anyone know anything about Re-financing??

[kelsey]

hi guys,

i bought a new car last year and have a high apr, like 12%. is it possible to re-finance in my husband or brother's name (if i pretend i'm selling the car to them) to get a lower APR? then when i do that, i can sell the car because i really want a camaro and have more money for myself after i pay off the loan?

thanks for all the help everyone!!!

[comiskeybum]

Originally Posted by kelsey

hi guys,

i bought a new car last year and have a high apr, like 12%. is it possible to re-finance in my husband or brother's name (if i pretend i'm selling the car to them) to get a lower APR? then when i do that, i can sell the car because i really want a camaro and have more money for myself after i pay off the loan?

thanks for all the help everyone!!!

only if you owe less or equal to the amount your car is worth. otherwise the banks will say no way jose!

[THE EVIL TW1N]

Originally Posted by comiskeybum

only if you owe less or equal to the amount your car is worth. otherwise the banks will say no way jose!

+1

as long as you are not upside down on the car. and remember that they will have to pay taxes and registration.


Or you can refinance yourself. If you haven't missed a payment and your other credit has been good, then you should probably have a higher score than you did when you first bought the car. Again, as long as your not upside down.

[kelsey]

i'm not upside down, so that should be a good sign.

[kelsey]

great, apparently hyundai does not finance. :(

[Rock36]

A few years ago I refinanced my Mustang from my original creditor to my personal bank, and I was able to cut about 6% off my interest, cut it from a 6 to 5 year loan, and the monthly payment came out to be less. It was really a winning move for me.

I didn't have to use anyone else's name or anything like that. Banks typically will finance within a certain % of the book value. I was upside down a couple thousand, but because I was within they tolerance the refinanced for me.

That was way back in 2006 though before the current financial crisis. Banks are probably far more cautious and strict. Bottom line, just call your own personal bank and see what they can do for you.

[THE EVIL TW1N]

Originally Posted by Rock36

A few years ago I refinanced my Mustang from my original creditor to my personal bank, and I was able to cut about 6% off my interest, cut it from a 6 to 5 year loan, and the monthly payment came out to be less. It was really a winning move for me.

I didn't have to use anyone else's name or anything like that. Banks typically will finance within a certain % of the book value. I was upside down a couple thousand, but because I was within they tolerance the refinanced for me.

That was way back in 2006 though before the current financial crisis. Banks are probably far more cautious and strict. Bottom line, just call your own personal bank and see what they can do for you.

I did the same thing, same differences as well, except for I wasn't upside down. Basically cut one year out of the loan and payment went down a little.