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I got a loan for my Lexus in March 2002 @ 5.49%. For your situation, what are you trying to accomplish? Lower payments, less interest paid overall, or just pay it off quicker? I have no idea what your finacial situation is, but usually it is better now after a few years than when you first got the loan. As SVTour98 said, the interest is front loaded so you alread ypaid a lot of it. You have mostly pricipal left and despite being able to save maybe $10 in interest a month, I recommend just paying an extra $100 a month with your current loan and get it done with.
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Joined: May 2000
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Originally posted by cpurser: Originally posted by Wiser: [b]Most car loans are the mortgage type for the obvious reason, ...... I thought most car loans where simple interest - at least both of mine are (Ford Credit on my SVT and a bank for my wife's Maxima.)[/b]They are, aren't they?
Joe, 98 GL sport (V6 MTX)
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Joined: Oct 2000
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Yes.
99% of car loans are simple interest loans. You're charged interest each day based on the amount you owe. Your monthly payment is the interest that accrued during the month plus a portion of your principle balance.
The remaining 1% (or less) of car loans are pre-calculated loans. The interest over the entire life of the loan is calculated, and you are obligated to pay the entire amount even if you pre-pay your loan. (These are bad)
1999 SVT #900/2760 Born on 1-20-99 Silver Frost/Midnight Blue A few aesthetic and audio mods
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Joined: Sep 2000
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Originally posted by Wiser: Moxnix,
Where I am from the term backwards is most commonly used. I have heard the term upside down used as well. Maybe in Maryland the term upside down may be used much more. I do not know about Maryland.
Cpurser,
I have known only one person with a simple interest car loan. What was your interest rate on your simple interest car loans? Also maybe some states, like Louisiana, may only allow banks to offer simple interest loans. I live in Texas and most of the car loans that I am familiar with are mortgage type loans and banks here almost always only offer mortgage type car loans. On the SVT, it was with Ford Credit @ 0.9% for 48 months. The other loan was a used car loan @ 8% for 48 months. Oh, BTW, both will be paid off in October!! Wooo hoooo!!!
Chad Purser '98 Silver SVT Mostly Stock
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Joined: May 2000
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great info guys... not really a financial concern, more of a refi to get someone's name off my loan 
Todd Christ SVT Contour Registry MODS: KKM Intake, SHO Shop Y-Pipe, Bullit Fuel Door, Edelbrock RPM Resonator '98 E0 SVT Contour #1037 of 6535
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Joined: Jan 2002
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I'm, paying 18%, yes 18%. Chalk that up to being a first time car buyer/college student financing through Ford credit... *sigh Anyone here run a bank?
2000 Contour SE V6 ATX (White) K&N Moose fixed finally! Dunlop SP Sport A2's Sylvania Silver Stars (low and hi) Lots more coming!
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Get a few credit cards that have $1000 limits on them with %2.9 APR. Max them out, and pay down the rest, double the payments if you can. If you bite the bullet for a little while, you just have some low interest credit cards to pay off, and the SVT is yours, free and clear!
That way you don't have to refinance (points cost $$$) and you just raised your credit standing.
Or, see how much you can get an unsecured loan for and do the same thing. Maybe even a home improvement loan.
There are lots of ways to do this, but in the end, you're probably better off making larger payments to the original loan.
-Chris
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Originally posted by Toadster: great info guys... not really a financial concern, more of a refi to get someone's name off my loan Ah.....the good ol exwife!! Try 19.95% you losers!!!! Yeah I know I suck :p You know anyone else paying $500/mo for a stupid Malibu? 
Nick 2000 Malibu LS Mods: K&N, Jet-PCM Lowered with Eibach's and on 18's,Clear Sidemarkers,Tinted all around, badgeless Retired Vehicles: 98 Contour
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Joined: Aug 2001
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Sorry I bought my car through my like life insurance IIRC. I have to repay it with like .5% interest. What this actually does is take it out of if you die, your family will get alittle less because of the car. But on the other hand it would already be paid for, so then they wouldn't have to go through the hassle of paying off the loan.
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I refinanced through PeopleFirst last fall. They are currently offering 5.9% for refinancing cars, but the loan amount has to be at least $7,500.
'99 Black SVT Join the SVTOA Safe Harbour Statement: Anything said above must be interpreted against the background that nothing whatever might occur in the future.
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