topic Re: Refinancing Car in Auto Loans

Refinancing Car

Laredo — Fri, 09 Sep 2022 17:35:10 GMT

My ch13 was discharged in July 22 and was approved for a car loan through PenFed at a rate of 7.75%. I took the loan because everyone else was higher and after a BK I was suprised to get this rate. How many months should I wait to try and refinance for a possible better rate?

Re: Refinancing Car

pizzadude — Fri, 09 Sep 2022 18:12:00 GMT

@Laredo wrote:
My ch13 was discharged in July 22 and was approved for a car loan through PenFed at a rate of 7.75%. I took the loan because everyone else was higher and after a BK I was suprised to get this rate. How many months should I wait to try and refinance for a possible better rate?

There's no need to wait if you think you can secure a better rate. How much did you borrow and at what term, that will help determine how much you'd potentially save by refinancing.

Re: Refinancing Car

Laredo — Fri, 09 Sep 2022 19:05:44 GMT

@pizzadude wrote:
@Laredo wrote:
My ch13 was discharged in July 22 and was approved for a car loan through PenFed at a rate of 7.75%. I took the loan because everyone else was higher and after a BK I was suprised to get this rate. How many months should I wait to try and refinance for a possible better rate?
There's no need to wait if you think you can secure a better rate. How much did you borrow and at what term, that will help determine how much you'd potentially save by refinancing.

$35K at 72 months

Re: Refinancing Car

Roadgeek395 — Fri, 09 Sep 2022 22:28:06 GMT

You can get pre-approved through capital one and it will tell you the APR. They only pull your credit if you accept the offer.

Re: Refinancing Car

pizzadude — Sat, 10 Sep 2022 00:52:59 GMT

@Laredo wrote:
@pizzadude wrote:
@Laredo wrote:
My ch13 was discharged in July 22 and was approved for a car loan through PenFed at a rate of 7.75%. I took the loan because everyone else was higher and after a BK I was suprised to get this rate. How many months should I wait to try and refinance for a possible better rate?
There's no need to wait if you think you can secure a better rate. How much did you borrow and at what term, that will help determine how much you'd potentially save by refinancing.
$35K at 72 months

You'll be paying over $8.8K in interest over the life of this loan so refinancing to a lower rate has the potential to save you thousands of dollars.

Re: Refinancing Car

FLLGuy — Sat, 17 Sep 2022 03:00:58 GMT

@Laredo- did you finally find a car?

I'm also discharged 14months ago pre-approved with Penfed and NFCU (NFCU) lower rate @ 6.19.

Re: Refinancing Car

Laredo — Sun, 18 Sep 2022 01:50:47 GMT

@FLLGuy wrote:
@Laredo- did you finally find a car?

I'm also discharged 14months ago pre-approved with Penfed and NFCU (NFCU) lower rate @ 6.19.

I do have a car just looking for a better rate. I will wait a couple months because I just took hits on my credit for the cards I received.

Re: Refinancing Car

Satoshi_inu — Tue, 12 Aug 2025 17:16:09 GMT

Might be off topic but i fixed my credit and waited 7 yrs for drop offs so I pulled the trigger on pen auto refinancing at 7 percent apr. they requested income verification via paystub or tax returns. Im a self employed mechanic and dont have stubs and haven't done taxes in last year so im stuck in the mud with cap 1s 15 percent apr... im sad. Switching gears and going to app with chase with i have a business checking account so hoping they'll use my checking account as proof.