Refinancing - a couple of questions

[cardude2000]

What! That's a terrible rate on a new car.

Not really. Pretty average right now for a 72 month loan.

 

[cbuckeye20]

I got 2.8% over 60 via https://www.lightstream.com/auto-loans

 

[Coalhat]

As a dealership employee I can tell you definitively that cash offers tied to GM Financial will not be the most competitive rate, but it's worth it for the additional rebate. Frankly I'm surprised it's not 5.99. Take the offer and stay with GM Financial for 6 months, then refi at best available. Check your local credit unions. There's no cost to refi a car and the paperwork is pretty simple, so ANY rate savings is worth the effort.

 

[cardude2000]

FWIW I got 1.5% for 36 months with AAA. They went out and shopped rates and got a loan through a local credit union.

 

[PivotalRex]

As a dealership employee I can tell you definitively that cash offers tied to GM Financial will not be the most competitive rate, but it's worth it for the additional rebate. Frankly I'm surprised it's not 5.99. Take the offer and stay with GM Financial for 6 months, then refi at best available. Check your local credit unions. There's no cost to refi a car and the paperwork is pretty simple, so ANY rate savings is worth the effort.

Thanks, I took their offer because of the rebates. Going to refinance with Navy Federal since I'll be able to get their new car rate for refinancing. Car has to be 2016,2017,2018 and under 7500 miles at the time of refinancing to qualify as a new car.

Most of the companies that refinance consider it used once you drive off the lot.

 

[S33k3r]

Thanks, I took their offer because of the rebates. Going to refinance with Navy Federal since I'll be able to get their new car rate for refinancing. Car has to be 2016,2017,2018 and under 7500 miles at the time of refinancing to qualify as a new car.

Most of the companies that refinance consider it used once you drive off the lot.

+1 for NFCU. Best financial institution with whom I have EVER had the opportunity to do business. And the employees are really awesome, too.

 

[jac1304]

Seems interest rates have been climbing...