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Discussion Starter · #1 ·
I was just curious as to how much I could save by refinancing with my credit union so I went in to ask. After some talk, the banker that was helping me told me that my car is only worth $19,000 now. I bought the car about three weeks ago at $21,000. The depreciation for this car brand sucks big time!!! I have just a little over 1000 miles on the odometer.
 

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its not the depreciation for "this car brand"

any car looses 3-4k when driven off the lot instantly..

think about it.. why the fck* would someone buy a (used) 3 for $1000 than a 100%brand new untouched one/?
 

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Yeah dude, you should have set up your own financing at the time of purchase. It's going to be tough to get the full 21k refinanced, as you can already see.
Maybe kick in 2k and get the financing through the credi union if it's going to be a big difference?
 

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Discussion Starter · #4 ·
Well, I compared the difference with my 2008 Honda Civic Si because I was refinancing that car as well. The Civic Si was valued at $20,500 and I bought it a year ago in January 2008 for $21,500.
 

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Also, why are you looking to refinance, is your rate that bad or are you trying to change the term of the loan? If just the term then talk to the current bank it is financed through, if it is the rate then first use a loan calculator to determine how much you will save and if worth it then talk to a few different banks.
 

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Discussion Starter · #9 ·
I was just trying to see if I could save some money by refinancing through Golden1. My Honda Civic was refinanced through Golden1 and I saved over 1400 dollars.
 

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I know folks who had to refinance after a yr due to poor credit when they bought initially. Nothing wrong in refiancing if the rate is much lower. If you have a 6+ % and can get under 5% then of course.

I'd suggest going to a new bank, or asking for a personal loan if they offer one, which would then pay of the autoloan. Our CUs offer personal loans, but I don't thinkg the rate is as good.
 
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