refinance question - Mustang Evolution

Go Back   Mustang Evolution > Ford Mustang | Wrenching, Care and General Topics > General Mustang Discussion



Reply
 
Thread Tools Search this Thread
Please support our sponsors and let them know you heard about them here!
Old 07-03-2013, 06:21 PM   #1
Road Trip!
 
Join Date: Sep 2012
Region: California
Posts: 610
refinance question

Guys I just got approved to refinance my current loan of 9.9% the new one is 2.74% for 5 years.. Im just building my credit . Is it good to refinance??
Andy714 is offline   Reply With Quote
Sponsored Links
Advertisement
 
Old 07-03-2013, 06:23 PM   #2
Registered Member
Regular
 
BatmanUriah's Avatar
 
Join Date: Feb 2013
Location: Midwest City
Region: Oklahoma
Posts: 178
It's always good to re-finance, if you're getting a better interest rate. I'd jump on that, man!

Unless you want a longer term..
BatmanUriah is offline   Reply With Quote
Old 07-03-2013, 11:41 PM   #3
Staff
Regular
Staff
 
scottydsntknow's Avatar
 
Join Date: Apr 2013
Location: JB MDL
Region: New Jersey
Posts: 16,579
Depends on the situation. If you've got like a year left on the loan just stick it out and pay it off. You could also see how much interest you'll pay on both loans by calculating how much interest you still have left on your current deal vs what you'd pay over 5 years in interest at the new rate.
__________________
2000 Mustang GT Steeda #0048

Just because I give you advice, doesn't mean I know more than you. Its just means I've done more stupid ****.
scottydsntknow is offline   Reply With Quote
Sponsored Links
Advertisement
 
Old 07-04-2013, 01:05 AM   #4
Road Trip!
 
Join Date: Sep 2012
Region: California
Posts: 610
Quote:
Originally Posted by scottydsntknow View Post
Depends on the situation. If you've got like a year left on the loan just stick it out and pay it off. You could also see how much interest you'll pay on both loans by calculating how much interest you still have left on your current deal vs what you'd pay over 5 years in interest at the new rate.
I still got 4 more years.. and the interest on the new loan is like 300 something.. and the other one is like 2 grand
Andy714 is offline   Reply With Quote
Old 07-04-2013, 01:06 AM   #5
Registered Member
Regular
 
MidnightBlueGT's Avatar
 
Join Date: Apr 2013
Location: Charlotte
Region: North Carolina
Posts: 3,887
Nice interest drop
MidnightBlueGT is offline   Reply With Quote
Old 07-04-2013, 10:50 AM   #6
Staff
Regular
Staff
 
scottydsntknow's Avatar
 
Join Date: Apr 2013
Location: JB MDL
Region: New Jersey
Posts: 16,579
Quote:
Originally Posted by Andy714 View Post
I still got 4 more years.. and the interest on the new loan is like 300 something.. and the other one is like 2 grand
Uh, yeah show up at the bank on Monday morning and get it done yesterday.
__________________
2000 Mustang GT Steeda #0048

Just because I give you advice, doesn't mean I know more than you. Its just means I've done more stupid ****.
scottydsntknow is offline   Reply With Quote
Old 07-04-2013, 12:22 PM   #7
Road Trip!
 
Join Date: Sep 2012
Region: California
Posts: 610
By the way I'm doing it thru a credit union
Andy714 is offline   Reply With Quote
Old 07-04-2013, 03:52 PM   #8
Staff
Regular
Staff
 
scottydsntknow's Avatar
 
Join Date: Apr 2013
Location: JB MDL
Region: New Jersey
Posts: 16,579
They are honestly better than the big banks IMO...
__________________
2000 Mustang GT Steeda #0048

Just because I give you advice, doesn't mean I know more than you. Its just means I've done more stupid ****.
scottydsntknow is offline   Reply With Quote
Old 07-04-2013, 06:31 PM   #9
Registered Member
Regular
 
Evil2014GT's Avatar
 
Join Date: Mar 2013
Location: Northern VA
Region: Alabama
Posts: 1,579
Huge drop in interest! Why haven't you signed already??? Lol. Im planning on doing the same thing. I originally financed through Ford, but with be refinancing through my Credit Union as well.
__________________
2014 Mustang GT Base MT82 -Stock 3.73s, Roush axleback, Steeda 93R tune, Steeda Hi-flow X-pipe, 19" Charcoal AMR's, smoked front and rear side markers, 20% tint, quarter window louvers, Steeda Ultralite springs, Koni Str.t shocks/struts, MM camber plates, J&M adjustable panhard bar, BMR LCAs and relo brackets, Barton shifter and 2-post bracket, Black Modern Billet Grilles
Evil2014GT is offline   Reply With Quote
Old 07-04-2013, 11:44 PM   #10
Registered User
Newbie
 
Join Date: Jul 2013
Location: Orlando
Region: Florida
Posts: 14
I would go for the refinance. If you can make it for the same number of years you have left.
wolfe1212 is offline   Reply With Quote
Old 07-05-2013, 02:15 AM   #11
Road Trip!
 
