i’m still here. 21 yrs old took a 13k loan at 26% interest for 5 years. car payment is 366 a month. did it out of desperation, i knew it was a bad deal but it’s been a year, i have a better job and my credit score is a 740 now. youtube research before i pull the trigger. thanks for the info👐🏽
Same thing happened to me 2 years ago when I got my car. I also got hit with 14 hard inquires so that hurt my score as well. Pass the info to your children because nobody else will.
you guys are lucky as shit.. im paying a 27k car with 22.5% interest rate.. im more screwed than any of you but I was young and dumb.. its going to take me like 6 years to pay it off.. i'll refinance it once i have a year with the car and when my credit score boosts up because im currently at a 690 credit score atm.
First APR on my loan is 21.33% (I’m 19 so I’m building my credit) it’s been 9 months and I’m about to refinance for 3.70% I’m about to save myself $11,000 😳 I agree with everything this man says
Harold Ashberry No. so basically let’s use small numbers for example; if you have a current loan of 1000 with a high APR of x by the time your term ends you will have paid 2000 but when you refinance the new bank pays the 1000 and gives you a low APR of x so when your terms ends with them you’ll end up only paying let’s say 1200 instead of 2000. You’re prolly wondering why the 2000 from the first loan doesn’t get paid that because the 2000 doesn’t exist until the end of the term so over time you will pay 2000 if that makes sense
I guess you did waste money with the first loan by paying extra with the high APR but if you were on time with payments your credit should have gone up to refi for a better rate and while you did waste some money for a couple months overall refi will save you more money in the long run.
After ive watched this video, i went to my local credit union to inquire refinance my car, i currently have 16.83 interest rate, 72 months and 500 monthly payment, after i inquire in credit union they offer me of 8%interest rate, 48 months and 445 monthly pament. Thank you for this informative video.
I'm still here and glad I watched this. Currently have a loan for 14k at 13% on a car. I can make the monthly payments no problem, but need the lower interest rate so I can make higher payments and be done with it sooner. Thanks a lot!
"Im still here" Thanks so much Jason for the help! Ive been contemplating about refinancing since i have a 5% interest at 5 years right now but my credit union is offering 2.95% at 2 years!!!
I'm still here. I cosigned for my kid when he got a car. Its been a year but refinancing will free up my debt to income ratio again and let him build credit for himself. This sounds like a good option!
Im in the process of trying to refinance my car, and I just want to thank you for all the information that you provided. I currently have a loan that I’ve been paying for 2 YEARS. I have a 15% interest rate. I am now looking to refinance my car, and pay it off in full once my interest rate has been lowered.
I was shocked when a 35k car became nearly $70,000 due to financing. Going to be paying it back twice as fast or quicker, then refinance in 6 months with my credit union.
I'm still here! Glad to know my general concept of refinancing was correct. Hoping to lower my 11% interest to below 5% after making on-time payments all year!
I’m still here. Got my interest rate lowered from 20% to 6% since I signed my active contract with the Army. I was naive and thought that would lower my Payoff estimate as well. I’m young and new to this all.
Refinanced my car after watching this video! I was at 7% for 84 months (I needed my payments low bc I just started a new job and wasn’t making a lot of money) but I got a promotion within 6month and was stuck with that 7% interest rate! So I watched this video and called my local credit union and now I’m at 3.7% for 60 months! So helpful!
I’m still here! I just want to lower my car payments because I plan on putting down the job that allows me to live on my own. I’ll be moving back in with moms to finish school, and getting a job that doesn’t pay me as much. I’ve been making my car payments on time for 2 years straight, so I want to try refinancing even though I’m a little scared. Thanks for sharing the video!
"Pay attention to that kind of stuff, because accidents do happen with timing." As you cut to this clip, you made an accident and spilled some water on your shirt LOL SAME SCENE.
Really going to try to refinance my car , when I first got it i was in a rush and didn’t look over my options my interest rate is 22% my credit score is much better now so I’m hoping I can reduce my interest rate by a lot .
