Refinance auto loan with us bank/cars inc.?
Has anyone ever refianced their auto loan with this company? cars inc. who uses us bank to refi your car loan. it says i may be able to lower my apr% to as low as 5.99% and lower my monthly payments. check out the web site and let me know what you think if you have never heard of them, or let me know what i should do. my current loan is is w/chase is 10.14% and 539.41 monthly payments for 6yrs (72months). www.autorefi.comif i refinance it will they need to also check my income? beacause when i got the loan the guys wanted to get us the loan so they used my credit with myhusbands income. i dont think another comany will do the same. also i got the loan in may 07 for a 07 car.
Answer
Us bank, has been around for many years and is used by many car dealerships to finance their vehicles. from what you stated, they are not guarantying the 5% rate. you will have to apply to find out the rate you will qualify for. there should be no application fee or refinance fee! if you qualify for the lower rate, then refinance the loan! however, do not finance for longer than what payments remain on your loan now and if you can afford your current payment, finance it for a shorter time to reduce the finance charges you will pay far less interest and accelerate your equity position.