Join Date: Sep 2012
Region: California
Posts: 610
I have to wait till I get my renewal tags which is in like 3 weeks. Yes I'm going to try to do a 48 month term.. and what I love about this credit union is that ill start making payments after 90 days
Andy714 is offline   Reply With Quote
Old 07-05-2013, 07:40 AM   #12
Registered Member
Regular
 
mustangchassy's Avatar
 
Join Date: Mar 2011
Region: Indiana
Posts: 1,592
Yea soooo do it. We did that on our journey. And man we started knockin the prinicpal down like crazy. Ours is through a credit union to for federal employees. We love them!
__________________
2013 GT Premium: 15% Tint/Roush Axleback/Gloss Black 5.0 Badges/2007 GT Premium (SOLD)
mustangchassy is offline   Reply With Quote
Old 07-05-2013, 10:00 AM   #13
Road Trip!
 
Join Date: Sep 2012
Region: California
Posts: 610
Quote:
Originally Posted by mustangchassy View Post
Yea soooo do it. We did that on our journey. And man we started knockin the prinicpal down like crazy. Ours is through a credit union to for federal employees. We love them!
Yess I'm just waiting to get my tags
Andy714 is offline   Reply With Quote
Old 07-05-2013, 10:09 AM   #14
Registered Member
Regular
 
mustangchassy's Avatar
 
Join Date: Mar 2011
Region: Indiana
Posts: 1,592
Quote:
Originally Posted by Andy714 View Post

Yess I'm just waiting to get my tags
Good deal. Smart decision
__________________
2013 GT Premium: 15% Tint/Roush Axleback/Gloss Black 5.0 Badges/2007 GT Premium (SOLD)
mustangchassy is offline   Reply With Quote
Old 07-09-2013, 07:44 PM   #15
Road Trip!
 
Join Date: Sep 2012
Region: California
Posts: 610
So I did refinance my loan. Dropped the monthly payments to 135.64 and got it a 36 months/36,000 miles warranty
Andy714 is offline   Reply With Quote
Old 07-09-2013, 09:03 PM   #16
Registered Member
Regular
 
mustangchassy's Avatar
 
Join Date: Mar 2011
Region: Indiana
Posts: 1,592
Sweeeet
__________________
2013 GT Premium: 15% Tint/Roush Axleback/Gloss Black 5.0 Badges/2007 GT Premium (SOLD)
mustangchassy is offline   Reply With Quote
Old 07-09-2013, 09:12 PM   #17
Registered Member
Regular
 
Evil2014GT's Avatar
 
Join Date: Mar 2013
Location: Northern VA
Region: Alabama
Posts: 1,579
Quote:
Originally Posted by Andy714 View Post
So I did refinance my loan. Dropped the monthly payments to 135.64 and got it a 36 months/36,000 miles warranty
Nice. Was the warranty through Ford? If not, be VERRRRYYYY careful with those 3rd party warranties. READ EVERY SINGLE LINE OF THE FINE PRINT. My brother got hosed on his Jeep. Paid $1500 for a warranty through our bank, the Jeep through a rod bearing after a couple months and the "warranty" was only good for a TOTAL of $3k worth of coverage. Needless to say, the repair was much more. He ended up losing alot of money.
__________________
2014 Mustang GT Base MT82 -Stock 3.73s, Roush axleback, Steeda 93R tune, Steeda Hi-flow X-pipe, 19" Charcoal AMR's, smoked front and rear side markers, 20% tint, quarter window louvers, Steeda Ultralite springs, Koni Str.t shocks/struts, MM camber plates, J&M adjustable panhard bar, BMR LCAs and relo brackets, Barton shifter and 2-post bracket, Black Modern Billet Grilles
Evil2014GT is offline   Reply With Quote
Old 07-09-2013, 09:43 PM   #18
Staff
Regular
Staff
 
scottydsntknow's Avatar
 
Join Date: Apr 2013
Location: JB MDL
Region: New Jersey
Posts: 16,579
+1 on the 3rd party warranties. You'll have to go through hoops to get half of them to pay up and the other half won't even pay out at all.
__________________
2000 Mustang GT Steeda #0048

Just because I give you advice, doesn't mean I know more than you. Its just means I've done more stupid ****.
scottydsntknow is offline   Reply With Quote
Old 07-10-2013, 12:05 AM   #19
Road Trip!
 
