Another Refinance Question!

[Anonymous]

Good afternoon everyone!

I have yet another refinance question for the board here. Two months ago I purchased an Audi S6 from Carmax and financed $42,181 which included price of the car, Maxcare warranty (great idea - already paid for $4k of repairs and the warranty only cost me $2600 ), taxes and GAP insurance through Navy Federal @ 10.09%. I know, super high interest rate... Navy Federal told me it was because I had another auto loan on my account which was my 2009 Nissan GT-R which I owed $40k on, therefore affecting my DTI. A month ago, I paid the GT-R off in full and it has already updated on my credit report. Since, I have also paid down my CCs by about $1200 and I am about to put another $1300 down on them here in about a week. All of that has reflected in the MyFICO app so I'm curious if now is a good time to try and refinance the S6? Here's some info:

- Currently owe $40k on S6

- S6 NADA clean retail is $33k (warranty + taxes added $5800 to the loan)

- Current income is $117k a year - I don't count my S.O's income at all as we choose not to cosign for each other and aren't married... yet...

- Scores have only gone up slightly since I purchased the S6

- Equifax: 639
- Trans: 668

- Exp: 664

- I currently have $13k in CC debt (before next week's $1300), down from $15k when I bought the S6, out of a total of about $20k limit. My ultimate goal for 2019 is to pay that all off 100% - so far I'm on the right track!!

Should I wait a little longer to refinance or should I take the chance at a hard pull? If I take the chance, what CUs are best fit for my situation? I love Navy Fed and I bank with them, but I'm always down to look elsewhere for a better deal. 

Any help is appreciated! Thanks!

[Remember0]

It's tough because you're looking to do nearly 121% LTV. If you can pay it down a bit that would help.

Have you tried Cap One's Re-fi Pre-qual? Won't cost you a hard and they tend to take high LTV's better than others. One issue re-fi'ing is that you might lose the GAP protection depending on what your GAP agreement says.

BTW are you sure you can't refi with NFCU themselves? If I recall another post here, a poster was saying they would refi their own loan after 12 - 18 months or so.

[Anonymous]

I most likely can refinance with Navy Fed. I'd prefer to do so, as I bank with them. I haven't looked into the cap one refinance, so I'll do that!

[Anonymous]

Good question!! 

Nice car by the way, and the GAP is always important. Whomever sold you're car to you did a good job selling you on the GAP! So many idiots on the road today, and the weather is scary too. 

I would find a local credit union. We have a lot here in North Carolina. Local banks typically want to work with people that are willing to work with them.