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1914 Views 17 Replies 11 Participants Last post by  moriarty
Finally got my tc refiance. Been a long time coming too since I got the tc before I started working in the financial industry. Well the rate started at 5.9% not it is at a pleasing 3.79%
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i am embarrased about how high mine is. Lets just say, if i could get it down to 5.9 i would be VERY happy. I have been thinking of going to another bank in town to see if i could get it done but not sure. I have been paying on the car for over a year now at a very high rate and i think its time. Any ideas on how to go about it?
Just start making phone calls, if you have bad credit you will never get it down.
Do you have a Costco Membership? I got my loan at 4.9% from Costco/Capital One
I refi'd mine. Kinda. Just moved it over to Discover Card.

0% APR on balance transfers. I wish they were paying me for using their money, though. Actually half of the car is on a Shell 0% card now and they did give me $50 of gas, so they are paying
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13.5% here... First time buyer with no Credit, Payments arent too bad ($389 a month) how soon before i can do a refi?

mine is already with capital one. and it sucks. Oh well. i will see what i can do. ty
4.9% through toyota. and i have no problems with that.
I got mine at 4.75 with my dads credit union, but once i sell my dads car i'm gunna refinance so my payments can be about 210-260 a month instead of 349. This is my first new car and i have no credit history.
just posting so NO ONE feels like they are the worst off!!

toyota financing: my rate is 13.25 and payments of $449 a month for FIVE YEARS!!!

someone please tell me there is anything, something i can do.

i had bad credit score but it will go up soon because something that was in collection will be removed totally in a couple of months.

i don't understand this stuff.

car was $19000 and with the interest i am gonna end up paying a total of $27000.

but won't i, no matter what, always owe toyota $27000?

what and how would getting a lower interest rate by refi do anything for me?
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im no expert on financing, but as soon as the collection note on your report goes away, either talk to Toyota Financial, or your bank or someone you know that is an accountant about refinancing cause you'll probably save some, if not a lot, of money b/c youll get a lower APR most likely w/o that collection note on your report... thats my $.02

but if i were you, i would talk to a financial person at the dealership you got your tC at about refinancing or your bank...

i got 4.9 for 60 mo. through Navy Federal (since my dad agreed to co-sign just so he could see if i could handle both car & insurance payments, including any maintenance/mods i do...). payments are ~$385, but i was only able to put $1500 on the $21000 sticker.. ill probably try to refinance around august of next year (after i get a good chunk of it paid off)
Originally posted by starlitewalker@Oct 28 2005, 07:39 PM
but won't i, no matter what, always owe toyota $27000?
No, TFS uses a simple interest method with their loans. Any excess paid will be applied to the principle, and the principle goes down with each payment. So if you could afford to pay more than the monthly, you could pay it off for less and sooner. You don't owe a total of $27000, you owe the principle + interest calculated daily - the payments you make.

And for those who previously said TFS doesn't apply excess payments to your principle, you should check with TFS. I did. They told me the payment is applied to interest, and the balance of the payment is applied to the principle. So, I've doubled my payments to reduce time to payoff and reduce interest paid. It works. The only thing that looks funny is they extend your payment due date so as time goes on, you "Next payment due" will be further and further into the future. All the while, the principle is getting knocked down much faster, and at the end the sum of the interest will be a lot less.
im starting to do what lance is talking about... my dad was a CPA for about 15 years and he calculated that if i paid (if i remember correctly that is, ill have to double check with him) $100 more than what was required, i would have the tC paid off in 2 1/2 years
thank you all. any tidbit of info helps. like i said i am no good at this. my dad wouldn't co-sign and he has perfect credit
so i was on my own and needed a car. sure i could have gotten a cheaper car but i wouldn't want to write a check each month for a car i didn't LOVE!

i re-read lo bux post to make sure i understood. good info. thanks again

edit: oh yea, i lost my job the day the first payment was due! turns out my dad had to pay a few of my monthly payments. he should have co-signed!! lol
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yea, my dad said that if he ever has to make a payment, EVER, he will part out any mods on my car and then sell it to teach me a lesson on thrift/messing with his credit/responsibility

so im making sure to make my payments.. plus i can just transfer over funds from my checking account and Navy Fed. whenever i feel like it (yay for not having to write checks and direct deposit!!)
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