Refinancing My 2003.5 Mazdaspeed

[instylz]

I was just wondering how long you need to wait when you want to refinance your vehicle. I know if I stayed with Mazda I would have to wait a full year. What if I went through the credit union at my job?(or elsewhere) I'm just interested in hearing experiences from individuals who had this done from another bank other than mazda and how they went about it. Thanks... (getting ***** 14.25%....first car and only 20)

 

[Matthew]

if you refinance within your first year the bank or credit union will not have the 2003's on their books yet and will have to refinance you based on your msrp. however, if you do it within a year, you may not have had it long enough to get refinanced. it all depends on your credit i suppose. i refinanced mine last month when the car was 8 months old. they didnt have it on the books cause they only have 2002 for now, so they said it was worth 17125 and i owed 16 on it. understand your car depreciated big time since you bought it, and most banks will not refinance a car that you owe more on. its too much of a risk for them. they will ask you to make up the difference, which is why its important to finance in the first year.

/ramble

 

[EXA4DRIVER]

I was just wondering how long you need to wait when you want to refinance your vehicle. I know if I stayed with Mazda I would have to wait a full year. What if I went through the credit union at my job?(or elsewhere) I'm just interested in hearing experiences from individuals who had this done from another bank other than mazda and how they went about it. Thanks... (getting ***** 14.25%....first car and only 20)

Jesus Christ What was your FICO score? At 14.25%, you would be better refinancing, even if there was some sort of pre-payment penalty.

 

[Matthew]

FIC-A-

anyways. if its his first car, i can understand. i had a car co-signed by my dad prior to my P5 and this was my first sole title. i financed at 10 percent, then dropped it to 6 with the soldiers and sailors relief act of 1917 when i deployed then refinanced at 4.75

 

[alexlitov]

I think it's part of the dealership trying to make up some $$ back if they lost on the car

 

[instylz]

Oh yea no co-signer either I'm all on my own....good credit thou and dealer didn't loose much on me so idk

 

[NEED4SPEED]

5% with $0 down.

 

[alexlitov]

0% with 0 negative equity

 

[EXA4DRIVER]

FIC-A-

anyways. if its his first car, i can understand. i had a car co-signed by my dad prior to my P5 and this was my first sole title. i financed at 10 percent, then dropped it to 6 with the soldiers and sailors relief act of 1917 when i deployed then refinanced at 4.75

For some reason, it's FIC-O- for some loan companies out here in Cali

 

[1sty]

The only one I saw worse then that was for 22% for a guy with zero credit and a bunch of debt.
Why the hell would you ever buy a car for that % rate?Age has no bearing on it. My first car I bought at 18 was my MX-6 and I had a 8% rate, then the MP3 was at 7.9% 2 years ago.

Its FICA here, I have a 768

 

[Matthew]

age itself doesnt have a bearing, but if youre young, you prolly dont have much credit.

 

[1sty]

NOt much credit still doesn't hurt. I had basicly no credit when I had the MX-6. YOu must have piss poor credit to have a loan rate that bad these days.

 

[Jason94Cobra]

Mine was about a week old when I got approved for a new loan... so might depend on the place you want to get it done through...

 

[mspdfreak]

Good God!! **** youth! 0.0% here.

 

[Mike R]

I want to try refinancing and transferring ownership (so it's just mine) to get a lower payment. I paying 8% and have a cosigner. Big ole 0 on the credit rating.

 

[pHase1]

0.4% through my credit union...

 

[JTP]

I couldnt get a loan when I had 2 years of perfect credit and was 20 years old and had worked at a job for 3 years making 14 bucks an hour. Now Im 22 have lots of dept and a rating of 498 on my credit and can get 8 percent. Funny how it works.

 

[Gbourdon]

My credit socre is like a 625 or something. It's not great but it's not bad either. I have quite a bit of outstanding debt and didn't think i'd even qualify but was approved at 6.25% with 0 down. I also had just started a new job 3 weeks prior to purchase.

 

[1sty]

Yep I am thinking less to do with credit and more to do with getting worked over by the dealer.

 

[Matthew]

the dealer has nothing to do with the interest rate. they see absolutely none of that money. its in their best interest actually to get you the best rate because it makes you happier and brag about the rate you got, like many of you just did. you get no kickbacks from mazda credit for getting someone at a higher interest rate. plus, most people that are financed at something like 14 are prolly financed through a secondary finance company like continental or capital one.