Join Date: Sep 2012
Region: California
Posts: 610
Noo its a 3 rd party warranty.. it was only 600$ tho .. covers engine transmission and electrical
Andy714 is offline   Reply With Quote
Old 07-10-2013, 12:22 AM   #20
Registered Member
Regular
 
Evil2014GT's Avatar
 
Join Date: Mar 2013
Location: Northern VA
Region: Alabama
Posts: 1,579
Quote:
Originally Posted by Andy714 View Post
Noo its a 3 rd party warranty.. it was only 600$ tho .. covers engine transmission and electrical
Read the fine print man. Im telling ya. That crap ended up costing my brother over $3k. Those things are a scam.
__________________
2014 Mustang GT Base MT82 -Stock 3.73s, Roush axleback, Steeda 93R tune, Steeda Hi-flow X-pipe, 19" Charcoal AMR's, smoked front and rear side markers, 20% tint, quarter window louvers, Steeda Ultralite springs, Koni Str.t shocks/struts, MM camber plates, J&M adjustable panhard bar, BMR LCAs and relo brackets, Barton shifter and 2-post bracket, Black Modern Billet Grilles
Evil2014GT is offline   Reply With Quote
Old 07-10-2013, 01:01 AM   #21
Road Trip!
 
Join Date: Sep 2012
Region: California
Posts: 610
Quote:
Originally Posted by Evil2014GT View Post

Read the fine print man. Im telling ya. That crap ended up costing my brother over $3k. Those things are a scam.
What do you mean? Kinda confused
Andy714 is offline   Reply With Quote
Old 07-10-2013, 06:10 AM   #22
Registered Member
Regular
 
larrimus's Avatar
 
Join Date: Jul 2013
Location: Independence
Region: Kentucky
Posts: 58
Quote:
Originally Posted by Andy714 View Post
What do you mean? Kinda confused
He's saying that they lead you to believe the warranty will completely cover a repair but they usually have a cap on the amount they'll pay.

Example is the case with his buddy. He bought the extended warranty for $1500 but the most the warranty would pay out was $3000, which left his friend with the remainder of the repair bill.
larrimus is offline   Reply With Quote
Old 07-10-2013, 07:42 AM   #23
Registered Member
Regular
 
Evil2014GT's Avatar
 
Join Date: Mar 2013
Location: Northern VA
Region: Alabama
Posts: 1,579
Quote:
Originally Posted by larrimus View Post

He's saying that they lead you to believe the warranty will completely cover a repair but they usually have a cap on the amount they'll pay.

Example is the case with his buddy. He bought the extended warranty for $1500 but the most the warranty would pay out was $3000, which left his friend with the remainder of the repair bill.
Exactly. And you only get $3000 worth of repairs TOTAL. Not everytime your car breaks down. Once you hit $3k of repairs that's it. Your warranty is no more. Huge scam.
__________________
2014 Mustang GT Base MT82 -Stock 3.73s, Roush axleback, Steeda 93R tune, Steeda Hi-flow X-pipe, 19" Charcoal AMR's, smoked front and rear side markers, 20% tint, quarter window louvers, Steeda Ultralite springs, Koni Str.t shocks/struts, MM camber plates, J&M adjustable panhard bar, BMR LCAs and relo brackets, Barton shifter and 2-post bracket, Black Modern Billet Grilles
Evil2014GT is offline   Reply With Quote
Old 07-10-2013, 07:50 AM   #24
Staff
Blogger
Staff
 
99ford's Avatar
 
Join Date: Jan 2009
Region: Georgia
Posts: 6,120
Send a message via Skype™ to 99ford
Quote:
Originally Posted by Andy714 View Post
By the way I'm doing it thru a credit union
That's exactly what I did!!

I started going there to pay my loan and next thing you know all my bank accounts were there.
__________________
Check out the Official ME gear page for site t-shirts, decals, and bottle openers: http://www.mustangevolution.com/foru...2/#post1670281
99ford is offline   Reply With Quote
Old 07-10-2013, 08:04 AM   #25
Registered Member
Regular
 
mustangchassy's Avatar
 
Join Date: Mar 2011
Region: Indiana
Posts: 1,592
Quote:
Originally Posted by 99ford View Post

That's exactly what I did!!

