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You should look at refinancing

AgentWolf

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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.
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viper88

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Yeah, Fed fund and discount rates are essentially 0% now. I would expect that to trickle down into automobile loan rates when prime drops.
 
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viper88

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I'd also keep an eye out for future 0% loans from FCA.
 

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My credit union is 2.39% on 2018 or newer up to 66 months & 1.99% up to 36 months. Submitted an online app this morning, approved and waiting on a call for the rate confirmation. Lower payments and reducing the length of my note.
 

Chocolate Thunder

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I think the idea of this is great, but more useful information would be ideal. For example, if you’ve found your credit union or bank has a great rate, why not give the name, location, term, and rate so that folks can check it out?

PrimeWay FCU in Houston TX has 3.05% up to 60 months on anything newer than 2014. Other rates for various terms are here:
https://www.primewayfcu.com/loans/auto-loans/index
 

viper88

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Credit unions are usually the most competitive. For now anyway? I think there will be more 0% incentives on FCA products. There was one that expired 4/14/2020. I bet there will be another.

I just realized the topic was for refinancing. Sorry about that.
 

CT_LFC

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I have briefly looked into refinancing the JL but not spent a lot of time on it. I'm at 2.99% so it's pretty competitive. I am in the process of refinancing my mortgage into a 15yr note @ 2.75%.
 

Fire Burns

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This is a great idea and worth looking in to! Thanks! Will post back here if successful.
 

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dsgrey

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My credit union is 2.39% on 2018 or newer up to 66 months & 1.99% up to 36 months. Submitted an online app this morning, approved and waiting on a call for the rate confirmation. Lower payments and reducing the length of my note.
This is Texans Credit Union so limited geographical footprint.
 

swozey

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I just tried this with Penfed and they're only doing 3.74% for anything older than 2020. Pretty weak.
 

ExitLeft

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I just tried this with Penfed and they're only doing 3.74% for anything older than 2020. Pretty weak.
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:

B6C69C49-DDF7-41D5-BED1-39B57D5996E4.png
 

swozey

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