Hopefully this helps to clear things up! Check out my video on RateGenius if you need to refinance! kzfaq.info/get/bejne/htiVmLRqzuCleo0.html

After 11 months in my 72 month auto loan, I decided to refinance with a local credit union. Went from 15.5% to 6.25%. I cut down my term to 48 months because I wanted to pay it off as soon as possible and still stay around the same monthly payment. Saved about $10k in finance charges.

I went to my local credit union went from 23percent to 5.9percent I was paying 500 now I pay 199..it's huge deperent..now I can save 300dollars a month

They approve me on refinancing my car I went from 6.47 % to 4.9 % from 340 a month to 223 a month I refinance for 6 years but I’m going to pay it off in less than 4 years putting more money to my principal thank you you help me a lot

Thanks vsauce

One thing I did not see be mentioned when refinancing, especially if the vehicle was bought at a dealership, is GAP insurance refund. You can get a refund for GAP insurance, when refinancing, unless stated otherwise on the policy of carrying over.

Got a 2018 Tacoma in July 2020. 11k down, financed $21,200 @ 14.7% interest on 48 month term. Monthly was $583. Made that payment plus some every month on one income in Bay Area California. March 2021, refinanced to 3.00% interest with $14,900 remaining through a new lender. Monthly payment being $350, will continue to make double that amount payments and throw all remaining funds every money and tax return money, plus stimulus money on that debt. Will completely be paid off by June/July 2021.

Hey Mike. Just wanted to say thank you. I was in a nightmare situation with my auto loan having a 24.39% interest on a 72 month loan and thanks to you I went to rate genius and they were able to get me to 12.99% on a 57 month loan. Now I can start attacking my principle and I've already talked to my local FCU on a plan of attack to get approval through them at 7%. So far I'm looking at over $7,000 in savings in total!

i went to my local credit union went from 11.75% to 2.75 % i strongly suggest you go cu u wont regret it no fees

I was watching this for clarification and to see if I learned anything new I already refinance through rategenius, so I guess I'm doing it right. Thanks🥰

My wife and I are really working to improve our financial situation. Caught this video just in time and your channel is a gem. Thanks man

Great info, thanks! The 10 day payoff tip was gold!

I refilled my loan and lowered my payment from $820 to $499 shorted the term by two years lower instead rate from 16 percent to 4.5

Never really thought about loan-to-value. I always thought it was all about credit score, overall debt and income. Thanks for the info!

Omg this is a life-saver video! Thanks so much. I will talk about this with my husband since recently our credit scores have improved!

I would like the flexibility of paying more each month when I can and the benefit of having a lower payment

Thank you sooooo much for this video! I'm in such a bind right now 😩 I bought a vehicle Nov. 2018: my rate is 9.56% and I'm paying almost $365/mo. for a used crap car that the dealer screwed us on. It's our only vehicle at the moment. I need to be able to have the funds set aside to fix it because we can tell it's going to need some expensive repairs in the near future. Our household's financial situation has changed since then and it's just too tight on the budget. This is my first auto loan. My credit isn't great due to unpaid medical bills sitting in collections. I'm so lost and confused by the whole process. I feel like I'm running around blind with no guidance. I know you're not supposed to only look at lowering the monthly payment, but right now my hands are tied. I need a lower payment asap! Any tips or advice would be very much appreciated! Love, abundance and positivity to all ❤☮☯️🕉🌌

I feel like it makes sense to refi for a lower interest rate but continue paying the old amount. For example I currently pay $257 per month, if I got down to say, $180, continue paying the old amount because it still fits in my budget, but would allow me to pay off the new loan faster. Any thoughts?

I refinanced mine today and will keep the same term length. No rate difference on how long I chose. They had longer and shorter available. I plan on paying the same amount I was paying just be putting an extra $45 a month towards principle.

I soo appreciate you & your videos! Helping me correct my finances is God’s work

First car I bought a year later I refinanced, shortened the loan term and lowered my interest rate but increased my monthly payment. I also removed the co-signer from the loan since I had established my credit by then.

Hey can you explain about getting out of negative equity or trying to trade a car with negative equity if possible

i have a 26% interest rate but i’m looking to pull the trigger soon to save thousands in interest and pay off sooner. doing my youtube research and thank you for the info!

Refinancing at my credit union and got 1.99% from 3.74% and extended to 36 months from 25 months left but still gonna pay 2x the minimum amount to save from paying interest and pay off car early.

