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kthxtyler t1_jaanc7b wrote

Reply to comment by turbocomppro in How does outside financing work for auto loans? by turbocomppro

Correct. Although if the dealer doesn’t accept outside financing, you’d be best moving on and giving your business to a dealer that does (most do)

You can always refinance your loan. I did and over the course of my loan will save around $1400 because I received more favorable terms. Keep in mind you’d be running your credit again and that can impact your credit score

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turbocomppro OP t1_jabj0h3 wrote

Thank you. Yes, I do believe that’s what I’m planning to do is refinance once I have the car. Unless somehow the dealer can give me a really competitive rate…

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kthxtyler t1_jabkt3z wrote

If you go that route, be sure to read the terms of refinancing. In essence, a refinance means someone else (another lender) pays the car off to give you better terms. Unfortunately, the car being paid off sometimes comes with penalties from your original lender - fly by night dealers will do anything to take advantage of these kind of things to make $

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turbocomppro OP t1_jac4jey wrote

Will do. Thank you. Hopefully they’ll just give me a good rate to begin with so I won’t have to go through all that…

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