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Regular Contributor
Posts: 121
Registered: ‎10-03-2008
0 Kudos

HMF or CU?

Hi everyone!

I just bought a '10 Santa Fe and financed through Hyundai Motor Credit for 72 mos at 4.9 interest.

Now my credit union is offering me 72 mos at 3.9 interest.

Hyundai Motor Credit account has already hit my credit reports, although 1st payment isnt due until beginning of next month.


My question is, is it worth it to refi for 1% savings? (total note 22K) 


AND, will it adversely affect my credit to have Hyundai account opened, PIF, then have a new car account posted for refi in the same month?


Which looks better on the CR, a tier one financer like Hyundai, or a local credit union?


I have just worked soooo hard on my credit the past two years and wondering if I should take the 4.9 and be done with it. Don't want too much activity on my CR if unneccessary.

After all, my last car (preMYFICO wisdom) was 14.49%.  Smiley Surprised

Epic Contributor
Posts: 29,450
Registered: ‎10-23-2007
0 Kudos

Re: HMF or CU?

you might loose a couple points for the recent inq and having 2 new accounts report... but in a matter of time it will all be fine and in this case over such a long period I would go with the savings over any points you might temporarily loose.

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