Anyone use an online auto refinance company?

[2500Ram]

When I bought my truck about 3 weeks ago they offered to take an additional $1000 off if I accepted an insane interest rate. You cannot put $1000 on the table and tell me not to touch it. So now I need to refinance. I can go to my bank but I see there are a lot of online auto refinance options. My credits over 800 and I want 72 months. This is showing rates in the 2-3% range. Any input whether one of these companies is legitimate or am I wasting my time?

 

[MtnRider]

Before you do that I would read the fine print of the current loan very carefully, they may have locked you in being that you took that money up front. I would be shocked if they did not. There is probably a penalty for paying off or refinancing before a certain period.

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[2500Ram]

Before you do that I would read the fine print of the current loan very carefully, they may have locked you in being that you took that money up front. I would be shocked if they did not. There is probably a penalty for paying off or refinancing before a certain period.

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I am not locked in - they are just hoping I stick it out.

 

[werard]

Many of the "major" banks do online loans, as well as many credit unions. Just have to be sure they still call it a "new" vehicle loan and not a "used" vehicle loan.

 

[agtcovert]

When I bought my truck about 3 weeks ago they offered to take an additional $1000 off if I accepted an insane interest rate. You cannot put $1000 on the table and tell me not to touch it. So now I need to refinance. I can go to my bank but I see there are a lot of online auto refinance options. My credits over 800 and I want 72 months. This is showing rates in the 2-3% range. Any input whether one of these companies is legitimate or am I wasting my time?

Would you mind sharing the company? I'm curious, like to look and see if it gives me 'this isn't legit' feeling.

 

[Sponge60]

GMAC gave me an extra grand for using them on a Silverado one time. There was a time frame that I could not refi, or I would lose the $1,000. I think it was six months. I'd get something in writing from the finance company or dealer verifying you aren't on the hook for the bonus money if you do refi.

 

[d19r93]

Most of the time, you have to make at least a few payments. That's been what I've read when I see the "We will give you money if you finance through us" deals. There is always a catch.

 

[jenninr]

The last truck I bought and refinanced like this to get the extra cash back I refinanced before the first payment and there were no repercussions for me. The dealer told me you have to wait 3 months but there was nothing in the contract or the finance agreement stating that. If I would have had a good experience with the dealer I would have waited to refinance so they got their money but they screwed up my delivery and tried to slip in hidden stuff at the last minute so I was happy to refinance and let them lose that money.

 

[2500Ram]

Nothing in the contract that makes you keep the loan I have. No prepayment penalty for my loan and probably almost any car loan. Right now I am waiting on a local credit union to shop a rate for me. I would think we should see another rate hike, stabilization, slowly lowered rates next year or two so this may take 2 refinances with one now and one later.

 

[H3LZSN1P3R]

Sounds like a big headache for a measly 1000$ But if i were you id go see your current bank often times they will offer a better rate as a loyalty bonus in my experience

 

[2500Ram]

Sounds like a big headache for a measly 1000$ But if i were you id go see your current bank often times they will offer a better rate as a loyalty bonus in my experience

Absolutely not worth the $1000 discount. At the time I was fine with it because the last 2 Rams had the same deal and I refinanced a couple weeks later. This time around its a bit of a pain and I wish I had let it ride on the better rate.

 

[H3LZSN1P3R]

Absolutely not worth the $1000 discount. At the time I was fine with it because the last 2 Rams had the same deal and I refinanced a couple weeks later. This time around its a bit of a pain and I wish I had let it ride on the better rate.

I know right now rates are stupid through banks for any Auto or personal loans they were quoting high 8s when i checked when buying my Polaris ranger while my mortgage i renewed at low 2s i also have a great credit score but the economy is in the toilet