some1 who know better about Car Loan than me. Plz

DDz00 · Sep 30, 2004

I just bought a car with APR 5.10% and drove it today.

Now I got a call from my friend saying I can get 4.39% for a new car.

Now I am thinking to change it but can I do that?

I signed on the finance paper that the Finance guy gave me.

Am I still available to change the Finance Institude without no penalty?

please let me know.

Thanks.

blueedwards · Sep 30, 2004

unless you are dealing with shady people, you should be able to cancel the document you signed and get financing elsewhere.

cj5point · Sep 30, 2004

buyers remorse

WildBill · Oct 1, 2004

You can refinance your loan, but that is such a small spread run the numbers before you do it. If you had a 10% loan and could get 4.39% that would always be worth it, but for less than 100 basis points it probably won't save you enough to cover any fees you might have. Also you are early on in the loan, when your depreciation is worst so another loan might not be possible unless you made a big down payment because if you made a small down payment your loan will be upside down for awhile.

DDz00 · Oct 1, 2004

I am not thinking of getting REFINANCE. If is there any chance that I can cancel my previous finance? That is what I am talking about.

Refinance rate will be higer so. Well I will call my guy and will find it out. Just can't till tomorrow.

BTW, Air Force lost today. damn.!

Thrillseeker · Oct 1, 2004

There are no fees to refi a car loan, so it's always to your benefit to get the lower rate if you don't mind the hassle of filling out the paperwork - I've done it several times...You should check your paperwork and see if you have a grace period for canceling the purchase - I think you probably have a day or two, but time is ticking...

capitaloneautofinance.com is one site that I've used a few times to buy or refi cars - they have targeted the auto refi market and are pretty competitive with their rates...they usually even beat a couple of the credit unions that I use...

RPM · Oct 1, 2004

You shouldnt pay any fees to refi the car loan. but to answer your question, most states give you at least 3 business days to cancel any type of contract.

blueedwards · Oct 1, 2004

RPM said:
You shouldnt pay any fees to refi the car loan. but to answer your question, most states give you at least 3 business days to cancel any type of contract.

the 3-day right of recision applies only to mortgage loans.

DDz00 · Oct 1, 2004

live in Virginia.

Got bank of America thru delaers. but can't find any bank of america paper. lol.
also dont see any cancellation.

:drink:

blueedwards · Oct 1, 2004

do you want to cancel the purchase or cancel the financing? i do not know about your options to cancel the purchase. cancelling the financing should be easy if you have something else in place.

DDz00 · Oct 1, 2004

i will not cancel purchse.

I cannot cancel my finance. I talked one of Bank of America..and they said i have to pay off.

Damn.

are they lying to me?

or ..damn.

lakerfan · Oct 1, 2004

The rate you got was good. You won't find a refinance rate better I would think. And once you accepted the initial finance deal your can't back out. You can only find another lender to pay of your current lender.

Capital One Auto Finance is the best in my experience. 3.9% and this was on a used car.

Jabow · Oct 2, 2004

You did say it was the SAME day your friend spoke to you, which I'm assuming its the same day you're writing this, if thats the case, I dont see why you cannot go back and ask the finance manager to do a bit better.

But note, its a bunch of changing to have that done, what may happen is if the dealer financed the deal through whatever bank,

I believe THEY would probable match what you heard about.

As a matter of fact THEY WILL MATCH IT.

Hows your credit anyway?????????????
:howdy:

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