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TheVaneOne t1_j6jmfk4 wrote

Reply to comment by octotron3000 in I have a financed car and less than 30 days before navy basic training. by octotron3000

I don't know when you can join USAA, but I'd try them. Because they work with service members they can probably get you a better deal, also look at refinancing through them, I think you mentioned a 14% rate? They might be able to beat that, and knowing that you'll have stable income for the next few years makes a difference in rates.

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octotron3000 OP t1_j6kkgm9 wrote

So once I refinance with someone else, they take over my loan all together?

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TheVaneOne t1_j6ma2gk wrote

Basically, you call up the new place, say hey I've got a shitty loan, can you beat it? They say yes or no. If it's yes, they basically pay off the old loan, and you pay them now, hopefully with a better interest rate. Might cost a fee, but if you can't sell it right now, then this will at least save you money in interest and lower your monthly payment. You could still pay it down enough to sell it, but it's up to you. Doesn't hurt to call.

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