Refinancing Car (Austin, Wells: mortgage, credit, loans)

[Katsus]

Anyone refinanced their vehicle recently? I want to refinance soon while interest rates are still low. I've heard local credit unions are the best but currently only bank at Chase.

[CptnRn]

I have never refinanced a car, but credit unions are generally more customer friendly. I have a very low opinion of Chase and Wells Fargo, so I do think you would be better off changing over. I recommend APlus Federal Credit Union https://aplusfcu.org/ We have been members for years. You get additional points that can be used to get reduced rates on loans and higher earnings on CD's, the more business you do with them the more points you get. They used to be Austin Area Teachers Federal Credit Union but changed their name when federal regulations allowed them to open up their membership to more then just teachers and their families. In my experience they frequently have some of the best interest rates in the area. And I have always had positive experiences dealing with them.

[yam]

Yes, I refinanced both of my vehicles about a year ago. I got a rate well below 4% and a term of five years.

I recommend Austin Telco Federal Credit Union - Home. Several other cu's have similar rate/term offerings. Not so much with the banks though.

[10scoachrick]

Pentagon Federal CU has the note on one of our vehicles @ 3.99 and I'm about to re-fi @ 2.99(2010 model year qualifies for 2.99). I think the going rate on used vehicles is 3.25. There is a fee to join($15?) but you don't need to have military connections to become a member. Everything can be done on line...if you don't find something local.

BTW, PenFed offered a much lower mortgage rate than Chase when we re-fi'd last year...Chase ended up matching the rate to keep us as customers.

https://www.penfed.org/productsandra.../autoloans.asp


On a personal note, unless you are seriously strapped making the monthly payments, DO NOT extend the length/term of your loan. Take it from someone who has WASTED PLENTY of money on cars/financing/leasing over the past 35 years .(although it's a lot better with 3-5% rates vs the double digit rates back in the '80s)

[robino2001]

RBFCU is 2.8%... not sure if that requires the hardcore relationship stuff (number of accounts with them, money in the bank, etc...). I kinda think anyone in the area is eligible to sign up for them now for free. We've been with them somewhere around 25 years now... always the best rates we've found (5% on a CC, etc), always treat us great, etc.