CastrejonHDTV no I didn’t get all the extra things they were trying to sell it’s just that the car was new 0 miles on it . I got the loan at a 19% interest rate. The car was worth 25,000 and I got the loan for 7 years . So if I stay on track I’ll end up paying like 40 something thousand for the whole deal. But thankfully I have increased my income by a lot since when I first got the vehicle, and got my credit up thanks to the loan as well so hopefully I’ll be paying it off in 1 year or so .
@@IvanReyes-ks8qp hopefully you can refinance, that's a really high interest there. Work on your credit score too so you can get better deals in the future.
I just refinanced my car,, when I first got the car 3 years ago my interest rate was 28% with a 5 year term and payments of $285. Now my interest rate is 4.99% and my payments are now $162( the refi term is 5 years but I plan on paying early each month) oh and I had equity in which I used to pay off another high interest loan........ so would you say I did the right thing
Great advice, thanks Jason. I applied with Lightstream and hopefully I get approved and you get that commission! I appreciate your considered time in answering the exact question I had AND a solid recommendation.
I'm still here. And thank you, I really need to do this. I knew when the car lot called me and was trying to get me out of my Mercedes-Benz and into something nicer that I really don't need lol. But I've done too much customization to my car I just want it paid off. Thank you for explaining!
Still here. Just looked through my credit Karma and refinancing car was an option for lower interest rate. I'd continue to pay my original payment so I can pay off car faster is my plan.
Bought a car 5 months ago. I don’t regret the payment nor regret the car. I thank god I have a good job but as a 20 year old they gave me an interest of 13.9 on a 35k car. My credit score says 720-740. Do you think it’s possible for me to drop between 3-6 percent? I just want to save money on the interest but send the same amount as I’m currently paying.
I’m at 28% right now and I just got the car about 6 months ago I’m focusing on getting to 740 score so I can get a better rate paying almost 600 a month is killing me
Got a 21.49 interest rate on a 19,986 loan gonna come out of pocket like 15k in interest , car won’t even be worth that in 6 years … definitely refinancing ASAP
Amazing Video, man! Really interested to learn more about the "Cash Out Refinancing" Option. Can you please explain how to go about doing that? Would you just put the value of the car where it asks for the "Loan Amount" on the application? Looking forward to your reply!
Thanks for the video--very helpful. Any specific recommendation for refinancing? My mom bought a brand new car from dealership, and now she thinks the interests are super high. I suggested that she tries to refinance from her bank since she has a great credit rating (score), but she does not know how to do it, and I don't understand how refinancing really works. If you can break it down how the process, that would be appreciated.
I'm still here. I've got 25% interest on my car because I didn't establish credit since I paid off my truck 16 yrs ago. I'm gonna look into getting a credit card for small purchases. But I'm getting offers since my credit has been going up. Haven't missed any payments since November of 2023. My payment are twice a month at $245. I'd like to lower my payments to 350 a month instead of close to $500.
Hey Jason, just want to thank you for the advice. Just finished closing with lightstream my re-fi. Managed to save $70 on my monthly payment and pay off around the same time on my original loan. Taking in consideration the "savings" I will be putting that cash to payoff early. Actually, if I can get rid of the vehicle before I'll just do it. One other thing you forgot to mention about them, is that you get the funds directly to your account and don't need to put a lien holder on it. So I can sell it right away title on hand. Anyway, thanks again for the advise, I will be checking your past videos and advise.
Awesome! I’m glad you’re saving money and that Lightstream worked out. So are you saying they’ll give you the title now, rather than waiting? I did not know that :)
What I meant was that I got the new loan deposited to my account, now I will be paying off the vehicle loan, and when I get the title under my name, I will be able to sell the vehicle as if was already mine (paid off). They didn't asked for anything on the original loan, vehicle type, milage. I see it more as a personal loan with a really good % rate than a Re-fi. I even went far to play with the numbers to see how much I could have asked with that interest rate just for fun. Could easily get 5K more but realized I'm trying to make smart decisions here. I hope this time is clearer, again thanks for your help, you're doing something good out here.
