You should look at refinancing

[ExitLeft]

Yea I'm a 2018, it's kind of a crappy cut off, I've barely got 7k miles

Sorry man... that sucks. Maybe the rates will drop some more for older vehicles if this COVID-19 thing continues to tank the economy.

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[Techbrute]

Hey all,
In the current economy interest rates are at an all time low. Some as low as 1.99%. Just yesterday I reduced my loan with a rate of 4.30% to 2.70% with the same bank. I had 66 months left and was able to reduce the loan to 60 months. I'm saving $118 a month and have a shorter loan.

I highly recommend looking around and calling your lender to see about a lower rate.

What was your original loan amount/term, and how much did you refinance. I'm doing the math on this and struggling to see how those numbers work out. Don't get me wrong, going from 4.3% to 2.7% is great, but knocking off 6 months AND going down $118 a month is hard for me to work out on paper.

 

[viper88]

Sorry man... that sucks. Maybe the rates will drop some more for older vehicles if this COVID-19 thing continues to tank the economy.

Federal discount and fund rates are basically .25% now.

 

[jakebrake]

Oir credit union is begging us to use our credit card. Interest rate is almost nothing.

 

[dsgrey]

Yea I'm a 2018, it's kind of a crappy cut off, I've barely got 7k miles

Wow! My 2019 just turned a year old and I'm struggling to hit 9k miles. Probably the fewest miles I've driven in a year since at least 30 years ago.

 

[purduecrew]

Actually, I just refinanced my 2019 with PenFed on Thursday. They'll refinance back to 2019 as NEW. I was able to refinance both my 2019 JLUR and my wife's 2019 Subaru. Both for 36 months at 2.19%. Plus they are giving me a $250 bonus for each loan after I make the first payment.

Here's a screenshot of their offers:

By far the best deal ive seen out there so far...

 

[purduecrew]

Thanks for your suggestion...I will try to talk to my lender to see if it's possible to have a lower rate

Heck with that! Call Penfed and transfer the loan!

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