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?
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Anyone use an online auto refinance company?
- Thread starter 2500Ram
- Start date
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
Active Member
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.
Would you mind sharing the company? I'm curious, like to look and see if it gives me 'this isn't legit' feeling.
Sponge60
Well-Known Member
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 $1,000. I think it was six months. I'd get something in writing from the finance company or dealer verifying you aren't on the hook for the bonus money if you do refi.
The last truck I bought and refinanced like this to get the extra cash back I refinanced before the first payment and there were no repercussions for me. The dealer told me you have to wait 3 months but there was nothing in the contract or the finance agreement stating that. If I would have had a good experience with the dealer I would have waited to refinance so they got their money but they screwed up my delivery and tried to slip in hidden stuff at the last minute so I was happy to refinance and let them lose that money.
Nothing in the contract that makes you keep the loan I have. No prepayment penalty for my loan and probably almost any car loan. Right now I am waiting on a local credit union to shop a rate for me. I would think we should see another rate hike, stabilization, slowly lowered rates next year or two so this may take 2 refinances with one now and one later.
H3LZSN1P3R
You're doing it wrong
Sounds like a big headache for a measly 1000$ 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
You're doing it wrong
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