I've been thinking a lot about finances, and it'd be really nice to not have to pay upwards of $600-650 a month to keep my suby (in gas, insurance and the payment).

I have a few options:

Refinance the STI and retire it only to recreational driving instead of driving it every day because I love it.

Sell the STI and buy an econo lunchbox outright

Trade the STI in for a WRX or a more economical/cheaper model.

That being said, anyone have any experience refinancing a car? I want to find a place that has a lot of lenders, my APR is HORRIBLE, its 22% but that's all I could get due to a big blemish on my credit which should be gone now.

 

STi to WRX? Blech.

Either keep it for fun duty or get rid it and get a commuter. I'd just talk to your bank about it and see what they can do first. In my experience, 3rd parties usually crush you on interest if you're a 'risk' (which is usually why you're talking to them in the first place).

 

Holy crap, 22%?? I'm only at 11% and that's because it's the first loan I've ever had.

That said, I can't really help you, lol.. I have a 98L BEATER that I could sell you. It looks rough, but it's been really reliable. I'm sure you don't wanna go from an STI to an L though, haha.

 

When I was young and dumb, and I sold my truck and lost the bill of sale and the person that bought it got it impounded and I got stuck with a 3 grand tow bill which I tried to fight and refused to pay. I had a 98 L a long time ago, but I was thinking of like a 2002 corolla/civic or something if I get an econo car.

 

you can get online quotes for auto loans. that should give you an indication of what your current apr would be. i did that before i went and bought my suby. was quoted at something like 7%. the dealer tried to tell me 8% and i showed them my quote, they ended up beating it.

anyway, check online, then u could try to check out a bank see if they would be willing to beat your quote. i imagine banks are pretty desperate for loans right now.

 

Refinancing is different, not a lot of the places I've checked have a thing online for refinancing. I also want to find a place that does many banks with one credit check versus many credit checks.

 

22% ?!? Where is the *** raping emoticon?

 

Truthfully, with 22% APR, the writing is/was on the wall that you need something you can afford, cash, until you can fix that damage. 22% is obscene and should have been your hint that maybe that shiny new STi isn't the best financial decision at the time.

 

You can get a refinance car loan quote on Chase website.

Good luck

 

22%???

Holy **** dude. You seriously need to get yourself out of that NOW! Buy a impreza or wrx maybe? or a sti swapped rs? let your credit get better, then buy an sti again when you can have a better rate because right now you're being robbed. But if you don't HAVE to have another subaru for now, get the econo-box then get an sti again when you can get better apr. Plus you'll save so much money! (both on interest and insurance)

Just my thoughts. I have worked in Subaru sales and finance for nearly two years. (not anymore though)

oh, and if possible, you can try to refinance. That would be better to!

 

damn your getting raped.. never understood why people suffer just to show off a nice car, would never have done that..

spoolin415 got it on the money.. damn.. 22%, and its onlya subaru lol

 

If you have been making your payments for a while and your credit is indeed getting better, you should be able to go to your credit union or bank and apply for a re-finance loan. I have done it several times over the years for different reasons. If you have not already done so, find out what your credit score is, that will let you know what your options are. I don't usually tell people what they need to do, but seriously, you need to get out from under that interest rate, I bet its costing you $100 - 150 month in interest. Good luck!

 

We can trade cars every 2 weeks to save gas lool.

 

lmao.... I agree the APR was horrible, but I went into it knowing that a good payment history would aid in repairing the damage. The bad falls off this year, and I've got over a year of spotless payments on everything. I can afford this, but I have some life changes potentially coming up where I might need to take some time off of work, at which point I need to have less expenses.

 

I refi'd my STi last year with Provident Credit Union for 4.625% - as for experience, it's pretty easy just walk in and tell them you'd like to refinance.