DH and I want to have one of our cars refinanced to a lower rate. He was mentioning that he heard when you refi, they want a down deposit of some sort. I just figured you refi and they don't ask for anything since they are making $$$ of your interest. Does anyone know how this goes?? I'm new at this whole refi stuff.

By Ginny~moderator on Friday, July 9, 2004 - 12:00 pm:

Depends on the refinancing company. Some will have a charge for "processing", or some other kind of charge. But it varies from company to company.

By Boxzgrl on Friday, July 9, 2004 - 12:16 pm:

Thanks Ginny.

By Mommmie on Friday, July 9, 2004 - 12:43 pm:

I have refinanced my car twice through State Farm who also insures it. I never paid anything to process either refi.