Should I refinance my VW Credit Loan?

[gtinewbie1]

I joined the GTI family just a few weeks ago. I got a great deal on a 2018 Autobahn.

I was so focused on the price of the car I didn’t negotiate the financing.

Got a 2.9% apr for 72 months through VW credit when I purchased the car. That was rate another dealer was offering before they ran my credit. I took their offer and went with a dealer near me and they just matched it.

But after a few weeks of thinking about this. I am thinking why I didn’t ask for a 1.9% or even a 0.9% loan. My credit it excellent.

I am thinking now is it even worth refinancing?

Not sure why this is in my head. I guess I am always looking to see if I got a good deal.

What do you guys think?


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[Diggs24]

2.99% is about as low as my credit union goes. Not sure what you will refi to.

 

[WRXRay]

My credit union is at 1.49‰ and has been for years. Wouldn't hurt to look around to see if it makes sense for you to refinance.

 

[Diggs24]

My credit union is at 1.49‰ and has been for years. Wouldn't hurt to look around to see if it makes sense for you to refinance.

On a 72? That's pretty good.

 

[JD-1]

I'm in the same situation. I know for a fact I didn't get the most competitive rate, but I also didn't want to deal with getting my own financing (it was annoying enough for the dealer to "locate" the car I wanted). I just figured I'll refinance in 6 months... VW approved me for something like 4.56% at 72 months. I could also tell they didn't shop my rate. When I got my first car they which was a certified pre owned mazda they lit my score up with at least 5 lenders... VW did it with just VW. I'm sure all banks have bad google rankings but VW credit's is pretty frickin bad lol.

 

[gtinewbie1]

My credit union is at 1.49‰ and has been for years. Wouldn't hurt to look around to see if it makes sense for you to refinance.

Which credit union is this?


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[KevinC]

My credit union is at 1.49‰ and has been for years. Wouldn't hurt to look around to see if it makes sense for you to refinance.

For years? Have you checked lately? CU & bank rates are on the way up.

 

[N2fastcars]

Check with your credit union, I know mine refinanced my GTI, it was originally a lease through VW credit, as a new car because it had less than 7,000 miles.

 

[adam1991]

A girl in my office just bought a Golf this weekend, and got 0.9% for 72 months.

And this from a skeezy dealer.

3 months ago my dealer shopped around for me and found 1.86% for 60 months. I couldn't find any good CU deals like mentioned above, so I took it.

Basically, anything under 2% beats inflation, so it's almost same as cash. Definitely shop around and see what you can come up with.

 

[vj123]

I think its a good rate for 72 months. Lowest current apr in my CU is 2.74% and there are several others in the area offering 1.9% as well.

 

[dnslater]

I think you did well. I have nearly perfect credit and just got 3.2% on a 36 month loan for my wifes car. It was a 2014, otherwise the rate would have been closer to 2.5%, but still. Rates are shooting up. Lots of folks with average credit getting 5%+ loans now.

 

[SpaceGhost]

If you can get a lower rate then refinance. If the rates are close and you want to see if it's worth it then compare them. In Excel do a template search for "loan amortization schedule". I actually don't bother negotiating the loan at all. I take the high rate knowing that the dealer is making money off of it meaning they can afford to make a little less off me. Then I immediately refinance at a lower rate.

 

[Diggs24]

A girl in my office just bought a Golf this weekend, and got 0.9% for 72 months.

And this from a skeezy dealer.

3 months ago my dealer shopped around for me and found 1.86% for 60 months. I couldn't find any good CU deals like mentioned above, so I took it.

Basically, anything under 2% beats inflation, so it's almost same as cash. Definitely shop around and see what you can come up with.

Did she get as good of a deal as you? Kinda hard to get rate and a steep discount.

 

[adam1991]

I didn't ask. I agree, on the surface it sounded like she simply paid more up front.

Me, I got a little below the Costco price in addition to that 1.86%. My credit is right under 850. For the $1100 in interest I'll pay over 5 years, I'm not sure how anyone makes any money on that.

 

[SweetJones_29]

You not getting the best deal financing a car for 72 months.