refinancing
 

just thought i'd share my experience refinancing the auto loan for the z.

so i picked up my car in the beginning of august 2010, and i've had it for two months. i financed about 2/3 of the total price of the car. nissan's credit report established my credit score in the 750-850 range, but i was only offered a rate of 5.9% through nissan financing.

as other forum members have suggested, i did some research into refinancing the auto loan, and ended up going with safeamerica (a credit union that's well-established in the san francisco bay area).

i'm in the paperwork stage, and my new rate will be 3.49%. over the 60 month life of the loan, i'll be saving about $1500 total.

not bad at all.

So you reset the clock. How much did you finace this go around?

the credit union will contact nissan directly for a pay-off quote, and then pay the exact amount (roughly 2/3 of my original out-the-door price). i won't even see a cut check :cool:

I also will be refinancing, but I'm going to wait a year until I do so. My current apr is 6.5%...ouch!

Has anyone with PenFed tried to do a refinance? Mine is at 3.99% but they do 2.99% now for new cars.

when you finance you pay a majority of the interest up front. more of each months payment goes to interest the first few years than the last few years. just a heads up.

True, but a low enough interest rate would be enough to negate that.

Why not go with penfed from the get go? I did and I am very happy with the 2.99% interest rate.