I’d put this in GQ, but I dunno…not scientific enough I’d suppose, and I’m sure there is a world of opinion on the subject.
Basically…we recently bought a used Toyota Tundra (GREAT truck!) at a dealership. The price we negotiated (practically wrestled for) was ultimately fair, and in fact slightly below what both Edmunds.com and Consumer Reports show it should sell for (going by year, mileage, equipment, etc.). That makes us happy.
The finance rate, however, we’re not so happy with. As it was a used vehicle, and not a 2002/03, the 0%, 2.9%, 4.9% etc. sale rates we were hearing about didn’t apply. 7.9% ( :o ) is what we’re stuck with…for now.
My question is how to go about refinancing an auto loan. Is it much like transferring a credit card balance? And where should I go to shop around? I’d like to drop it at least 2 percentage points, if possible.