How good is rategenuis?

I got an offer through credit karma for 7.51 interest for 48 months with a payment for 486, right now I got a my auto loan through toyota and I am having an interest of 13.28 and I got 52 payments left with a payment of 538.87.

how good is credit karma because this seems like a killer deal to me and it said I have an outstanding chance of approval.



if anyone has used rategenius, can I pay my principal balance only like I can with Toyota if I choose.



please let me know.

 

Credit Karma is owned by Intuit. You should be able to find out the terms for the rategenius offer before committing to anything.

Pay principle only? If you are talking about making extra principle payments, that should be spelled out in the terms as well. If you're talking about shorting your regular payment by the amount of the interest, I've never heard of a reputable finance company doing that.

13+% through Toyota sounds like you got a bad deal to begin with.

 

13%?!

 

Find a good credit union, refinance, life is good. I would steer clear utilizing anything affiliated with Credit Karma.

 

You need a paid off vehicle. Math and how it applies to money have really taken advantage of you based on the numerous threads you've created about your situation. Best to just get out of the game altogether. But yes, if you have the option to cut your interest rate in half and reduce both your payment term and payment, it's a no-brainer.

 

This is what I like about Toyota, that I can only pay principe if I like.

I just paid principle today so it won’t show up yet. I am so far ahead of my payment because I made 2 additional regular payment that I can focus on principle only.

 

No disrespect, but 13% ?!
Holy mother of Toyotaland...... I thought I was getting highway robbery when I signed for 4.99% when I picked up my 21 during July 2021.
Made two payments, got plates in hand, turned the loan around to my local credit union, who asked me how long I wanted the term (I had huge down payment and trade-in, so I only finance about $20K or under, can't remember too well) I believe I was told anything under 36 months was 0.99% and 36-72 months was 1.99%
Needless to say, I took 36 months and pay double so I am almost done about in less than half the time.
As other have mentioned, find a creditable local credit union and see what they offer you. I would stay away from big banks, as their rates are usually anything but attractive.

 

2 year old rates won’t help this guy any. 13% signals some credit challenges on OPs part. May have fewer options.

 

Not everyone can apply. You or a family member has to be or have been a service member.

 

The only thing I don’t like about some banks is that there is no way to pay only principal on payment. I have asked navy federal and that’s the only reason I haven’t refinanced with them. Has anyone tried lightstream before for refinancing? I want the option to pay principal only if I choose.

I have navy federal

 

You can make a principal only payment on any loan assuming you are current on payments and you specifically request the additional funds being sent are to be applied to the principal. Some loans will have an early repayment penalty if the total term of the loan is not satisfied. Most do not.

 

Interest accrues on the full balance, principle AND interest. So a principle only payment does not change how much you pay in the long run. It's just semantics.

 

This depends on how they calculate interest. Paying the principal down changes how much interest is charged on the remaining balance, and many (most) loans calculate interest on the existing balance, not all up front.

 

I would just recommend call/walk in a few local FCU and maybe banks to ask what their current rates are for given credit scores.
For reference, this is what my FCU is offering now, which is nowhere near what I had, nor what I will want now.

 

Making a principle payment means what it means. Say I were to pay $500 extra, it would go towards the principle by 300 and 200 towards the interest of 1k where as if I were to pay principal only then my actual payment would drop to $500 instead of $700. When you make a principle payment only then you are really only paying the actual payment which goes down faster and in the end you pay of the loan quicker.

It’s basically paying the loan with 0% interest when you make a principle payment.

 

The likelihood of someone not being related to someone who has been or is in the service of some sort is fairly low I'm sure but unfortunately, the realitives I have who have been in the service have passed away and that's not enough for me to get an account with them.

 

Are you asking or giving financial advice?

Edit: A reputable credit union is the way to go.

 

Seems some people don’t know what a principle payment is. I knew this when I was 23 and now I’m 29 about to be 30 soon, but I did keep changing vehicles but I’m done on any more vehicles. I will keep this tundra for as long as possible.

I just want a bank or an institution that offers me an option to pay principle but seems no one can tell me.

 

Most do, just need to specify to the lender (some do this automatically) when you pay additional amounts higher than the monthly minimum.

 

My CU will only allow principal payments in person at a teller window

 

That’s how I do my mortgage

 

In a horse and buggy?

 

Some tellers like to "meat gaze".

 

A reasonable motive for the policy.

 

Back when my dad had one, he'd do the same.

 

RateGeniuos is a loan matching service just like LendingTree. I did use RG when I purchased my 2013. They matched me up to a credit union out of NC and I refinanced from 7.9 down to 2.9. Also keep in mind that refinancing often will lower your payment, but usually ends up at a higher interest rate on used vehicles. Another thing to note, when someone buys a vehicle from a dealer, the dealer sets the interest rate, not the actual finance company.

 

Most if not all banks and CU will honor early payoffs (principal payments), to stay competitive with everyone else.
You're still paying interest on your monthly payments, obviously.

I have this set up with my mortgage, a certain amount every month above my minimum payment goes directly towards the principal.

 

Now it is. There was a loophole years ago they closed.