My credit union offered me an AWESOME 7.5%!!! I'm not sure whether to cry, or shoot myself. Infiniti is still doing their thing, but I talked to the business manager this morning, and he is STILL convinced he can be that (one can only hope). If I'm stuck at 7.5%, does anyone know how long I have to wait before I can re-finance or what I need to do to get a better rate?

'04 6MT, Laser Red/Graphite, Prem, Navi, 4-Piece Aero, BSM

 

First of all - great choice on your car. It's EXACTLY what I ordered.

Now for your question, you shouldn't have to wait any minimum time to refinance. Due to the fact that you pay the majority of your interest at the beginning, I'd refinance as soon as possible.

 

I can't recall which one it is (Box 73?), but there's an option that the dealers often check when they let you finance a car. That box basically says that your payments will first go towards the intrest payment, THEN towards the "purchase" of the car.

If you take it out of financing after a few months or refinance, they may tell you that you're upside-down and that you really haven't even begun financing the car, but have been paying off your 7.5% interest. If you make sure they don't check the box, you put your payments towards the price of the car with only 7.5% going towards interest, and you'll have an easier time refinancing.

I'm not 100% sure about the exact text of the box, whether it prohibits refinancing, etc. but I know that the box exists and what it generally stipulates. Anyone else know?

G

2003.5 Black w/ Willow G35
Premium / Sport / Aero / Winter / Navi / Tint

 

Mazel Tov - from a realty standpoint - that is not a bad rate. It wasnt to long ago that the rates wern't lower than 9.9% or higher. let me know what the insurance cost is...

04/G35C/DG/Prem/Aero/Perf. Tires and wheels/ Valentine 1/Winter:Blizzak LM22 on ASA K3 Rims/R splash Guards

Long Island, New York, USA

 

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or what I need to do to get a better rate?

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improve your credit rating beacon score.... a shorter term loan may also offer a lower rate.


03 6MT coupe, red/willow, premium, aero, splash guards, alum pedals, clear corners, 15% tint

 

statiktir -

Did I miss something regarding your beacon score? Right now you can get a 4.5% loan on a 48 or 60 month loan through eloan.com. You should qualify if your score is above 700, I believe.

2004 Coupe/DG/5AT on order...Is it January 21 yet?

 

I'm assuming that a "beacon" score is the FICO right? Well if that's the case, my "beacon" is in the low 600s. I can say with gusto, that my credit score is not so hot! Since my "beacon" is not higher than ELOAN's "magic number", they wouldn't touch me with even their 20% pole. Whatever. Here are some facts:

1) I've never defaulted or not paid back an obligation...NEVER.
2) I've at MOST been late only one month with a payment
3) The $12K that I'm paying in financing fees are not going to...you guessed it...ELOAN!
4) In the future, when my "beacon" is a 100000 (cuz I'm gonna be a credit wh0re!), ELOAN can kiss my spotless-credit a$$. Lots a luv baby!

'04 6MT, Laser Red/Graphite, Prem, Navi, 4-Piece Aero, BSM

 

worry about your rate when you buy a house

 

I had an 813 FICO score and received 4.49% on a 60 Month loan directly from Infiniti Financial Services. Probably the best I could have done at the time.

 

I was up there in the 800's and got 3.9 through IFS :]

Danation.com - G35C CB & GRAPHITE / NAV / PREM / AT

 

When I went thru Infiniti Financial they offered me a rate of 4% right of the bat..didn't even have to try and haggle them down. I don't know my credit score, but I cant imagine that it would be that great because I'm only 23. BUT..if you have decent credit in most car loans now adays you are not paying to interest first, but equal payments of interest to principal. I know this because I was going to pay off a lump sum of my loan and called infiniti and asked them if basically I was just paying off all of my interest which would make no sense if I am paying most of my car off at one time. They told me they used to do loans like that, and still do for people with poor credit, but everyone else it's equal payments to interest and principal..Anyone else heard of this??

 

My credit union is currently offering 3.74 on a 4 or 5 year loan and 3.24 on a 3 year. Granted it does come down to your credit rating. I would pressure the dealer to help. 7% isn't too hot in my opinion but that's based on rates I received for my cars, home and equity loans and I have generally very good credit. I'd tell your dealer you need a better rate to make the deal happen.

 

StatikTLR -

Your beacon (FICO) score may also be a result of too many revolving credit cards. If you requested a credit report, it would show you all of the "active" credit cards listed under your name. If you see any credit cards listed that you don't use anymore, make sure to get them cancelled. An active credit card with a 0 balance stills tells creditors that you have access to these additional credit dollars that can make you a higher risk. From what you posted, it looks like your score should be higher than what you stated.

Just a suggestion.

2004 Coupe/DG/5AT on order...Is it January 21 yet?

 

actually I just read on MSN.com that once you open the account that the damage is done..even if you close the account it doesn't raise your score. Some people say it doesn't just not help your score, it could hurt it..
I copied this from some mortage broker on a message board..


We just paid off one credit card and are now paying off the other, with a balance of about $10K. I canceled the other card as they couldn't offer me a good balance transfer rate (I want to transfer some of the 10K to lower interest to pay it off faster).

Stop, STOP, STOP!!!

DO NOT CLOSE ANY MORE ACCOUNTS!

Paying them off is fine, but DO NOT CLOSE THEM!

Credit scores are significantly affected by HISTORY, and the longer your account-in-good-standing history, the better your scores (among other factors.)

 

I'm actually a loan officer.. so i deal with credit reports all day. But pretty much what you wanna do regarding revolving accounts is to make sure you have all your balances at least 50% UNDER the credit limit. (IE. credit card limit is $5000 make sure the balance owed on it is at least $2499) of course paying the balance off is always better... but perhaps leave a gas card with 50-200 balance in it is good. Good rule of thumb is to also keep 2-4 revolving accounts open with no balance on them. They should have been established for at least 48 months, anything shorter doesnt help your credit score much. Also make sure you have NO collection accounts on your record. Each collection account roughly knocks off 15-30pts !! hope this helps.