Plan on refinancing the Z to a local credit union...Tired of paying $450 a month and my credit has become a lot better than when i first bought it any suggestions?

Yes I've thought about my bank but I'm sick of Chase as it is

 

What is the APR you are currently paying? If its 5% you can probably go lower to 3%. Since its a used car most banks will go only 5%. Credit Unions can go lower just have to apply.

 

its at 7% now...that's what is pissing me off..I'm paying more interest than actual car note if I dont get the payment in super early

 

How many payments left on the note?

 

When I very first bought my own car my interest was CRAZY high because of no credit history. I refinanced after a year and it dropped my interest in half. I'd highly recommend going through a credit union. I actually had the dealer find me a better interest rate, even beating my current credit union.

 

hell it could be worse, my nephew got an interest rate of like 20% because first time buyer with limited credit and no co-signer

 

If you have a Credit Union then I would re-fi with them....I have never found a dealership that could compete with a Credit union's rates....unless the dealership had it's own Credit union.

**The only thing to watch out for is that you don't want to get upside-down on your loan. **

And usually the Credit union's have a simple compound interest rate as opposed to compound interest rate.....so you pay less interest in the long run and you can pay it off faster if you make extra on the monthly payments.
All the extra money you put towards your payment goes directly to your principle and not the interest.

Good luck

 

even though ur sick of chase dont rule them out, i got a pretty good rate with them before that beat my credit union. sometimes u can get them to battle it out in ur favor. just take ur time.

 

Financed my Z06 with Bank Of America for 3.8% (4.05% after fees)

 

I refinanced my Z back in August at a local Credit Union up north and it went from 5.5% down to 2.99%... I think I saved about one months payment total after paying a refinancing fee... I would check local CU's to see what they can offer, especially for 'new members'.

 

I refinanced my Z (originally from CarMax @ 9%) down to 2.99% @ Chase. It all depends where you go, so shop around.

 

thanks everyone for the advice! I got it refi down to 5% saving me about $200 a month. My last intrest rate was really 10.78%...I'll look to go lower later but untill now im happy to be paying a lot less...I guess I'll try to get under Chase in a few months