Refinance an Auto Loan?

[jluv]

I have pretty good credit, but my current loan on my 2005 F250 is at 9.29%. I've got just under 3 years left on it (originally a 5-year loan), and I'd like to refinance it to a lower rate. I'm more interested in paying it off quicker than actually lowering my payments.

The problem is that the places I've checked so far state that the vehicle must have less than 75,000 miles. Mine has 120,000. Most people know that 120k is nothing on a diesel, but I guess the financial institutions don't take that into consideration.

Anyone here done this before, or work somewhere that could help?

[SMKR]

I'd contact local credit unions.

[Txstang1]

penfed.org

[Baron Von Crowder]

penfed.org

100k or under

[slow99]

Just prepay current loan?

[Txstang1]

100k or under

Did not know that.

[jluv]

Just prepay current loan?

Does that mean make higher/more payments than scheduled? I'm still better off doing that with a lower interest rate, correct?

[jluv]

I'd contact local credit unions.

I may do that. The current loan is through a credit union, and they do not refinance their own loans.

[emg]

if you want to pay it off quicker just pay more or send extra payments, that money goes just to the principal of the loan and your not paying interest, right?

[jluv]

if you want to pay it off quicker just pay more or send extra payments, that money goes just to the principal of the loan and your not paying interest, right?

You still have to pay interest until the debt is paid in full. Paying extra is great, but it's even better if the interest rate is lower to begin with, right?

If I pay $750/month against a scheduled payment of $450, I'm paying $300 extra towards the principal each month.

If I pay $750/month against a scheduled payment of $350, I'm paying $400 extra towards the principal each month. It will get paid off even quicker this way.

That's no rocket science, right? Am I missing something?

[emg]

You still have to pay interest until the debt is paid in full. Paying extra is great, but it's even better if the interest rate is lower to begin with, right?

If I pay $750/month against a scheduled payment of $450, I'm paying $300 extra towards the principal each month.

If I pay $750/month against a scheduled payment of $350, I'm paying $400 extra towards the principal each month. It will get paid off even quicker this way.

That's no rocket science, right? Am I missing something?

yes, this is what i was trying to say too

[Lone Star Performance]

I'm a loan officer at a credit union. We have a program to refinance vehicles up to 125k miles. PM me if interested and I will give you more info on it.

Scott

[Couver]

I'm a loan officer at a credit union. We have a program to refinance vehicles up to 125k miles. PM me if interested and I will give you more info on it.

Scott

Bam and the board goes to work. As long as you don't formally apply for a loan do what you do and shop it around. Calling 00KB sounds like the first option and move from there.

[Up0n0ne]

Got a loan and then refinanced a year or so later through Texans Credit Union with over 200k miles on my 00' F250.

https://www.texanscu.org

[jluv]

I'm a loan officer at a credit union. We have a program to refinance vehicles up to 125k miles. PM me if interested and I will give you more info on it.

Scott

PM sent, thanks!

Got a loan and then refinanced a year or so later through Texans Credit Union with over 200k miles on my 00' F250.
www.texanscu.org

They may have changed their rules recently. I called them and they said their max is 100k miles. Thanks though.