I’m still here. I’m 20 years old I have 10% interest on a 15k car I’ve had the loan for about 3 months and my credit score is around 710. When would I be able to refinance?
Thanks for this video. I’m looking to refinance my auto loan. The dealer never processed my pre approved cap one loan. instead, they pushed a loan with Nissan two weeks after I had the car without my knowledge. I’m so frustrated. I’m pretty sure they had me sign some paperwork with clause in there. They “pulled” my loan back from cap one saying it was sent in error the day after I drove off the lot with the car and on top of everything they never changed my binder so everything still shows cap one. Smh
Still here. I just bought my first car on November, so I’ve only made one payment of $348. I owe about 14k and I have an interest rate of 19%. My credit score is 657. The dealership told me I should make the payments on time for a year and then try and refinance. Should I wait for a year or how soon can I refinance?
Don’t wait a year. If it’s not in the contract , you should start talking to your local credit union today. You will save a lot of money even if you got a 9% loan
Hey I have the same credit score and my rate is at 10.75 but my car I owe 28k I just got it like 3 months ago with my credit score am I able to get it to a 4.0% or no ?
Hi, love your channel and thank you for the valuable info! I understand from the comments that rates change and that its best to wait and refinance when they are low. But how can we check that knowing that we can't ask our bank as often as we would like to (as each refinance application hits the credit score) ?
@@HonestFinance thank you so much! we also have some extra cash and we want to use it to make extra payments. Do you recommend making the extra payment AFTER we refinance our car loan, or Before? maybe doing it BEFORE might help reduce the interest rate more, but this is my guess and I might be wrong. I'd love to hear your advice.
If you have extra cash that you want to use to pay extra, I’d just use it now and refinance to a lower balance. I don’t think it’ll get you a better rate, but if your credit is good, then expect about 4% right now. Lower balance will get you a lower payment and of course you’ll save on interest cuz you’re only paying on what you owe
I’m so sad. I know it’s my fault but my parents died and I had to get a car so I went to the dealership by myself and the salesman was so pushy and talked me into paying $450 a month for my new Jeep. Which I cannot afford at all and I’m kind of freaking out right now idk what to do
@@HonestFinance Sure thing! I'm so late in responding however, I must add that I went 19.99 % (due to no car credit history) to now 5.4% ! Thanks again.
I’m still here!… question is wanting lower interest the same as wanting to save more for a home monthly? I’m 25 yrs old and live in Texas. $8686 left on my loan and at %24 because f me lol. 100% payment history. I learned my lesson.
Thank you for the information! Got absolutely screwed with my first (financed) car. I didn't have the knowledge or knew how getting it worked. My car is worth about $9K and the loan on it was 17K with a 24% interest. Thank you
I’m still here. I am 21 . I brought a brand new car payment is $430 and have a 8% rate . My credit is high. I had gotten a letter about refinancing, and no other adult I knew could tell me what refinancing meant or how to go about it.
I'm still here. And just subscribed. Year into an auto loan at 17.03%. $521 every month. While living through the highest economic inflation of my lifetime with a family to feed.
I'm still here! Thank you for this information. I've been paying off my car for three years now. I've been getting mail about refinancing, and I think I'm gonna take one of their offers. I'll definitely check their contracts before I do, so thanks for the tip!
Im still here.
Waited a yr. Built credit score up and got approved for 3.74% was 14%
Thanks!
denoogle413 with which bank?
Where did you get that 3.74%? Thanks!
Bet that dealership you originally got your 14% shotgunned your credit with hard inquiries
I had a 4% from federal credit union. I’m in Los Angeles and this was in 2010 and I still have the car(of course it’s paid off👍)
What was your credit before and after? If you don't mind me asking.
i’m still here. 21 yrs old took a 13k loan at 26% interest for 5 years. car payment is 366 a month. did it out of desperation, i knew it was a bad deal but it’s been a year, i have a better job and my credit score is a 740 now. youtube research before i pull the trigger. thanks for the info👐🏽
Same boat man, same fucking boat.
