refinance an auto loan

[Anonymous]

 I have a question about refinancing an auto loan.  Here is the run down:

Loan in Mar 07; still owe over $13,000. Hit with a ridiculous finance charge ($7,000 to be exact) and interest rate is at just under 14%.  Payments of $346.69 a month for 66 months were original terms. (This did include warranty, Gap insurance and lifetime warranty on car interior).  my scores were in the toilet then 542, 547 and 539 to be exact, but now are up to 650, 657 and 670 as I said before.  Should I refinance my loan now or wait until I purchase a home? 

[fused]

When are you planning to buy a home? If within the next six months, I would not refi your auto.

[Anonymous]

It won't be for at least a year, but at the latest by May of 2009.  If so, I keep reading that a credit union is the best route. Do you know what kind of interest rate I could expect?

[fused]

If more than year, go for it, the refi that is. Auto loan rates is not my expertise, I'll get a mod in here to help you with this.

[Anonymous]

how much is the car worth? (KBB.com)

[Anonymous]

not a mod, but justice fcu just dropped thier auto loans to 4.99% up 100% of nada value! a 652 eq got me thier best rate 4 months ago. cdc fcu (if you have an in) gave me 4.4%.

[Anonymous]

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Timothy wrote:

how much is the car worth? (KBB.com)

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don't want to step on toes timothy, but i've found most cu's go by the nada.com retail value.

[Anonymous]

As far as RATE- my CU offers 7.24% APR 

^{On used autos- I have seen better APR's from other posters}

^{You need to NOT be upside down on the loan- as Why I asked how much it is worth-  This may help you with DTI and $  wise when it is time to do the mortgage in a year.}

[Anonymous]

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Timothy wrote:

with DTI and $  wise when it is time to do the mortgage in a year.

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very valid point, plus why not put the money saved on interest to work for you.

[Anonymous]

I have a 2005 Chrysler Pacifica in great condition.  KBB value is approx $16000 when I checked in february.  One of my local CU's is offering 6.24% and I have savings account for my kids with them.  Still sound like a good idea?