Refinancing - what rates and where? - Mazda 6 Forums : Mazda 6 / Mazda Atenza Forum

sea6speed · 03-19-2008, 09:41 PM

It looks like rates are dropping to the point where those of us that financed our cars 2 years ago might be able to re-fi at a significantly lower rate. The best I've been quoted so far by any of my banks or credit unions is 5.25% - Which is ok, but shaving .70 off my current rate of 5.95% isn't worth the effort. I'd like to get 4% or less.

Has anyone found a really good deal on a re-fi?

Currently USAA is offering 5.25, BECU is at 5.49. During the last recession I paid only 3.5%.

nate0123 · 03-21-2008, 02:39 PM

I got my loan at Pentagon Federal CU at 4.99% - this is still their current rate. You'd have to qualify for membership.

www.penfed.org

nate0123 · 03-21-2008, 02:51 PM

OK, I just looked, and even if you don't meet the eligibility requirements, you can join the NMFA once for $20 and then you're good to go (you don't need to maintain the membership).

stlrickm · 03-25-2008, 12:43 PM

Your rate depends a lot on your credit score. reguardless of a ression they will still give a lower rate to a person with a higher credit score.

nate0123 · 03-25-2008, 02:35 PM

AFAIK PFCU has one rate. You either get it or you get rejected.

login2389 · 03-31-2008, 09:27 PM

Credit Cards ... money is cheap these days because interest rates are low.

For Canadians like myself, you can get 0% for 12 months from Citi Mastercard of 0% for 15 months from MBNA, however you must have the right signup codes to do it. Fortunately a lot of folks on this site have been compiling the offer codes, so you can apply for these deals.

I got approved for almost $10K through one of these and I just balance transferred it through one of my other cards and then used a convenience cheque to deposit it into my bank acct.

I am confident that I can repay the amount within a year before the rate jumps to 19.9%. If you are also confident and have good credit, this is a good way to get free financing. The other catch is that if you are late in payment even 1 time, then the rate instantly jumps up to 19.9%. So pay on time!!

sea6speed · 04-01-2008, 09:37 PM

Quote:

Your rate depends a lot on your credit score. reguardless of a ression they will still give a lower rate to a person with a higher credit score.[/b]

I'm looking for the best rate with a top tier score (750+). From what I've seen, it's still around 5%. At that level, I might as well put it on a credit card.

nate0123 · 04-23-2008, 09:03 AM

Rate drop at Penfed - now 4.25%

werm9 · 04-23-2008, 08:16 PM

damn 4.25 is awsome. but you wont find anything under 4% for refinancing. buy somthing new and u could get 0% lol

ydrone · 05-07-2008, 08:49 PM

If you own a house, trying using a heloc to pay off the car. Interest payments on a heloc are tax deductible (of course check with your accountant first), whereas car payments are not. My heloc interest rate changes monthly, but it's at 5% now (compared to 7.1% last month).

Shop around - maybe check bankrate.com site for a general average figure you can use to start as a base.

03-19-2008, 09:41 PM	#1 (permalink)
sea6speed Track Racer Join Date: Apr 2006 Location: Fairfax, VA Posts: 479 Thanks: 0 Thanked 0 Times in 0 Posts Groans: 0 Groaned at 0 Times in 0 Posts iTrader: 0 reviews	It looks like rates are dropping to the point where those of us that financed our cars 2 years ago might be able to re-fi at a significantly lower rate. The best I've been quoted so far by any of my banks or credit unions is 5.25% - Which is ok, but shaving .70 off my current rate of 5.95% isn't worth the effort. I'd like to get 4% or less. Has anyone found a really good deal on a re-fi? Currently USAA is offering 5.25, BECU is at 5.49. During the last recession I paid only 3.5%. __________________ MS6 on the Beach

03-21-2008, 02:39 PM	#2 (permalink)
nate0123 Track Racer Join Date: Nov 2007 Location: Washington, DC Posts: 617 Thanks: 0 Thanked 0 Times in 0 Posts Groans: 0 Groaned at 0 Times in 0 Posts iTrader: 0 reviews	I got my loan at Pentagon Federal CU at 4.99% - this is still their current rate. You'd have to qualify for membership. www.penfed.org __________________ 2003 Mazda6 S 3.0 5-speed Manual Mazdaspeed Hatch/Wagon Springs \| OEM Mazdaspeed6 Shocks \| Cordova Motorsports Optimized Throttle Body \| CP-E Wishbone Motor Mount \| Magnaflow Catback Exhaust \| 17x7 Mazda MX-5 Wheels \| 225/50-17 Toyo Proxes4 Tires \| Clear Sidemarkers \| OEM Mazdaspeed6 Tail Lights \| AudioLink iPod Adaptor \| Protege5 Leather Shift Knob

03-21-2008, 02:51 PM	#3 (permalink)
nate0123 Track Racer Join Date: Nov 2007 Location: Washington, DC Posts: 617 Thanks: 0 Thanked 0 Times in 0 Posts Groans: 0 Groaned at 0 Times in 0 Posts iTrader: 0 reviews	OK, I just looked, and even if you don't meet the eligibility requirements, you can join the NMFA once for $20 and then you're good to go (you don't need to maintain the membership). __________________ 2003 Mazda6 S 3.0 5-speed Manual Mazdaspeed Hatch/Wagon Springs \| OEM Mazdaspeed6 Shocks \| Cordova Motorsports Optimized Throttle Body \| CP-E Wishbone Motor Mount \| Magnaflow Catback Exhaust \| 17x7 Mazda MX-5 Wheels \| 225/50-17 Toyo Proxes4 Tires \| Clear Sidemarkers \| OEM Mazdaspeed6 Tail Lights \| AudioLink iPod Adaptor \| Protege5 Leather Shift Knob