Same thing happened to me 2 years ago when I got my car. I also got hit with 14 hard inquires so that hurt my score as well. Pass the info to your children because nobody else will.
same thing happened to me! i was 19 and bought a 16k car at 26%. worst mistake ever. now im being extra careful and actualy doing the research
you guys are lucky as shit.. im paying a 27k car with 22.5% interest rate.. im more screwed than any of you but I was young and dumb.. its going to take me like 6 years to pay it off.. i'll refinance it once i have a year with the car and when my credit score boosts up because im currently at a 690 credit score atm.
26% is insane lol
First APR on my loan is 21.33% (I’m 19 so I’m building my credit) it’s been 9 months and I’m about to refinance for 3.70% I’m about to save myself $11,000 😳 I agree with everything this man says
Good call on the refi. You need a better rate ASAP
Does refinancing add more debt to your current loan since youre switching banks/credit unions to take over the old loan?
Harold Ashberry No. so basically let’s use small numbers for example; if you have a current loan of 1000 with a high APR of x by the time your term ends you will have paid 2000 but when you refinance the new bank pays the 1000 and gives you a low APR of x so when your terms ends with them you’ll end up only paying let’s say 1200 instead of 2000. You’re prolly wondering why the 2000 from the first loan doesn’t get paid that because the 2000 doesn’t exist until the end of the term so over time you will pay 2000 if that makes sense
I guess you did waste money with the first loan by paying extra with the high APR but if you were on time with payments your credit should have gone up to refi for a better rate and while you did waste some money for a couple months overall refi will save you more money in the long run.
Damn they got you good. That's def a 19 yr old move lol
I went from 14.9% interest rate to a 2.09% after fixing my credit! Thanks for your videos!
That’s soooo much better
Nice!! I have a 13.7% interest rate and now I’m looking to refinance my car, hopefully I can get it as low as your dropped! 😂
How did you fix it
where did you get 2% from?
Was you credit score in the 600-680 range?
i’m still here. i literally had no idea what refinancing a car even meant. thank you for clearly it up
You’re welcome. I’m glad it helped
Same!
After ive watched this video, i went to my local credit union to inquire refinance my car, i currently have 16.83 interest rate, 72 months and 500 monthly payment, after i inquire in credit union they offer me of 8%interest rate, 48 months and 445 monthly pament. Thank you for this informative video.
You’re very welcome. Im glad it literally helped you refinance to a better rate and term.
That is an insane savings. I'm not sure the math quite works but thats literally saving you $12,000 if so.
I’m still here !!
Thanks for watching
I’m still here
Fuck you
I’m still here!!
I’m still here
I'm still here and glad I watched this. Currently have a loan for 14k at 13% on a car. I can make the monthly payments no problem, but need the lower interest rate so I can make higher payments and be done with it sooner. Thanks a lot!
You’re welcome. Glad the video helped.
I'm still here. I have to be. I'm basically an orphan surrounded by idiots so I need videos like this to survive in life😂
Same🤣🤣🤣
😂😂😂
Very hypocritical comment😐😐 you seem like an idiot for coming to this video as well lol
@@emoney8678 Well... yeah I guess technically lol but I'm an idiot trying to educate myself at least😆
@@MsKJackson831 we’re all in this together, idiots or not! You can do this Kay J🖤
I’m still here never understood purpose but you helped me a lot
Simple and straight to the point, this was exactly what I needed!
Thank you
Thank you awesome tips
I’m still here ! Trying to get a better rate on my loan. Your tips are very helpful thus far.
"Im still here" Thanks so much Jason for the help! Ive been contemplating about refinancing since i have a 5% interest at 5 years right now but my credit union is offering 2.95% at 2 years!!!
You’ll save a good chunk on interest if you refinance
I'm still here. I cosigned for my kid when he got a car. Its been a year but refinancing will free up my debt to income ratio again and let him build credit for himself. This sounds like a good option!
