Refinance Auto Loan

New hwUn20
Aug 5 11 Comments

Hi,
My current auto loan rate with Hyundai Motor Finance is 6.8. My credit score is 740+. They gave me rebates and bumped up the APR.
Any suggestion of credit unions/banks for refinancing to lower my APR?

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TOP 11 Comments
  • Oath Atinlay2
    Never refinance an auto loan. Let alone a Hyundai. You took a bad deal from the beginning. Just pay it off and lesson learned.
    Aug 5 7
    • Indeed / Eng indoodle
      The payoff amount DOES NOT include interest
      Aug 5
    • Oath Atinlay2
      Yea it does! The interest you’re compounding when you bought the car the first time!
      Aug 5
    • New hwUn20
      OP
      No it doesn’t!
      Aug 5
    • Oath Atinlay2
      You’re far from the expert, or you wouldn’t be taking crappy deals and asking for help
      Aug 5
    • Indeed / Eng indoodle
      @Atinlay2, there’s something called the principal. That’s the payoff amount. That’s what you ACTUALLY OWE. Compounded interest is calculated at the very beginning and amortized across all payments. The first payment will be mostly interest, the last will be mostly if not all principal. Paying off a loan only requires (nowadays) that you pay off the outstanding principal amount. Refinancing is basically taking a loan for that outstanding principal amount and redistributing it again across X payments with a new interest calculation and amortization schedule. OP actually made a good choice IFF he can get a much lower rate through refinancing. Otherwise those “rebates” were simply just put into the loan itself in a form of higher interest. All in all, the smart(er) move is to always get the deal that lowest the cost of the car the most and then pay off the loan quicker or refinance at lower interest.
      Aug 5
  • Cisco nah888
    DCU
    Aug 5 0
  • New hwUn20
    OP
    I know. Looking for some names of credit unions offering lower rates.
    Previously threads had DCU. They are currently offering 3.74 provided my paycheck is deposited directly into the checking account of their bank.
    Aug 5 0
  • LinkedIn ex-@$
    That's super high. Go find some credit union to refinance.
    Aug 5 0

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