I purchased a new car in January 2012 and was given an APR of 11.24% . This is of course to my credit. I would like to re-finance my car next year. I heard of Capital One and how they refinance...Has anyone have any good experiences with refinancing? OR does anyone have any refinancing tips?
Yes MOD Please move to auto...
What is Year/Make/Model of Car?
Who is it currently financed with?
What did you put down? What did you finance?
I think I remember when you purchased it and that you were a first-time buyer?
If you keep a clean payment history from that point, and when you go to refinance, you should almost certainly be able to get a lower interest rate. Like others have stated, I would strongly encourage you to investigate a CU loan, they seem to be far and away the best value for one's FICO score currently when it comes to auto loans. Ridiculously so in some cases. I'm sort of kicking myself now for not refinancing back in January when my CU offered it (even though I'd only gotten the loan in December hah!).
There's really not much to re-financing, just like buying a car it pays to shop around for the best loan. You'll need to get a 10 day payoff quote from your lender, and then go shopping for it. Also like initial car buying, you want all your loan shopping done within a small time period (2 weeks ideal, 4 weeks decent, I wouldn't play the 45 days and bet that future lenders will pull FICO '08) and just get it done and out of the way.
Personally I'd do a little research on the forums and pick lenders that will seem to work with you on the refinance. In my case I simply picked DCU (my own CU), Penfed, and USAA as being my targets for refinance. Whichever gets me the lowest loan come Augustish, is going to get my business heh.
+1 to Revelate's advice above. Also, there really isn't any FICO score benefit from waiting 12 months before you refi. If you can do it sooner and get a good deal, then definitely go for it.