Im in the process of trying to refinance my car, and I just want to thank you for all the information that you provided. I currently have a loan that I’ve been paying for 2 YEARS. I have a 15% interest rate. I am now looking to refinance my car, and pay it off in full once my interest rate has been lowered.
You’re welcome. I’m glad it helped
Update, I refinance my auto loan from a 15% interest to a 3%. 😊
Congrats! That’s so much better
@@HonestFinance thank you ! & I made sure to ask about the prepayment penalty fee !
@@angelkingzz sheesh! I'm in the same boat you was. Got my score up to 730 and fico at 754. I'm paying 18% interest now. But 3% is crazy
I was shocked when a 35k car became nearly $70,000 due to financing. Going to be paying it back twice as fast or quicker, then refinance in 6 months with my credit union.
I'm still here! Glad to know my general concept of refinancing was correct. Hoping to lower my 11% interest to below 5% after making on-time payments all year!
I’m still here. Got my interest rate lowered from 20% to 6% since I signed my active contract with the Army. I was naive and thought that would lower my Payoff estimate as well. I’m young and new to this all.
Refinanced my car after watching this video! I was at 7% for 84 months (I needed my payments low bc I just started a new job and wasn’t making a lot of money) but I got a promotion within 6month and was stuck with that 7% interest rate! So I watched this video and called my local credit union and now I’m at 3.7% for 60 months! So helpful!
I’m so glad my content helped you. Thank you for the comment
Can you tell me step by step what I should do?
I’m still here! I just want to lower my car payments because I plan on putting down the job that allows me to live on my own. I’ll be moving back in with moms to finish school, and getting a job that doesn’t pay me as much. I’ve been making my car payments on time for 2 years straight, so I want to try refinancing even though I’m a little scared. Thanks for sharing the video!
Don’t be scared. Just do it if the rate is better now (it might not be)
I’m still here and finished your entire video! Thank you so much for this information. Very straight to the point & easy to understand.
"Pay attention to that kind of stuff, because accidents do happen with timing."
As you cut to this clip, you made an accident and spilled some water on your shirt LOL SAME SCENE.
Really going to try to refinance my car , when I first got it i was in a rush and didn’t look over my options my interest rate is 22% my credit score is much better now so I’m hoping I can reduce my interest rate by a lot .
Why did u get such a high interest rate? Like what was your credit score if I may ask?
Sandra 420 me too I had no credit to begin with plus got sucked into that new car feel , and didn’t pay attention to the important details 😩
@@IvanReyes-ks8qp How much interest are you paying? Did you get all the extras that they push you to buy?
CastrejonHDTV no I didn’t get all the extra things they were trying to sell it’s just that the car was new 0 miles on it . I got the loan at a 19% interest rate. The car was worth 25,000 and I got the loan for 7 years . So if I stay on track I’ll end up paying like 40 something thousand for the whole deal. But thankfully I have increased my income by a lot since when I first got the vehicle, and got my credit up thanks to the loan as well so hopefully I’ll be paying it off in 1 year or so .
@@IvanReyes-ks8qp hopefully you can refinance, that's a really high interest there. Work on your credit score too so you can get better deals in the future.
I'm still here and I bought a 2021 hybrid Sienna. I came here to see how long I have to wait to refinance as they gave me a way to high APR. Thank you
I just refinanced my car,, when I first got the car 3 years ago my interest rate was 28% with a 5 year term and payments of $285. Now my interest rate is 4.99% and my payments are now $162( the refi term is 5 years but I plan on paying early each month) oh and I had equity in which I used to pay off another high interest loan........ so would you say I did the right thing
28% to 5% I was the right thing to do for sure
Congrats on a way better APR and pmt 😃
Damn. Where did you re finance?
Where did you refinance?
@@4kdel I refinanced through south carolina Federal credit union.
I'm about to hit a year with my truck the dealer told me to go back and refinance in a year thank god I havent missed a payment
Great advice, thanks Jason. I applied with Lightstream and hopefully I get approved and you get that commission! I appreciate your considered time in answering the exact question I had AND a solid recommendation.