03-25-2008, 02:35 PM	#5 (permalink)
nate0123 Track Racer Join Date: Nov 2007 Location: Washington, DC Posts: 617 Thanks: 0 Thanked 0 Times in 0 Posts Groans: 0 Groaned at 0 Times in 0 Posts iTrader: 0 reviews	AFAIK PFCU has one rate. You either get it or you get rejected. __________________ 2003 Mazda6 S 3.0 5-speed Manual Mazdaspeed Hatch/Wagon Springs \| OEM Mazdaspeed6 Shocks \| Cordova Motorsports Optimized Throttle Body \| CP-E Wishbone Motor Mount \| Magnaflow Catback Exhaust \| 17x7 Mazda MX-5 Wheels \| 225/50-17 Toyo Proxes4 Tires \| Clear Sidemarkers \| OEM Mazdaspeed6 Tail Lights \| AudioLink iPod Adaptor \| Protege5 Leather Shift Knob

03-31-2008, 09:27 PM	#6 (permalink)
login2389 Track Racer Join Date: Feb 2008 Location: Toronto Posts: 139 Thanks: 0 Thanked 0 Times in 0 Posts Groans: 0 Groaned at 0 Times in 0 Posts iTrader: 0 reviews	Credit Cards ... money is cheap these days because interest rates are low. For Canadians like myself, you can get 0% for 12 months from Citi Mastercard of 0% for 15 months from MBNA, however you must have the right signup codes to do it. Fortunately a lot of folks on this site have been compiling the offer codes, so you can apply for these deals. I got approved for almost $10K through one of these and I just balance transferred it through one of my other cards and then used a convenience cheque to deposit it into my bank acct. I am confident that I can repay the amount within a year before the rate jumps to 19.9%. If you are also confident and have good credit, this is a good way to get free financing. The other catch is that if you are late in payment even 1 time, then the rate instantly jumps up to 19.9%. So pay on time!! __________________ 2007 Mazda6i (4cyl, ATX) If you drink, don't drive!

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03-25-2008, 12:43 PM	#4 (permalink)
stlrickm Learners License Join Date: Nov 2007 Location: St. Louis Posts: 26 Thanks: 0 Thanked 0 Times in 0 Posts Groans: 0 Groaned at 0 Times in 0 Posts iTrader: 0 reviews	Your rate depends a lot on your credit score. reguardless of a ression they will still give a lower rate to a person with a higher credit score.

04-23-2008, 09:03 AM	#8 (permalink)
nate0123 Track Racer Join Date: Nov 2007 Location: Washington, DC Posts: 617 Thanks: 0 Thanked 0 Times in 0 Posts Groans: 0 Groaned at 0 Times in 0 Posts iTrader: 0 reviews	Rate drop at Penfed - now 4.25% __________________ 2003 Mazda6 S 3.0 5-speed Manual Mazdaspeed Hatch/Wagon Springs \| OEM Mazdaspeed6 Shocks \| Cordova Motorsports Optimized Throttle Body \| CP-E Wishbone Motor Mount \| Magnaflow Catback Exhaust \| 17x7 Mazda MX-5 Wheels \| 225/50-17 Toyo Proxes4 Tires \| Clear Sidemarkers \| OEM Mazdaspeed6 Tail Lights \| AudioLink iPod Adaptor \| Protege5 Leather Shift Knob

04-23-2008, 08:16 PM	#9 (permalink)
werm9 Rally Racer Join Date: Apr 2007 Location: Mesa, AZ Posts: 1,862 Thanks: 0 Thanked 0 Times in 0 Posts Groans: 0 Groaned at 0 Times in 0 Posts iTrader: 0 reviews	damn 4.25 is awsome. but you wont find anything under 4% for refinancing. buy somthing new and u could get 0% lol __________________ AutoX Run

05-07-2008, 08:49 PM	#10 (permalink)
ydrone Track Racer Join Date: Mar 2007 Location: Central NJ Posts: 552 Thanks: 1 Thanked 2 Times in 2 Posts Groans: 0 Groaned at 0 Times in 0 Posts iTrader: 0 reviews	If you own a house, trying using a heloc to pay off the car. Interest payments on a heloc are tax deductible (of course check with your accountant first), whereas car payments are not. My heloc interest rate changes monthly, but it's at 5% now (compared to 7.1% last month). Shop around - maybe check bankrate.com site for a general average figure you can use to start as a base. __________________ <span style="font-family:Arial">2006 6s 5-dr gray, AEM SRI- Magnaflow exhaust- Kazera KZ-D 18x7.5- Bilstein shocks/HR springs- AWR endlinks- Stoptech rotors, Carbotech/Hawk brake pads- Neo chrome vanadium lug nuts- AGM battery- Blue: calipers; interior LED lights; footwell lighting; LED ribbon trunk lights; instrument cluster gauge- Stubby antenna- Titanium Burl wood panels- NGX Platinum plugs- NRG CF hood damper