What happens to the old loan

I need some advice. I been financing a vehicle for 7 months already. My current APR is 8.75%. My FICO score is 751. You think I’ll get approved for a 4% APR if I get a 48 month loan? I owe $20,750 on a car worth $17K.

Thanks very much for helping me understand what it means to refinance a car loan. You have clarified the point of refinancing a car. I don’t have higher credit score but after watching this video, was happy. Am glad I watched it before refinancing so I know where the right place to go for refinancing my car loan . Really appreciate for the clarification

I was able to get an offer for refinance on my car. They bring my percentage from 23 all the way down to 4.5 but when I was looking over the contract I noticed there is a big “finance charge” I’m not sure if I should do it.

Anybody else love how his brain automatically switched to Advertisement Mode at 4:26 to 4:45 haha

Thank you, this video was helpful. I had a lot of those misconceptions.

I'm a first time car buyer I got about 11% . Coming on one year and really want to refinance. Credit karma has my credit score at 750.

Because of this video I just applied to refinance my car loan on rate genius hope they approve me now

Thanks so much I want to refi but scared to do it. Thanks so much

I just bought a Toyota Yaris and I am paying 22.59% interest!!!! I have extreme buyers remorse. My monthly note is $463.12. How soon can I refinance. I just came out of a bankruptcy. I wish I went to the credit union first before buying.

Toyota financial financed me a Tacoma 2017 at $47,000 for 72months! So regret it.

I called to one of the lenders that send me a voucher in the mail. I call asked about refinancing she basically said that if I do proceed it will affect my credit score and would start over. So I’m stuck at if I should. My car has not even 80mils yet.

Im paying 27 percent interest. First time financing a vehicle.

I just bought a car and after contracts were signed, I realized the bank they used has all 1 star reviews, even on BBB site. I really want to refinance to get into a trust worthy bank.

Great insights! Thanks for sharing! I've found that on top of that, using a savings club you can save a lot of money. I got into a savings club and compared to traditional loan, I saved almost $10k!

Wow this video is impressive! Short, and easy to understand. My husband and I just got a car with an outrageous interest rate and 60 mons term. Our first payment isn't due until February 14. Is it wise to look into refinancing beforehand through a credit union?

Curious about when applying for different loans at various lenders, that’s an inquiry on your credit. So is there a right way to look at the lenders to see who gives the best interest rate for you or how does that work? Would love some feedback.

Question... so when apply for refinance my car loan, I should receive the 10 day payoff amount and plug that in as the loan amount, when applying??

Nice video 😎The power of knowledge is knowing that knowledge knowing. That’s power!

Thank you very much, I really appreciate your kindness and information.

im paying 650 a month and apr is at a 19% , what do you recommend i keep getting told different things, i don't know what to do anymore this video got great advice.

Have refinanced by loan to bring down the payment so I can tackle the extra money saving to the principle. I will be able to pay off the car much faster this way.

I’m paying 18.9 on a 2018 caravan. 620-610 credit atm. Working on those. My note is $818. It’s destroying me but I’m about a little over a year in on the loan. Car also had an upside loan added to it prior to the finance. Credit union said you need at least over 700 on my credit score and even that’s not guaranteed. Didn’t want to run my credit and not get a refinance. Not easy and got 3 kids. Cancelled all my cards and building my credit this past whole year. I’m making progress between myself and my wife. Both in the rebuilding phase. Just figured do I stick it out for the next 5-6 remainder years or attempt to find a deal. I’ve learned enough from previous financial mistakes

I wanted to know if/how to transfer your Gap coverage from the dealership? Gap is pretty important and I have heard from lots of people that loose it when refinancing and had no idea until it was to late.

My APR is 3.37 I’m getting an offer for a 2.9 APR should I go for it?

I'm so glad I signed with a cosigner, reading these comments and a lot of them sound like nightmares. Good luck to you guys hope you all figure it out.

Doing great work brother and helping a lot of people, I always buy my cars cash. I hate financing, this will be my 1st one. But after about 6 months when my score goes up and I have about $2-3k saved I plan to refinance. I have much more knowledge and understanding because of your videos. I only have 1 question, when I refinance, during that time can I pay more $ down on the principal directly and shorten the terms. Because my goal is to drop the APR extremely low.

Save up until you can pay cash or pay cash for a car you can afford. Nothing worst then a car loan!

