Overhaulin'

When can i refinance my car loan ??

i bought a car on June 5th this year ( 200-7-) Now i pay around 425 dollars for it every month , and as per insurance around 198 . i make around 750 dollars a month . i am doing this because i want to be independent from my parents. If i don't start somewhere then i will never be on my own . anyway emotional stuff aside..hehe. When can i refinance my loan , currently it's around 6-7% I think my credit score went high , my equifax is 669 , when i checked right now on creditinform.com. I have chase bank , you think they can lower it ? do you know how much lower they can go ? around 300 maybe? i am goin to take defensive driving class also , i heard that saves a lot of money also on insurance.. Please help , : ) thanks , have a nice day.

Public Comments

1. Refinancing a car loan may not be as easy as you think. I have tried to refinance my 06' Camry and all of the quotes I got had higher finance rates than what I have now and my credit hasn't changed. You can ask Chase, but I feel confident they are not going to offer you an interest rate that is lower than 6%. And since you have only made 1 or 2 payments, even if they did give you a lower interest rate, your payment probably wont go down more than $25 a month. In my opinion, you are going to have a $425 car payment for as long as you own the car.
2. You're not going to find a rate better than 6-7%, that's actually an excellent rate you're already getting, especially for your credit score and income. I would recommend you make extra payments if you want to get out of your loan early. Even an extra $50/month can make a big difference in how quickly your loan will be paid off. Here's an online calculator you can use to figure out how quickly you can reduce your loan this way: https://secure.lendingtree.com/cec/tools/Inline_Calculators/AutoPayoff.asp (It's a java applet so it takes a little while to load) Also, see if you can find a cheaper insurance carrier if you haven't already. Rates can vary widely for the same driver and car.
3. a quick web search came up with lots of results but this is the best one i could find for you.