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Old 04-27-2009, 10:58 AM
 
1 posts, read 2,328 times
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Hello all,

Everytime I drive up north on I-35/183, I see a billboard advertising auto-refinance rates for something like 4%. It's through one of the local credit unions, but for the life of me I cannot find which one, and forget which one is listed on the billboard. Has anyone refinanced their auto loan in Austin now that rates are lower? I am currently paying 6.19% on a 2008 Honda Fit. Would it be worth it to refinance with a local credit union?
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Old 04-27-2009, 11:12 AM
 
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Probably University Federal Credit Union. https://www.ufcu.org/accounts/loans/auto.php?loc=ad

The lower rates are going to be for shorter term loans, so if you wanted to refinance a 6.19 5-yr loan to a 1 or 2 yr loan, it's a good idea... but if you are looking for a longer term, you probably won't get *too* much lower than what you have right now. When you see really low rates, it's usually subsidized by the manufacturer... like, Honda had 2.99% recently. Those loans are typically only available from the manufacturer's finance company, and only on new cars.
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Old 04-27-2009, 12:37 PM
 
87 posts, read 376,448 times
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A+ is also offering some pretty low rates on auto refinance, as is Austin Telco FCU.
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