my loan is currently 50months @ 7.75%. does anyone have experience with refinancing their car loan? please post if you know of any good rates at lending institutions.

 

I'm not much help but my original loan was 60 months at 9.4%(20 year old kid w/ no co-signer) interest through a local Bank. After making 12 payments on time I called the bank out of curiosity to see if I could refinance and lower my payments a bit if I threw some additional cash in the deal. Without hesitation they said sure, we can drop it down to 7.25% and asked how much $$ I would be bringing in. I brought in $1575 cash, and refinanced for an additional 60 months at 7.25%. It brought my payment from $461.76 to $351.52 a month. Over $100 less each month. The reason I did it for 60 months again is because I needed to lower my debt to income ratio so I could get a decent home loan.
HTH
M

 

that is really low man? Just keep it and make more on payments so it goes to your principal. I just got my car loan refinanced and it is now only 7.00% from a crazy 12% and the payments went down to 330 from 517.
You're best off going to bank by bank to ask them about their rates and get a copy from them and compare later on and see who offers the lowest. From your numbers above you should have no problem getting a lower interest rate and payment amount because if you got that rate from the start you must good credit to begin with. Good luck and let us know what happens.

tj

 

Try AutoTrader.com - http://www.autotrader.com/finance_insurance/

In Ohio, they're showing rates for used car loans at 5.74% which beats the hell out of 7.75% Of course, YMMV, but Lending Tree and a few other lendors are out there so you can shop for some better rates rather easily. Good luck!