E-Loan good for auto refi??

[cbmeeks]

I want to slash that ***** 23.21% interest auto loan I have for something a lot lower.

[slimcustomer]

Holy cow that's a high rate! Here is a resource for low interest car loans - Auto Loan Rate Thread .

[poundwise]

Originally Posted by cbmeeks

I want to slash that ***** 23.21% interest auto loan I have for something a lot lower.

Wow.

First of all, how much do you owe on the vehicle? Most lenders will not do a refi unless the loan amount is at least $7500.

Secondly, are you upside-down in the loan? Without more details, but with that rate, I expect that you are. That may be a big obstacle to overcome. Most lenders aren't going to lend you substantially more than the book value (if that) of the vehicle for a refi.

I'd certainly move forward with some plan. That's huge interest on an item that you can do something about one way or another. Best wishes!

Also, you might to check out Capital One's auto refi offering. I understand that their process is simple and fast. Another option might be to try Prosper.

[cbmeeks]

Originally Posted by poundwise

Wow.

First of all, how much do you owe on the vehicle? Most lenders will not do a refi unless the loan amount is at least $7500.

Secondly, are you upside-down in the loan? Without more details, but with that rate, I expect that you are. That may be a big obstacle to overcome. Most lenders aren't going to lend you substantially more than the book value (if that) of the vehicle for a refi.

I'd certainly move forward with some plan. That's huge interest on an item that you can do something about one way or another. Best wishes!

Also, you might to check out Capital One's auto refi offering. I understand that their process is simple and fast. Another option might be to try Prosper.

I will have to look at the paper work again....it MAY be 21.23% instead of 23.21% (yeah, I know...BIG difference...lol)

Anyway, I owe about $13,000 on the van and I am current. Never been late.

Also, I have a car loan that is 17%. I am getting raped!

The only good news (if you want to call it good) is that my mortgage is a fixed rate and it's 6.75% so that's not the worst rate there could be. :-)

cbmeeks