jamie

Comments (6)

July 7, 2009

When would be a good time, in this economic climate, to try to refinance an auto loan?

Filed under: Credit — Tags: Auto Loan, Banks, Credit Report, Economic Climate, Economy, Good Time, Loan Officer, Loan Processor, Refinance Auto, Refinance Loan, Risk, Shape — @ 5:25 am

CoBird asked:

I bought a car almost a year ago, my mother cosigned for me, and I am wondering if it is even worth it for me to try to refinance so it’s only under my name. With the economy the way it is and all I have been hearing about banks tightening their guidelines, I don’t want to risk hard pulls on my report for no reason.

I’ve been making payments for 11mos now and have always been on time and above the minimum. The rate as of now is 8.9% and my credit report is in better shape than it was when I first took out the loan.

Hopefully someone who works as a loan officer/processor can help me out!

Thanks!

Terri

Comments (2)