Should I even refinance??

[kobe2012]

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??

[pizzadude]

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

[sccredit]

With your scores I would enjoy the 3.89% interest rate 

[pizzadude]

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@sccredit wrote:

With your scores I would enjoy the 3.89% interest rate 

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

[sccredit]

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@pizzadude wrote:

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@sccredit wrote:

With your scores I would enjoy the 3.89% interest rate 

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

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

[2011beginnings]

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.

[pizzadude]

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@sccredit wrote:

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@pizzadude wrote:

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@sccredit wrote:

With your scores I would enjoy the 3.89% interest rate 

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

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

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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

[kobe2012]

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

[kobe2012]

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...

[steve997]

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.