Refinancing Car Loan, how do I determine a competitive rate?

Edwards Finance > Refinance

Q. I currently have my car loan with an online vehicle loan company called People First. Its difficult to tell if their current refinance rates are competitive with the best rates out there. My loan is about 3 years old and I have about 2 years left. I am considering refinancing my loan, since I am currently paying abour 7.5%. If I determine what a good current rate is, I will have more leverage with my current loan company to get them to match it. I have excellent credit, with no home ownership. To anyone who has recently refinanced, please share the rate you received (excluding new car loans).

A. -I don't know if this would help you, but I assume your refinancing would be like financing a used car. Maybe not. Anyway, my credit union has APRs starting at 5.20% for used cars. My mom financed a used car through Toyota Motor Credit about 5 months ago at 4.9%. -The first thing you need to do is get away from finance companies if you want a better interest rate. Go to a bank, their rates are lower.

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