06-14-2012 09:47 AM
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?
06-14-2012 09:51 AM
06-14-2012 06:57 PM
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.
06-14-2012 07:47 PM
+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.
Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
* For complete information, see the terms and conditions on the credit card issuer’s website. Once you click apply for this card, you will be directed to the issuer’s website where you may review the terms and conditions of the card before applying. While myFICO always strives to present the most accurate information, we show a summary to help you choose a product, not the full legal terms - and before applying you should understand the full terms of products as stated by the issuer itself.
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more
FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.