is there anyway to "refinance" a new car, if you think you can get a lower interest rate, in my case my father is hoping to take my name off the contract we have for the MSP since he was told by a friend of his that works for a different Mazda dealer than the one we purchased the car from, unfortunately his dealership does not sell the MSP, that we might of received a raw deal.
Question...
- Thread starter YoBlack
- Start date
timrock101
Member
Contact your local bank or credit union, they should be able to give you info on refinancing, I did it that way and brought my interest rate down by 10%.
Tinkerbelle
Member
- :
- 2003.5 Titanium MSP
Get this -- maybe 2 days after we drove our car home, the finance guy at our dealership left a msg on our ans machine to say he could get us a BETTER rate, and could we come back in and re-sign some papers? 
Have you heard of such a thing!
Needless to say we zoom-zoomed back to Greenville the next morning and he'd found financing for us that was 4 points lower!!
Yes we financed thru the dealer, their rate was already better than what the bank was offering, and with the additional 4 pts it's even better. We figured we'd be refinancing a year or two down the road (once student loans aren't affecting our credit so much), but that's pretty neat, huh?
DEFINITELY check your own local bank and credit union, though... I admit this was a fluke!!!
Have you heard of such a thing!Needless to say we zoom-zoomed back to Greenville the next morning and he'd found financing for us that was 4 points lower!!
Yes we financed thru the dealer, their rate was already better than what the bank was offering, and with the additional 4 pts it's even better. We figured we'd be refinancing a year or two down the road (once student loans aren't affecting our credit so much), but that's pretty neat, huh?
DEFINITELY check your own local bank and credit union, though... I admit this was a fluke!!!
yes often times a dealership will trick you into thinking you have bought a car when you really havent...they submit it to the banks all at once and give you a good estimate based on your credit score...often they will end up getting a lower interest rate for you...when my wife bought her 4runner we actually signed the paperwork four times
! As for re-financing, its possible, but normally you need to wait at least a year...the reason being, is that immediately after you finance your vehicle, you are going to owe WAY more on the vehicle than its worth, unless you put a lot of money down or had a good trade...most banks will not finance vehicles over a certain amount more than they are worth.Tinkerbelle
Member
- :
- 2003.5 Titanium MSP
Ah, that makes sense, Razor.
Well, I do know the paperwork hadn't gone through yet, but I guess I figured if they already had our signature saying we'd pay the higher amount... heh heh... why not take it?
Oh well, there's a remote chance I'm a little naïve (sssh).
Well, I do know the paperwork hadn't gone through yet, but I guess I figured if they already had our signature saying we'd pay the higher amount... heh heh... why not take it?
Oh well, there's a remote chance I'm a little naïve (sssh).
Tinkerbelle
Member
- :
- 2003.5 Titanium MSP
Ahhh... "I see" said the blind man.
Well, it worked!
Well, it worked!
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