Refinance questions

[Anonymous]

We just got a 2015 Chevy Silverado 1500, 8% for 72 months thru Cap1. Will be looking to refinance in 6 months to a year. Is it possible to refinance thru Cap1 even though they hold the loan currently? Or will I need to go thru someone else? We've never refinanced before so I'm not entirely sure how it works. I do know that 8% is much better than a buy here pay here place, but should be able to lower it after our scores get higher and we gave some Auto history.

[Anonymous]

I thought I remembered reading in here somewhere that lenders won't refinance their own loans. Of course I can't find it anywhere haha

[Anonymous]

Cap1 will not refinance their own car loans. You'll have to look around for another lender. DCU is pretty popular around here.

[Anonymous]

It didn't make sense that they would, but I've learned that the credit 'game' sometudes doesn't always make sense.

[StartingOver10]

There is a post of someone here on this board that refinanced with their own lender for a lower rate - but that is the first time I have ever heard of it. Most lenders want to keep their contracts in place and are not out to save you money. Unless they can take you from a different lender...then that is a different story!

[Chris679]

Keep in mind if they won't refinance their loan at a lower rate someone else will. I have done it at my local CU but I'm sure it depends a lot on how much the lender cares about keeping that customer. Great reason to keep all of your loans at a single local CU.

[Gmood1]

Chase offered to refinance my auto loan that was thru them. I chose PenFed instead because they offered a much better rate at the time.