You’re so welcome. Good luck w lightstream and thanks for using my link ;)
I'm still here. And thank you, I really need to do this. I knew when the car lot called me and was trying to get me out of my Mercedes-Benz and into something nicer that I really don't need lol. But I've done too much customization to my car I just want it paid off. Thank you for explaining!
*YOU SHOULD BE A GAP MODEL*
Is that a compliment for the white background?
Still here. Just looked through my credit Karma and refinancing car was an option for lower interest rate. I'd continue to pay my original payment so I can pay off car faster is my plan.
Bought a car 5 months ago. I don’t regret the payment nor regret the car. I thank god I have a good job but as a 20 year old they gave me an interest of 13.9 on a 35k car. My credit score says 720-740. Do you think it’s possible for me to drop between 3-6 percent? I just want to save money on the interest but send the same amount as I’m currently paying.
You should refinance. I think you’ll be able to drop the rate
Kinda high apr, unless it's a used a car loan.
We’re you able to drop the interest rate?
I’m still here. Thank you!
I’m at 28% right now and I just got the car about 6 months ago I’m focusing on getting to 740 score so I can get a better rate paying almost 600 a month is killing me
That’s a high rate. You should try to refinance as soon as possible through your local credit union
You will get there I was at 23 I'm at 8 percentage now about to refinance
Wow. That is very high rate. Here I am thinking 4.69% is high and trying to refinance 😅
Hope you got better rate by now.
@@swaggod226how did you start ??
I was wondering why people commented "I'm still here."
MITEKLE 4:06
I'm here too
MITEKLE because u weren’t here
I’m still here
Short and simple! Exactly what I needed thanks 🙏🏼 I subbed too
Hey thanks. Glad it helped
Got a 21.49 interest rate on a 19,986 loan gonna come out of pocket like 15k in interest , car won’t even be worth that in 6 years … definitely refinancing ASAP
Yes refinance as soon as you can w a local credit union
Amazing Video, man! Really interested to learn more about the "Cash Out Refinancing" Option. Can you please explain how to go about doing that? Would you just put the value of the car where it asks for the "Loan Amount" on the application? Looking forward to your reply!
Just tell the lender you want to do a cash out and they’ll know how to help if they can
Thanks for the video--very helpful. Any specific recommendation for refinancing? My mom bought a brand new car from dealership, and now she thinks the interests are super high. I suggested that she tries to refinance from her bank since she has a great credit rating (score), but she does not know how to do it, and I don't understand how refinancing really works. If you can break it down how the process, that would be appreciated.
Try your local credit unions. They’ll have the best rates
I'm still here; learning about finances
I'm still here. I've got 25% interest on my car because I didn't establish credit since I paid off my truck 16 yrs ago. I'm gonna look into getting a credit card for small purchases. But I'm getting offers since my credit has been going up. Haven't missed any payments since November of 2023. My payment are twice a month at $245. I'd like to lower my payments to 350 a month instead of close to $500.
Hey Jason, just want to thank you for the advice.
Just finished closing with lightstream my re-fi.
Managed to save $70 on my monthly payment and pay off around the same time on my original loan. Taking in consideration the "savings" I will be putting that cash to payoff early.
Actually, if I can get rid of the vehicle before I'll just do it.
One other thing you forgot to mention about them, is that you get the funds directly to your account and don't need to put a lien holder on it.
So I can sell it right away title on hand.
Anyway, thanks again for the advise, I will be checking your past videos and advise.
Awesome! I’m glad you’re saving money and that Lightstream worked out. So are you saying they’ll give you the title now, rather than waiting? I did not know that :)
What I meant was that I got the new loan deposited to my account, now I will be paying off the vehicle loan, and when I get the title under my name, I will be able to sell the vehicle as if was already mine (paid off).
They didn't asked for anything on the original loan, vehicle type, milage.
I see it more as a personal loan with a really good % rate than a Re-fi.
I even went far to play with the numbers to see how much I could have asked with that interest rate just for fun. Could easily get 5K more but realized I'm trying to make smart decisions here.
