03-21-2012 03:52 PM
Thanks..a few more questions
1) Is there a similar method where you can get more than one inquiry within two weeks and have it count as one against your credit report...kind of like your initial loan? Yes, FICO scores AUTO inquiries as a single inquiry as long as they fall within a certain window,between 14 and 45 days depending on the FICO version.
2) If you refinance, how does it work with overlapping the payment on your current loan? IE, if I refinanced today and I have a payment due to my current loan on the 25th, how would that work? You are responsible for making payments on your current loan until your lender receives the payoff check. You would request a payoff amount from them, which is usually valid for 2 weeks or so, in that time your new lender would send the money to pay off your old loan. After your current lender has recieved the payoff you would then start making payments on the new loan according to the payment schedule.
3) Are there any other reputable refiance options besides your bank and CapOne? Does it make sense to try and refinance through your current lender? Yes you can certainly ask your existing lender if they will refi. Some lenders will do this, some won't.