Refinanced after 11 months...
 

I was paying 8.25% apr through Toyota Financial, refinanced through my credit union (navy federal) and they gave me 2.09%! I'll have it paid off like 6 months sooner and my payment is ~50 per month lower :)


:happyanim:

This is good info for now. I'm thinkin of doin this, too. My APR is pretty low, but of course it never hurts for it to be lower. Hey, i'll take all the help i can get.

Damn how old are you? I'm 24 and my APR is like 3.XX (low 3s) through some random bank my dealer found paying ~450 with tax and 2k down. Subaru offered i think 3.9

8.25?!?! DAMN. I'm 25, and my rate is 3.2 through toyota financial services, on a 5 year note.

Navyfed here aswell....1.99% for 72 months...$0 down....Im 22.

Yeah same here.. Holy cow 8.25% that's crazy..must have very low down payment or non..not sure what type of payment plan OP signed up for..

I'm doing 6 years but I'll have it paid off 4/5 years

Good for you. :happy0180: Makes the car more fun knowing it costs less...

Yea I think I will be refinancing after about 1 year of payments. 4.9% through toyota but I took off $1000 from removing my warranty and I want my loan readjusted.

Congrats, can't wait to refinance mine! lol think I'm paying 6% at 455 a month. I'm 21.

Damn.. I am 25 and my APR is just over 2%! It's not through Toyota, but instead through the bank that the dealer deals with (Huntington Bank). Oddly enough, before approaching the dealer, I went to Huntington directly and they wanted to get me 4.9% XD

I tried to refinance with my bank (USAA) and the offer was piss poor. Double the interest rate, $50 MORE expensive payments. I was surprised.

Currently: 21 years old, $2,100 down, 6% Interest Rate, $545/mo payments.

holy hell!!! You actually originally financed a car at 8.25%!!! :confused0068:

Glad you got it lowered, but DAMN, I wouldn't have touched a car payment with that much interest!!

My debt/income ratio was fine but I had a lot of maxed out revolving credit lines and some other negative-ish stuff. Originally put 3k down, 72 months. Also worth noting that I traded in my wife's SUV, which we were about 4.5k underwater on. So that probably has a lot to do with it.

Banks usually suck. Credit unions will give you good rates. I also got 1.99% 0 down loan from local credit union buying mine used.

With all due respect, do you see any problems with the things I highlighted? I do mean this as someone who hates to see people struggling...especially with money.

Debt adds up! Trust me! I am stoked that you got the car, I really am! I love mine and I'm sure you will love yours too, but there are other things to get in line before you buy a toy....and it is a toy. The only thing practical about this car is the gas mileage!

:happy0180:

26 years old, I think I got 2.2% with 8K down. Payment is only $260 a month.

holy jesus! I got 4% through 'yota. I'd have gone for a walk if they came back with 8.25 and tried to act like they were serious. NFCU is a great bank to refi through though. If you do it at the right time, they will pay you like 200 bucks for a refi too.

8.25% is ridiculous. I'm 24, in school, and still got 3.39% through Toyota financial for 60 months with 6k down. Payments are ~$370, but I usually end up paying 400/mo just to have it payed off faster.

Most credit unions will give you a super low rate.

While I'm not happy that I financed it instead of just paying for it (I had "my eyes opened" only after I was in the car), I put $0 down with a 2.49% interest. I will be paying the car off by the end of next year. As well as my wife's civic in the next couple months. With all I've been reading about debt and wealth, this will be the last thing I ever finance.

:eyebulge: 8.25% is high!

I'm 23 and got approved at PenFed for 2.74%, so Subaru just matched it to simplify my buying process.

Oh absolutely, I made some terrible choices. Well terrible in the sense of "carrying as much debt as I possibly could have" but not in the sense of "so much debt I can't make the payments". I was always of the mindset "pay all of my bills, and whatever is left is free money for whatever". So credit cards never got paid down because I made the minimum payments. But over the past year I've really gotten a hold on my finances, and improved my situation substantially.

But the revolving debt is all paid down to zero now, and aside from my car, the only debt I have is subsidized student loans at ~3% apr. But since I'm still a student, that will stay in deferment for about 4 or 5 more years. (I work full time and go to school part time - not taking on any more student loans because I don't need to anymore)

You sound like someone who has had his face punched by mr money mustache :)

Or someone who has actually looked into money and realized just how badly I was losing.

The two most profitable sources from a dealership are the finance department and the service department. They don't call them "stealerships" for nothing.

You and your 8% interest is proof of that.

I've decided I'm not going to play the game anymore. Simple and easy. Copy those who have already gone before you and achieved the results you want. Well, I have. I have changed a lot of my life to a different model, while I'm not winning yet, I am no longer "down for the count"

I can tell you right off the bat, I wouldn't trade in a car that I was $4k+ in the hole with, but then again, that's not $4k in cash in your hand, so I'm sure it was a lot less painful. Now if I were to put 4 grand in your hand, do you think it would be as easy to give up? Science and studies say no. Studies show that credit cards and paperwork give no response from the brain. Now add cash into the equation, I hand you $4k in cash, there is literally a pain response that is felt and registered by the brain. You think finance companies know this? You bet

1.75%, 6 years, 21 years old, Toyota Financial, first time using my credit on anything... lol :D

7k down with down payment and trade in . 4.6% 290 a month for 6 years..

I'm pre-qualified at 2.36% for 72 months for the BRZ I'm getting (waiting to arrive) and JUST turned 23.
Anyone in SoCal who wants to a lower rate...I work at a bank :scared0016: PM me...

21 years old. I got in the 2's.

They first said 6.5, I said no
they came back at 4
I walked out then they came back at 3.25
I said no again and was able to get it in the 2's!

Just refinanced Toyota Financial 84/mo 5.86% to Navy Federal 60/mo 2.76%