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Should I even refinance??

Established Contributor

Should I even refinance??

I bought a car last feb and next month would be my sixth month... I was a first time buyer and got a rate of 3.89% on a 2013 accord sport. The loan was financed by chase and i was wondering if it would be wise for me to refinance to a lower rate . I know my rate wasnt too bad considering my credit profile at that time ... im thinkin about waiting one yr and go for it ...any thoughts??

Starting Score: MYFICO 12/30/15 -TU: 481, EQ:561, EX:532 - BK7 DISCHARGED 12/2015 - Current: 09/01/2016 TU:642 EQ: 651 EX: 646
NFCU cashRewards:$6200 QS:$1500 Merrick:$1200 Cabelas:$1000 SonyVisa: $500 JCrew:$850 Overstock:$850 Express: $1050 PaypalCredit:$2150 NAVCHECK:$10K
9 REPLIES
Super Contributor

Re: Should I even refinance??

Is this a 5 year loan ? I'd look at refinancing if it will save you money over the life of the loan.

March2010 FICO® ~ 695 TU, 653 EQ, 697 EX
Valued Contributor

Re: Should I even refinance??

With your scores I would enjoy the 3.89% interest rate 

Starting a whole new chapter
Super Contributor

Re: Should I even refinance??


sccredit wrote:

With your scores I would enjoy the 3.89% interest rate 


OP can prob beat 3.89% with scores ~700.    It's certainly worth looking into.

March2010 FICO® ~ 695 TU, 653 EQ, 697 EX
Valued Contributor

Re: Should I even refinance??


pizzadude wrote:

sccredit wrote:

With your scores I would enjoy the 3.89% interest rate 


OP can prob beat 3.89% with scores ~700.    It's certainly worth looking into.


Those are FAKOs, OP is still below 700, first time buyer.  Im not sure OP would do any better, possibly with DCU I guess

Starting a whole new chapter
Frequent Contributor

Re: Should I even refinance??

As a first time buyer, is 3.89% really good? I just bought a 2011 Accord as a first time buyer and got 1.74% through PenFed.
PenFed AMEX: $5500 | AMEX BCE: $8300 | AMEX E: $5000 | BofA BBR: $5000 | Discover It: $6500 | CSP: $11500 | CF: $5500 | Citi DIVIDEND: $5700 | CITI TYP: $4600 | BofA CR: $7500 | CAP ONE Q: $3000 |

TU: 722 / EX: 763 / EQ: 735
Super Contributor

Re: Should I even refinance??


sccredit wrote:

pizzadude wrote:

sccredit wrote:

With your scores I would enjoy the 3.89% interest rate 


OP can prob beat 3.89% with scores ~700.    It's certainly worth looking into.


Those are FAKOs, OP is still below 700, first time buyer.  Im not sure OP would do any better, possibly with DCU I guess


These are FICOs from the OP's siggy, I'm assuming that scores have gone up slightly since April:

 

Current Score: TU(Myfico)04/2013:689 EQ(Myfico)04/2013:701 EX(AMEX pull)04/01/2013:675

March2010 FICO® ~ 695 TU, 653 EQ, 697 EX
Highlighted
Established Contributor

Re: Should I even refinance??

It was 5 yr loan .... I have my real ficos in my siggy, a 700-705 now ... would love to get a rate under 2% ..i gave up on dcu, theyre so hard on membership

Starting Score: MYFICO 12/30/15 -TU: 481, EQ:561, EX:532 - BK7 DISCHARGED 12/2015 - Current: 09/01/2016 TU:642 EQ: 651 EX: 646
NFCU cashRewards:$6200 QS:$1500 Merrick:$1200 Cabelas:$1000 SonyVisa: $500 JCrew:$850 Overstock:$850 Express: $1050 PaypalCredit:$2150 NAVCHECK:$10K
Established Contributor

Re: Should I even refinance??

I applied for a LOC thru my credit union and they offered to refinance my auto loan with 2.79% rate for the rest of the loan (54 months)..and also offering 3 months no payment (which I don't think I will do)..I already agreed that I am willing to transfer the loan from chase to them and they also approved me for 5k LOC with 9% rate.... was it a good choice ?? I love chase and it is much bigger bank but I feel like I will be saving a little bit of money if I go with my credit union.. any thoughts???

 

Alliant just denied me for an LOC ....alliant shows 632 on their EQ score.. weird,  my scores are 680's across the board from myfico and almost the same with other lenders....alliant must be using a diff model... and really high util at the moment, 40-45% .... im gonna use the LOC to pay my high interest cards and I have bit of money to bring my util down to 20% by december...


Starting Score: MYFICO 12/30/15 -TU: 481, EQ:561, EX:532 - BK7 DISCHARGED 12/2015 - Current: 09/01/2016 TU:642 EQ: 651 EX: 646
NFCU cashRewards:$6200 QS:$1500 Merrick:$1200 Cabelas:$1000 SonyVisa: $500 JCrew:$850 Overstock:$850 Express: $1050 PaypalCredit:$2150 NAVCHECK:$10K
New Member

Re: Should I even refinance??

I've got a similar question...  I got 5.14% on a 4 year loan back when I had zero credit history (got it set up through an international relocation company).

 

Now I've got FAKOs around 740...  Between 3 and 6 inquiries across bureaus.  Credit history is the car loan and an $1800 CapitalOne platinum each 9 months old, and a brand new $7500 Discover It...  I get 0% on the Discover, so I'm carrying a balance, but I can pay it down to wherever I need to for utilization.

 

I'm wondering if I can do better on the interest rate now or if having such a short credit history will make it difficult.