How much will my interest rate be in motion down after i refinance my vehicle loan? i bought a car 2 months ago and the purveyor told me

i bought a car 2 months ago and the purveyor told me that i can refinance my loan after 7 months. my current interest rate is 12, what will it be after i refinance? please help! i live surrounded by NY if that helps

Answers:
I conjecture the dealer be pulling one on you. Contact your bank for their most modern interest rates. 12% interest for a car is really large.

I agree with the first poster. The contractor was purely blowing smoke up your *ss. It mostly depends on what your credit score is, and any deragatory stuff that shows up on your credit evaluation. Yes 12% is high, but ive see people as soaring as 22 for a car loan.

Auto nouns is what I do for a living and the dealer be giving you what we call "Hope for gain". This is when you bring up to date the customer what they want to hear to close the deal.

All auto loans are base on the following factors;

1. LTV (loan to value).
2. Term of loan.
3. Age of vehicle.
4. Miles on vehicle.
5. Credit score/profile.
6. Down compensation.
7. Time on job.
8. Time at residence.
9. Income per month up to that time taxes.

If you have made 7-payments (banks in general look for at least 12) and you own decent credit you may be capable of refinance at your local bank or credit league.

Depending on how the loan was structured contained by relation to the above factors, 12% is not a impossible rate actually.