I started going there to pay my loan and next thing you know all my bank accounts were there.
Same thing we did. We love our credit union
__________________
2013 GT Premium: 15% Tint/Roush Axleback/Gloss Black 5.0 Badges/2007 GT Premium (SOLD)
mustangchassy is offline   Reply With Quote
Old 07-10-2013, 08:12 AM   #26
Staff
Blogger
Staff
 
99ford's Avatar
 
Join Date: Jan 2009
Region: Georgia
Posts: 6,120
Send a message via Skype™ to 99ford
Quote:
Originally Posted by mustangchassy View Post

Same thing we did. We love our credit union
Yeah when I go in they always smile and greet me.
__________________
Check out the Official ME gear page for site t-shirts, decals, and bottle openers: http://www.mustangevolution.com/foru...2/#post1670281
99ford is offline   Reply With Quote
Old 07-13-2013, 02:06 AM   #27
Registered Member
Regular
 
Join Date: Jun 2013
Location: Charlotte, NC
Region: North Carolina
Posts: 74
Thats an amazing rate change, congratulations!
Finkikus is offline   Reply With Quote
Old 07-13-2013, 09:52 AM   #28
Staff
Regular
Staff
 
scottydsntknow's Avatar
 
Join Date: Apr 2013
Location: JB MDL
Region: New Jersey
Posts: 16,579
I have USAA but if I didn't I would go through a credit union for sure. Hell I am actually thinking of transferring all my accounts to Navy Federal Credit Union soon even with USAA. I'm not Navy but I'm military and anyone military can join.
__________________
2000 Mustang GT Steeda #0048

Just because I give you advice, doesn't mean I know more than you. Its just means I've done more stupid ****.
scottydsntknow is offline   Reply With Quote
Old 07-13-2013, 10:12 AM   #29
Registered Member
Regular
 
mustangchassy's Avatar
 
Join Date: Mar 2011
Region: Indiana
Posts: 1,592
Quote:
Originally Posted by scottydsntknow View Post
I have USAA but if I didn't I would go through a credit union for sure. Hell I am actually thinking of transferring all my accounts to Navy Federal Credit Union soon even with USAA. I'm not Navy but I'm military and anyone military can join.
We have USAA too but we use a local credit union which is MUCH better than USAA. we dont use them for our personal banking because they arent located in the town we live in but we can just walk in and get a loan that day. We love our credit union. They literally are a small one branch bank and only open to federal employees. We use USAA for our personal banking and insurance.

Ive heard Navy Federal credit union is better than USAA. Weve just had em so long we dont want to go through the hassle of switching. Lol
__________________
2013 GT Premium: 15% Tint/Roush Axleback/Gloss Black 5.0 Badges/2007 GT Premium (SOLD)
mustangchassy is offline   Reply With Quote
Old 07-13-2013, 10:57 AM   #30
Staff
Regular
Staff
 
scottydsntknow's Avatar
 
Join Date: Apr 2013
Location: JB MDL
Region: New Jersey
Posts: 16,579
I have heard NFCU is better too, they were VERY helpful telling me about VA loans and HUD limits and they even have a VA "style" mortgage if you are in a place where the HUD limit is too low to use VA (like if you rent a property because you PCS'd and want to buy another). No PMI but the rates aren't as good as the VA loans so there is the tradeoff.

I KNOW their auto loan rates are better, if I was not going to be done with my auto loans this spring I would be refinancing with them. 2.99% for a used car with prime credit... yeah...

Oh, as far as local banks, I have a BoA account too if I want to deposit a check or anything locally. Then just transfer it online and done.

With that said, I have had nothing but good experiences with USAA, their rates are just getting a little too close to the other banks which is scaring me a little.
__________________
2000 Mustang GT Steeda #0048

Just because I give you advice, doesn't mean I know more than you. Its just means I've done more stupid ****.
scottydsntknow is offline   Reply With Quote
Reply

Lower Navigation
Go Back   Mustang Evolution > Ford Mustang | Wrenching, Care and General Topics > General Mustang Discussion

Thread Tools Search this Thread
Search this Thread:

Advanced Search

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are On
Refbacks are Off


» Like Us On Facebook



06:53 AM


Powered by vBulletin® Version 3.8.8
Copyright ©2000 - 2017, vBulletin Solutions, Inc.
Content Relevant URLs by vBSEO 3.6.0

MustangEvolution.com is in no way associated with or endorsed by Ford Motor Company.