I’m 23 and bought a 2016 V6 mustang with 17,750 miles on it for $17,900 last year but I rushed into it and now I’m stuck with a huge interest rate of 19% I’m paying $443/month for 60 months which adds up to $26,580 if I continue with this payment plan. To pay it off in full it will be $18,800 and that’s after I already put down a $2000 down payment. I’m currently looking to refinance my car and right now talking to someone from AutoPay and they said they can get my interest rate down to 4.8% which I was really happy to hear, but then he said I’d be paying around $350/month for 72 months which now ads up to $25,200 so not a big difference. I’m also very confused as to how a 4.8% interest rate ads an extra $6,700 to what my car is actually worth which mike I said $18,800. Any feedback or advice would be very appreciated

it’s unbelievable seeing the interest rates people have been taking on… i have thought 8.24% is way too high with 765 credit score in 2024… that’s CRAZZZZY to see people are taking 15-25% interest on loans in 2020 during all time lows…

About to refinance from 12% to 6 :)))

Very informative and smart but I would to hear the bad stuff like how they will be a hard inquiry on your credit and lower your score a few points and other negatives to look out for

Dude thank you ; im in the middle of refinancing . I have a gut feeling its not a good idea.

So helpful! You answer my question in like 30 sec of watching the video! Thanks a lot 💖

What about when your current financing charges most of the interest in the first couple years and then you refinance and you end up paying more because the interest has reset?

Question. Trying to refinance and I got a lower rate but for some reason they bumped up the new loan by $1,522 making my new overall payment more expensive than the original. Is this normal? Doesn’t feel like I’m saving anything even with a much lower interest rate. I haven’t accepted the offer yet and just wanted a second opinion from someone more knowledgeable. She said it’s because I have a refinance fee and GAP.

I have a car loan with 18.32 % APR with a 73 Month Loan. Monthly payments are killing me but I have a not so good credit score, any advice on refinancing?

Still waiting on that website 😬 great video as always!! 🙏🏽

I have a 6 year loan financed, about to come up on the 1 year mark, obviously leaving me 5 years left. My credit has boosted significantly since the purchase and my loan is thru my actual bank I've always used. What's the chances my current bank will refinance to lower my interest while keeping me at a 5 year finance length?

72 month term, $17,500 remaining. 2.4% interest with a credit union. It's been a year and two months since purchase. Should I wait to refinance to get a lower interest rate? Looking to lower monthly payment.

If you refinance your car with a different lender, would you still owe the previous lender ?

You’re amazing! Thank you so much. Very helpful video.

I was able to secure a loan on my truck for 11,300 at 2.49% for 36mo. My credit score was 697 and history was basically non-existent with only a $400 credit limit at the time. I think my saving grace for being able to obtain that interest rate was because I shopped for a used vehicle, chose bi-weekly payment options, and chose a short term length. I also put $4000 down in cash. You don’t gotta have a perfect score or great history if you do a few little things to prove on paper that you’re more than capable of repaying the loan. I wasn’t trying to buy a 2021 Ford F-150 king ranch fresh off the lot with my shit history. I got an older vehicle that was well within my price range and went from there.

Do i have to pay off my current auto loan with my current bank or can i refinance and pay that new bank instead? Without paying the first bank i was with already.

My credit score has increased about 97 points since last June when I purchased my SUV. I think I'm able to refinance and save a lot on interest BUT my wife needs a car. Should we apply for her car loan first since my credit is a lot better and then try to refinance the SUV? What do you suggest we do?

I’m confused. Did you say that it is possible to lower the total pay off amount? I owe 23,000, so I could apply to lower that amount, as well as my interest rate?

Got a 26.08 interest rate on my car with no credit score, payments are 260 over 72 months. I’m now looking at a 711 credit score with the anticipation of rising to 730 or more by the end of next month. Maybe I’ll refinance for 48 months or something. Also, I’ve owned my car for 8 months now and yes this is my first car.

600 fico. Credit cards and vehicle loan payments, I have a 3 year perfect payment history. Nothing ever late. So I've been paying a 72 month term, loan for a year, and due to payment record, I've been offered a refinance option that will reset it to 72 months but for a lower monthly payment I would save 226.00 a month. The only bad thing I can see is that it would reset the loan up to 72 months. But with Covid-19 and lack of work, it seems like a good idea right now. What are your thoughts?

