refinancing

butdamnbrian · 10-01-2010, 09:32 PM

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.

FuszNissan · 10-01-2010, 09:37 PM

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

butdamnbrian · 10-02-2010, 03:52 AM

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

TongMan · 10-02-2010, 12:03 PM

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

flashburn · 10-02-2010, 12:40 PM

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

fuct · 10-02-2010, 12:47 PM

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.

flashburn · 10-02-2010, 12:58 PM

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

Cell · 10-02-2010, 01:02 PM

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

10-01-2010, 09:32 PM	#1 (permalink)
butdamnbrian Enthusiast Member Join Date: Jul 2010 Location: bay area, ca Posts: 254 Drives: the ladies wild Rep Power: 15	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.

10-01-2010, 09:37 PM	#2 (permalink)
FuszNissan A True Z Fanatic Join Date: May 2009 Location: St. Louis Posts: 14,275 Drives: Pure Sex Rep Power: 542	So you reset the clock. How much did you finace this go around? __________________ Mods: Too Many to list! LouFuszNissan ZDAYZ 2012

10-02-2010, 12:40 PM	#5 (permalink)
flashburn A True Z Fanatic Join Date: May 2009 Location: Central Florida Posts: 1,884 Drives: '12 Corvette GS 6M Rep Power: 19	Has anyone with PenFed tried to do a refinance? Mine is at 3.99% but they do 2.99% now for new cars. __________________ Current Ride: 2012 Chevrolet Corvette Grand Sport Centennial Edition Carbon Flash 6M Previous Ride: 2009 Nissan 370Z Sport Platinum Graphite 7AT

10-02-2010, 12:58 PM	#7 (permalink)
flashburn A True Z Fanatic Join Date: May 2009 Location: Central Florida Posts: 1,884 Drives: '12 Corvette GS 6M Rep Power: 19	True, but a low enough interest rate would be enough to negate that. __________________ Current Ride: 2012 Chevrolet Corvette Grand Sport Centennial Edition Carbon Flash 6M Previous Ride: 2009 Nissan 370Z Sport Platinum Graphite 7AT

10-02-2010, 03:52 AM	#3 (permalink)
butdamnbrian Enthusiast Member Join Date: Jul 2010 Location: bay area, ca Posts: 254 Drives: the ladies wild Rep Power: 15	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

10-02-2010, 12:03 PM	#4 (permalink)
TongMan A True Z Fanatic Join Date: Feb 2010 Location: NorCal Posts: 1,297 Drives: 2013 Nissan GTR Rep Power: 715	I also will be refinancing, but I'm going to wait a year until I do so. My current apr is 6.5%...ouch!

10-02-2010, 12:47 PM	#6 (permalink)
fuct A True Z Fanatic Join Date: May 2009 Location: Sugar Land Posts: 3,692 Drives: 97' Ranger :) Rep Power: 24	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.

10-02-2010, 01:02 PM	#8 (permalink)
Cell A True Z Fanatic Join Date: Jan 2010 Location: Chicago Posts: 1,449 Drives: A Garbage Truck Rep Power: 21	Why not go with penfed from the get go? I did and I am very happy with the 2.99% interest rate.