I hope this time is clearer, again thanks for your help, you're doing something good out here.
I’m glad to hear you got a better rate that’ll save you some money :)
I’m still here. I’m 20 years old I have 10% interest on a 15k car I’ve had the loan for about 3 months and my credit score is around 710. When would I be able to refinance?
I’d refinance as soon as you can. Go into a local credit union and they’ll help
you should end up getting a 3-4% interest rate
@@HonestFinance I have a loan of 10k and 19% interest sadly! Should I refinance the car now. Had it for 1.2 years
Yes refinance right now. Go to your local credit union
I'm here! Can you do a video on buying used cars from online dealers like carvana and vroom? Please!
That’s a great idea. Thank you!!
I’m still here. Thank you.
Thanks for watching
I’m a first time buyer, dealer Gave a 17.7 % I wish I didn’t take that.
I wish i was smarted i knew i should of said no to the car.
I got 21% 🤦♂️
Thanks for this video. I’m looking to refinance my auto loan. The dealer never processed my pre approved cap one loan. instead, they pushed a loan with Nissan two weeks after I had the car without my knowledge. I’m so frustrated. I’m pretty sure they had me sign some paperwork with clause in there. They “pulled” my loan back from cap one saying it was sent in error the day after I drove off the lot with the car and on top of everything they never changed my binder so everything still shows cap one. Smh
Sorry. What’s your rate w Nissan?
Honest Finance 5.97% with 801 credit score.
Ya. You should refinance. Rates are about 4% w that score
Still here. I just bought my first car on November, so I’ve only made one payment of $348. I owe about 14k and I have an interest rate of 19%. My credit score is 657. The dealership told me I should make the payments on time for a year and then try and refinance. Should I wait for a year or how soon can I refinance?
Don’t wait a year. If it’s not in the contract , you should start talking to your local credit union today. You will save a lot of money even if you got a 9% loan
A 657 is pretty respectable ... you just plainly got ripped off.
Nathan Joseph 😩😩 it’s my first time financing a car (I’ve bought cars before but always cash). I should of done more research before doing anything.
Honest Finance thanks ! Will definitely do that asap.
Hey I have the same credit score and my rate is at 10.75 but my car I owe 28k I just got it like 3 months ago with my credit score am I able to get it to a 4.0% or no ?
I’m still here thank you 🙏🏾
You’re welcome. Thanks for watching
25years old, %17.99 interest rate. 50k car.
It’s been 1 and half year, going to try refinancing wish me luck 🤞🏼
Good luck!!
How much are your monthly payments?
I'm 23 with a 35 k loan and %16 interest rate
Hi, love your channel and thank you for the valuable info! I understand from the comments that rates change and that its best to wait and refinance when they are low. But how can we check that knowing that we can't ask our bank as often as we would like to (as each refinance application hits the credit score) ?
Just look up their advertised rates and see if they go down. Right now they’re about 4%, so if you’re higher, then you might want to refinance
@@HonestFinance thank you so much! we also have some extra cash and we want to use it to make extra payments. Do you recommend making the extra payment AFTER we refinance our car loan, or Before? maybe doing it BEFORE might help reduce the interest rate more, but this is my guess and I might be wrong. I'd love to hear your advice.
If you have extra cash that you want to use to pay extra, I’d just use it now and refinance to a lower balance. I don’t think it’ll get you a better rate, but if your credit is good, then expect about 4% right now. Lower balance will get you a lower payment and of course you’ll save on interest cuz you’re only paying on what you owe
Hope that helps
@@HonestFinance thank you! you're awesome!!
I’m still here buddy
Im still here. I actually work for a bank and i just enjoy watching these videos. Good information my friend!
I’m so sad. I know it’s my fault but my parents died and I had to get a car so I went to the dealership by myself and the salesman was so pushy and talked me into paying $450 a month for my new Jeep. Which I cannot afford at all and I’m kind of freaking out right now idk what to do
what happened
I'm still here
Finally a video that makes sense to me 😂 Ive been so confused on refinancing
I'm still here dude!
