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    VWVortex


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    Thread: Refinancing my Volkswagen Credit loan

    1. Member
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      Titanium A4
      07-01-2005 03:01 AM #1
      No longer keen on paying an 8.5% APR and want to refinance at a lower rate for the remaining 4 years of the loan. My credit score has improved quite a bit since I originally financed. Any advise on how to go about doing this? Any online companies that compete with car company's credit divisions?

      Thanks

      Gentlemen, you had my curiosity. But now you have my attention.

    2. Senior Member ChrisMD's Avatar
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      07-01-2005 12:54 PM #2
      You can refinance through VW Credit, call and see what they'll offer you. If you don't like their offer, check with your credit union or online with someone like Capital One. My brother used them about a year ago to refinance his car and was very happy with the experience.

      Lately though, with the fierce competition among credit card companies and the continuing 0% promotions, I've heard of several people refinancing their cars as balance transfers to credit cards and getting 0-2% for the life of the balance. It's kind of odd, but better than any rate you'll get on an auto refinance.


    3. Member
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      07-04-2005 11:51 PM #3
      Yeah can't do the credit card route, don't have enough room for that large of a balance. I will look into refinancing through lendingtree or something like that.
      Gentlemen, you had my curiosity. But now you have my attention.

    4. Member
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      08-26-2005 02:15 PM #4
      Chris, my current rate is 8.5% and Capital One is offering a 6.49% refinance rate which I would likely qualify for. Is this pretty much the best I'm going to get if I refinance or are there other options I should look at? 2 points isn't much, but it'll save me several hundred a year so why not...
      Gentlemen, you had my curiosity. But now you have my attention.

    5. Senior Member ChrisMD's Avatar
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      08-26-2005 02:25 PM #5
      Finance rates for a used car are around 6%, so you won't find anything much better than 6.49% if at all. You'll definitely save over your current rate so I would recommend refinancing.

      Did you call VW Credit to see what they can offer? Sometimes a company you've done business with and knows your history, assuming that history with them is all good, will work with you in order to keep your business. It's typically easier to be approved as well and they may not even pull your credit report. VW Credit did not pull mine when I refinanced and they approved me right over the phone.


    6. Member
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      08-26-2005 02:26 PM #6
      I've called 3 times and each time, as soon as I brought up the word "refinance", they said "we don't do that, you need to go to an outside agency". I tried again this morning, same thing. When did you refinance with them? Maybe it was a recent policy change?
      Gentlemen, you had my curiosity. But now you have my attention.

    7. Senior Member ChrisMD's Avatar
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      08-26-2005 02:36 PM #7
      Hmm, that's interesting. It was well over a year ago.

      Go with Capital One then. They'll send you a blank check, you call VW Credit and get a payoff quote (it's automated, you don't even have to speak to anyone), and then write the check for that amount (adjusted for payments made that haven't posted) and send it.


    8. Member
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      Titanium A4
      08-26-2005 02:41 PM #8
      Yep, that's my best bet then it seems.

      /heads off to http://www.capitalone.com

      Gentlemen, you had my curiosity. But now you have my attention.

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