He should have begun with which vehicles are more likely to receive refinancing. I had a Ford Fiesta and no one was willing to help.

my interest rate on my car is 27%! don’t wanna pay less just wanna pay more towards the principal... i’m paying almost triple in just interest.

Great finance report

Do I have to disclose my current interest rate with the other bank to move forward? Because I was asked to send a copy of my rates…

Im confused, so at 1:00 you said to lower the combination of the original loan amount and interest rate but at 6:08 you said you only apply for the current loan amount. It seems like a contradiction.

Is there a way to benefit your short term AND long term though? As a junior engineering major in college I purchased my first vehicle in 2018 as a co-signer with my mother because I had no previous credit, and my old hand me down got totaled when I got rear ended by a drunk driver. Anyways, I believe my interest is at 18% through the dealership and I’m currently paying $660 a month. I’m sure you can imagine the stresses of having to come up with $660 a month for a car payment alone, not taking into account other living expenses. I would love to lower my monthly payment while also lowering the amount I pay in the long run. School stresses me enough and removing the burden of having to come up with $660 a month off my shoulders would truly be a blessing. Thank you so much for the videos!

I bought a 2018 HighlanderXLE… low miles about 2 years ago. Terms of loan: 60 months, interest rate 3.75%. Our Credit Union said our Vehicle is valued at about- $34K. I owe about $17K. I inquired about a refi loan to pay credit card debt off at a lower interest rate, current rate-14% interest. My Credit Union offered me a Refi loan on my vehicle 3-4%... they still have to run the numbers…Is this a Wise thing to do?

790 Credit score here with a car loan of 8.44%. Very high because I didn’t have great credit 3 years ago when I got the car. The only thing that’s preventing me from refinancing the car loan (I owe 5k left on the car) is that I’m worried my credit score will go from 790 to 650. Is that dramatic? That’s like over a 100 point drop for a refinancing of a car loan. I know that the hard inquiry will in fact reduce my credit score by 5 points. I worry if I refinance, the closing of that old account and the opening of a new refinanced loan will take me down 100 points! Yep, this is the only thing preventing me from refinancing my car. I want to remain in the 700’s.

What’s a gap. I’m trying to refinance and the financing company gave me these estimates 5yr est 432mo w/ gap 6yr est 375mo w/ gap 7yr est 338mo w/ gap I currently owe 21,400$ at 8.99 rate. I’m looking for 5.49 - 400$ a month. I don’t know if their offers are good , I can’t think out the numbers

So informative Mike! Where have you been all my life?! Lol. Thank you for the upload!!! 😘😊

great video, thanks for the information! just subscribed to your channel.

What is the best company to refinance from

Does refinancing get rid of any warranty’s?

My car payment is 468$ a month only 350$ go to car payment , rest is interest , my credit score is good 749 credit karma , do you think I can refi my car , and I’m same job for last 10 years

I just got a 15k vehicle with 4k down no credit score got 24.9% annual interest so I borrowed 11k and end up paying 19k back which sounds way more than 25 percent interest but after a year of payment I plan on putting another 2k down on refinancing sound good?

I would like to know your perspective on when refinancing a loan when one person has become unemployed? Thx

If I refinance my car what happens to the money I already paid towards my car?

with gap insurance, do they refund you on it or do you have to go to your dealer to cancel it before you refinance to get the refund on the gap insurance?

I bought a brand new car. 14.2% interest rate 420 bucks a month. 7 year loan. I am being scammed with how much I’ve paid vs how much my loan has went down.

Thank you for the breakdown 👍🏼

Very helpful! Thank you!

My credit union told me that they can't help us with the refinance since there is a negative equity on the car. the value of our car is $9000, but we still owe $20,000. What do you suggest? Please and thank you. Liked your video..

Went from 24.4% from 9.96% went that much and was so happy

What about when you go to refinance your car and they increase the balance by 2 to 3k and they lower your interest rate from 8.44 percent down to about 6 or 5 or 2 percent?

What about making sure that the gap insurance is carried over that’s a biggie

So I’m looking a refinance n I got a 11% apr n lower payment but idk if it’s worth it cause the length is 89months

Questions 1. Does my credit get affected if I refinance. 2. I have a better credit score than my girl can I add her to my car when I refinance?

Hi! Can I refinance my car if i have negative equity? My fico score is 730. Im currently 16k in the hole