Me complaining about my 4% interest rate... until I came to the comments
Ya, 4% is great right now
Thank you for this informative video
im still here. Thank you! I just used these tips to refinance with a great lender. Appreciate the information. It's ALL about that APR!
You’re welcome. Glad it helped
Signed up with your referral link and got approved !
It's a win-win
Thank you so much !
Thank you!! I appreciate you using the link and I hope you got a good rate
Maurcus Smith same
@@HonestFinance Sure thing! I'm so late in responding however, I must add that I went 19.99 % (due to no car credit history) to now 5.4% ! Thanks again.
Congrats!! So my video convinced you to refinance from 20% to 5%? That makes me feel great :)
I'm still here 🙋🏽♀️
Lol ....annnnnnd I'm still here, just realized I've seen this video before- refinancing tomorrow
Good luck!!
I’m still here and I love this information
Hey thanks. Glad it helped
I'm still here! And thanks for the wisdom
Thank you for you tube informative. I sent you tube to a friend so she can use info. Very clear to the point.
I am still here, I have been in the auto finance space for 33 years. You are good. You know what you are talking about
Hey thanks!
Ty do much for the information I’m about to do a refinancing on my car. Thank you so much.
I’m still here!
Thank you for the information
I’m still here…..
And probably need to watch this 10 more times to really understand it. Cus it’s a lot. And thank you
I’m still here! Glad I watched this video before refinancing. I knew nothing about the fees to look out for. Thanks!
I am still here and I find this very helpful as a college student with a car
Thanks for watching
I’m still here!… question is wanting lower interest the same as wanting to save more for a home monthly? I’m 25 yrs old and live in Texas. $8686 left on my loan and at %24 because f me lol. 100% payment history. I learned my lesson.
I’m still here. This makes a lotta sense. Thx.
You’re welcome. Thanks for watching
Still here. Thanks for explaining to me.
You’re welcome
Didn’t know this ! Refinancing my car asap my apr it’s %29 😰 been paying on time for the past 15 months
Thank you for the information! Got absolutely screwed with my first (financed) car. I didn't have the knowledge or knew how getting it worked. My car is worth about $9K and the loan on it was 17K with a 24% interest. Thank you
I’m still here. I am 21 . I brought a brand new car payment is $430 and have a 8% rate . My credit is high. I had gotten a letter about refinancing, and no other adult I knew could tell me what refinancing meant or how to go about it.
Still here thanks
Thanks for watching
I’m still here, thank you.
Thanks for watching
im still here. thank you.
I’m still here, Ty for info!
Still here and just learned in clear detail of refinancing a car!
Glad it helped!!
I’m still here! Thanks
Im still here! Thank-you this was helpful.
I'm still here and thank you for this video
Still here thanks for the info
Your welcome!!
I’m still here, thanks !
I'm still here, thank you for the information.
Still here. Thanks so much!
Thanks for watching
I'm still here. Thanks!
I'm still here ! Super informative !!
I'm still here. And just subscribed. Year into an auto loan at 17.03%. $521 every month. While living through the highest economic inflation of my lifetime with a family to feed.
That’s super high. Try and refinance through your local credit union and hopefully you can get a better rate that’ll help
I’m still here. Great advice!!
I’m still here, thanks for explaining what it means to refinance a car, I had no clue
I'm still here! Thank you for this information. I've been paying off my car for three years now. I've been getting mail about refinancing, and I think I'm gonna take one of their offers. I'll definitely check their contracts before I do, so thanks for the tip!
You’re welcome. Let me know how it goes if you do refinance
I'm still here. Thx!
Thanks for watching
I’m still here! Thank you for this video!!
You’re welcome thanks for watching
Still here. Appreciate the video, made me more confident on refinancing my car.
Glad it helped
I’m still here and about to check out Lightstream. Thank you
Hey glad the video helped and good luck w the loan shopping.
I'm still here, thank you
You’re welcome. Thanks for watching!!
So true about not refinancing just because your payments are too high. I’ll stick to my high payments with only 3 years left.