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View Full Version : Refinanced my EP !


jerseyjew
06-11-2004, 01:46 PM
I just got back from the bank and finished refinancing my EP. I lowered my interest rate from 7.95% to 3.99%. The payment only went up like $70.00 a month but I always over pay anyway. I am pretty excited about this. I also have my HFP suspension on it's way. Should be here by the 17th. Then I can finally throw my Slipstreams on !!
bloodzombie
06-11-2004, 01:50 PM
you lowered your interest rate and your payment went up?
fsugatorbait
06-11-2004, 01:50 PM
Originally posted by jerseyjew
I just got back from the bank and finished refinancing my EP. I lowered my interest rate from 7.95% to 3.99%. The payment only went up like $70.00 a month but I always over pay anyway. I am pretty excited about this. I also have my HFP suspension on it's way. Should be here by the 17th. Then I can finally throw my Slipstreams on !!

You reduced your interest rate by almost 4% and your payments went up $70 a month. How much did you take out and what bank did you go through?
shimmy_yaz
06-11-2004, 01:53 PM
Yeah how bout it I am a little confused here too.
DownTheHatch
06-11-2004, 01:57 PM
Looks like he rolled his mods into his car loan. Sounds like it was about $5,000.
Zero Three Si
06-11-2004, 01:58 PM
Yes it is possible to refinance his interest rate and his monthly went up.

It's not rocket science. He was probably on a 5 year loan at 7%

and now he's probably on a 4 year loan with 3.99%.
DownTheHatch
06-11-2004, 02:05 PM
Ohh yea I didnt think about that, he lowered his term. It looked like he took out more money for mods :confused: :)
bloodzombie
06-11-2004, 02:07 PM
Either makes sense... I guess we won't know until he posts again.
jerseyjew
06-11-2004, 03:11 PM
Originally posted by Zero Three Si
Yes it is possible to refinance his interest rate and his monthly went up.

It's not rocket science. He was probably on a 5 year loan at 7%

and now he's probably on a 4 year loan with 3.99%.

DING DING DING. We have found a winner. HAHA. Yeah I originally had a 60 month term & now it is a 36 month term. I got the suspension for below MSRP and that is the only piece of the HFP kit I got. It was originally financed through American Honda. Now it is through a credit union right here on Dover Air Force Base. Sorry for the slow response.
Tenacious G
06-11-2004, 03:43 PM
wow, only a $70 increase and cutting the payments from 60 to 36 months. that's awesome. anytime you cut down the amt. of interest you pay, it's a great thing.
SLOazzEPhatch
06-11-2004, 04:44 PM
Originally posted by jerseyjew
I just got back from the bank and finished refinancing my EP. I lowered my interest rate from 7.95% to 3.99%. The payment only went up like $70.00 a month but I always over pay anyway. I am pretty excited about this. I also have my HFP suspension on it's way. Should be here by the 17th. Then I can finally throw my Slipstreams on !!

how can you go about doing that? i am on a 54 month loan term and i am thinking about going to a 36 month term.
jerseyjew
06-11-2004, 08:54 PM
Find a bank or a credit union that has decent deals on auto loans. Then if you have credit that is good enough you can go to them and apply. If you get approved the bank sends whoever is financing your car now a check for the payoff amount. Then you pay off the payoff amount with the new *lower* interest rate to the new bank.
plpong893
06-12-2004, 06:37 AM
yerrr joe seem ur dad today....jersey can do it cause he pays like 1000 bucks a month on his car and only owes like 6 unlike me
peenaySI
06-12-2004, 07:10 AM
Originally posted by jerseyjew
DING DING DING. We have found a winner. HAHA. Yeah I originally had a 60 month term & now it is a 36 month term. I got the suspension for below MSRP and that is the only piece of the HFP kit I got. It was originally financed through American Honda. Now it is through a credit union right here on Dover Air Force Base. Sorry for the slow response.

not bad. i was thinking about re-financing my car too. which bank did you go to?
STP03BlueSI
06-12-2004, 07:13 AM
I will stick with my 1.9% from Honda:D
the JigGa mAn
06-12-2004, 07:24 AM
Originally posted by STP03BlueSI
I will stick with my 1.9% from Honda:D

BOOO YAAAA!!! ME TOO!!:D

$133 a month...it cant get better
STP03BlueSI
06-12-2004, 07:43 AM
Originally posted by the JigGa mAn
BOOO YAAAA!!! ME TOO!!:D

$133 a month...it cant get better


damn I am at 297 a month:eek: But then again I only had like 2k down
SONIC SI
06-12-2004, 07:54 AM
When I bought mine I got the 3.9% with no money down.
civicracer1128
06-12-2004, 10:31 AM
yeah im at 278 but i got 0.9% and that includes the 5 year warrenty. got that dirt cheap too.
blueiedgod
06-12-2004, 10:51 AM
Originally posted by STP03BlueSI
I will stick with my 1.9% from Honda:D


I third that. What I don't understand is if you, jerseyjew, qualified for a 3.99% from a bank, why didn't you finance through Honda's 1.9% or 2.9% APR, depending when you bought the car, from the beginning? You could have done the 60 month term at 1.9% or 2.9% from day one, and then just pay it off in 36 months.
jerseyjew
06-12-2004, 11:14 AM
I tried, but at the time I bought the car (a year ago) my credit wasn't up to par. The special they were giving out was 1.9%. I don't think it is possible to refinance through American Honda. 3.99% is the absolute best I could find in the local area and it is good enough for me. Overall I am gonna save between 1300-1600 give or take some depending on if I pay it off faster then 36 months.
nmysiismyn
06-13-2004, 03:03 AM
Mann guy's... basic stuff.

Didn't your daddy's teach you about financing.:D

I had to have my grandpa co-sign for me. I couldn't qualify for 0.9% or how ever much cash back.

I'm surprized it's so drastic in only a year...
What kinda credit did you have before???
What did you do (credit cards/ etc)???

I'm interested because I had .NO CREDIT at the time.