Is this possible?
Thread Starter
Evolving Member
Joined: May 2003
Posts: 191
Likes: 0
From: Fairfield County, CT
Is this possible?
Well here is my situation...
I have my dream car, (don't we all!) and now I am trying to buy my first house. So in preparations for the big down payment and increased monthly mortgage payments (compared to my rent) I am conserving cash and implementing some good ideas.
So basically is this possible????
I have a decent APR on my EVO loan (which is being 20% overpaid monthly, yes!) but I know I could do better elsewhere such as on the Net.
If I find a better rate can I "refinance" my EVO, i.e. basically have a check for the new loan pay off what I owe and start paying off the new loan at the lower interest rate (saving about $30 a month). Or am I locked into the loan I have since the current bank holds the lien? I know CT uses simple interest so I can pay it down anytime. I would guess I could use another lender's check to pay it down but I could be wrong. Is anyone knowledgeable in this area?
Without exaggerating, my credit score is 770, so decent rates are available (I'm at 4.95 now). Thanks guys.
I have my dream car, (don't we all!) and now I am trying to buy my first house. So in preparations for the big down payment and increased monthly mortgage payments (compared to my rent) I am conserving cash and implementing some good ideas.
So basically is this possible????
I have a decent APR on my EVO loan (which is being 20% overpaid monthly, yes!) but I know I could do better elsewhere such as on the Net.
If I find a better rate can I "refinance" my EVO, i.e. basically have a check for the new loan pay off what I owe and start paying off the new loan at the lower interest rate (saving about $30 a month). Or am I locked into the loan I have since the current bank holds the lien? I know CT uses simple interest so I can pay it down anytime. I would guess I could use another lender's check to pay it down but I could be wrong. Is anyone knowledgeable in this area?
Without exaggerating, my credit score is 770, so decent rates are available (I'm at 4.95 now). Thanks guys.
Refinancing cars is easy. I've done it a few times now. Since I bought my Evo in March at a 4.25% rate, my credit union has slowly dropped rates down to 3.5%! I wonder if they'll let me refi with them... I doubt it, they already have my money, heh.
Go find a local credit union or bank with better rates, you should be able to do a lot better than 4.95%, especially with that high of a score. There shouldn't be any transaction fees or anything like that, it's not like refinancing a house. I've never had to pay any. Though watch out, because they'll give you that 1 month grace period before payments start (just like when you buy the car). That's just a month or more of interest right in their pockets. Also see if you can get them to match your current remaining term, rather than starting a new 4 or 5 year loan all over again.
Go find a local credit union or bank with better rates, you should be able to do a lot better than 4.95%, especially with that high of a score. There shouldn't be any transaction fees or anything like that, it's not like refinancing a house. I've never had to pay any. Though watch out, because they'll give you that 1 month grace period before payments start (just like when you buy the car). That's just a month or more of interest right in their pockets. Also see if you can get them to match your current remaining term, rather than starting a new 4 or 5 year loan all over again.
