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Discussion Starter · #1 ·
anyone refinance their truck lately? now that our trucks have depreciated, has anyone found a lender willing to refinance for 150% of actual value?

i can still afford my payment, just looking to shave a couple of points off my interest rate.
 

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If you dont mind me asking how much did you pay for your truck? Have you tried capital one? I tried them and got approved, but their interest was 1/2 % higher than my 6.5%. I only owed around $18,400 at the time.
 

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Discussion Starter · #3 ·
my loan is about 30k right now and kbb/edmunds is around 20k

2008 sr5 double cab 4x4

i got 6.75%, but seeing the rates as low as 4%, could save me $50 a month.

i tried capitol one, but they denied me and i have to wait 7 days or so to get a letter, which they should send an email you would figure.

i have a feeling it will be because my LTV ratio, since i did get approved with Chase, but for only 26k.
 

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I guess I got lucky and got my truck out the door for $24,500. It is a 08 grade crewmax 5.7.
 

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Discussion Starter · #5 ·
i also had negative equity on trade in though, but i was essentially paying the same for payment plus repairs on my previous vehicle and i plan to keep my tundra until it dies.
 

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I plan on keeping mine for a very long time too. I got a lifetime powertrain warranty with unlimited miles. I hope to give it to my son who is 2 1/2 now, we will see though.
 

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I just refinanced mine. I was at a 5.99% had like 54 months left at $513 a month. Refied at a 4.75% for 60 months now at $441. I owe like 23xxx and when the looked up the value it was over 30k so they approved it. lol
 

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I also just did with my credit union. They based the value off of kbb top value for trade so I had about $600 in equity. Was able to refinance for 4.29% compared to TFS's 6.29% when I bought the truck new in feb 08.

If I would have went any where else I would have had negative equity because other would not value the truck like my credit union did. So you might want to check around with a few credit unions and become a member.
 

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Same thing here. I have a credit union refinancing my truck. This is the same credit union that financed our 2005 Corolla. It only has $4k something left on it and it'll be paid -off.

Originally, I have Toyota Financial for the Tundra at 1.9%, but my monthly was almost $600 a month. Now my monthly payment is at $285 after the refi.

I think they made a mistake calculating the KBB value of my truck. They may have used the DC not the Reg Cab. The blue book was in the $17 or 18K and my pay off is almost $15k. I kept my mouth shut. I still have GAP insurance.
 
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