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Established Contributor
kobe2012
Posts: 691
Registered: ‎03-16-2012
0

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: TU: 598 03/23/2012 EQ:607 05/24/2012 EX:607 04/26/2012 (lender pull) EX FAKO:522 03/2012
Current Score: TU(Myfico)04/2013:689 EQ(Myfico)04/2013:701 EX(AMEX pull)04/01/2013:675 (CreditSecure FAKOS) 5/14/2013 EX:726 EQ:701 TU:730 TU(Walmart):699
Barclay Rewards:5k/Cap1:$3.5k/Cap1:$2.5k/Citi TYP:2k/Freedom:$5k/Slate:3k/Marriott visa sig 5k/BCE:$1k/Zync: $500 PSL/Discover IT:$1.9k/Walmart:$8k/Chevron:$5k/Gap:$5k/Kay:$3.4kk



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pizzadude
Posts: 9,674
Registered: ‎01-28-2010
0

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
Established Contributor
sccredit
Posts: 969
Registered: ‎09-14-2012
0

Re: Should I even refinance??

With your scores I would enjoy the 3.89% interest rate 

Never take credit personally

Unsecured Credit: Amex BCP $24,900; Chase Sapphire Preferred $24,200; Discover It $12,500; Chase Ink Cash $15,000; Chase Slate $13,500; Citi TYP $12,900; Amex SPG Biz $3,000; DCU Visa $10,000; Logix FCU $15,000; Citi Home Depot $8,800; Lowes $5,000; Care Credit $6,000; Penfed Platinum Sig $16,000; Barclay Arrival Plus WEMC $5,000; Bank of America World Points Business Visa $8,000; US Bank PLOC Overdraft $1,500; US Bank Edge Rewards Business $10,000; PenFed PLOC $5,000

Moderator
pizzadude
Posts: 9,674
Registered: ‎01-28-2010
0

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
Established Contributor
sccredit
Posts: 969
Registered: ‎09-14-2012
0

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

Never take credit personally

Unsecured Credit: Amex BCP $24,900; Chase Sapphire Preferred $24,200; Discover It $12,500; Chase Ink Cash $15,000; Chase Slate $13,500; Citi TYP $12,900; Amex SPG Biz $3,000; DCU Visa $10,000; Logix FCU $15,000; Citi Home Depot $8,800; Lowes $5,000; Care Credit $6,000; Penfed Platinum Sig $16,000; Barclay Arrival Plus WEMC $5,000; Bank of America World Points Business Visa $8,000; US Bank PLOC Overdraft $1,500; US Bank Edge Rewards Business $10,000; PenFed PLOC $5,000

Frequent Contributor
2011beginnings
Posts: 296
Registered: ‎02-01-2013
0

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
Moderator
pizzadude
Posts: 9,674
Registered: ‎01-28-2010
0

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
Established Contributor
kobe2012
Posts: 691
Registered: ‎03-16-2012
0

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: TU: 598 03/23/2012 EQ:607 05/24/2012 EX:607 04/26/2012 (lender pull) EX FAKO:522 03/2012
Current Score: TU(Myfico)04/2013:689 EQ(Myfico)04/2013:701 EX(AMEX pull)04/01/2013:675 (CreditSecure FAKOS) 5/14/2013 EX:726 EQ:701 TU:730 TU(Walmart):699
Barclay Rewards:5k/Cap1:$3.5k/Cap1:$2.5k/Citi TYP:2k/Freedom:$5k/Slate:3k/Marriott visa sig 5k/BCE:$1k/Zync: $500 PSL/Discover IT:$1.9k/Walmart:$8k/Chevron:$5k/Gap:$5k/Kay:$3.4kk



Established Contributor
kobe2012
Posts: 691
Registered: ‎03-16-2012
0

Re: Should I even refinance??

[ Edited ]

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: TU: 598 03/23/2012 EQ:607 05/24/2012 EX:607 04/26/2012 (lender pull) EX FAKO:522 03/2012
Current Score: TU(Myfico)04/2013:689 EQ(Myfico)04/2013:701 EX(AMEX pull)04/01/2013:675 (CreditSecure FAKOS) 5/14/2013 EX:726 EQ:701 TU:730 TU(Walmart):699
Barclay Rewards:5k/Cap1:$3.5k/Cap1:$2.5k/Citi TYP:2k/Freedom:$5k/Slate:3k/Marriott visa sig 5k/BCE:$1k/Zync: $500 PSL/Discover IT:$1.9k/Walmart:$8k/Chevron:$5k/Gap:$5k/Kay:$3.4kk



New Member
steve997
Posts: 12
Registered: ‎08-21-2013
0

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.


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