Some stats
Delinquencies: 1 account that is about to roll off
Fico Scores: Range in the 650s (still building back up from early adult mistakes and irresponsability)
Credit Utilization: 15%
Car: Subaru WRX 2017
Previous Lender: Global Finance
Interest rate - 15.6%
Old Payment - $621
New Lender: DCU
Interest Rate - 5.9%
New Payment - $410
So i've had the car for 2 years now, never missed a payment. I was waiting to own the car for a while in junction with improving my scores before I went for a refinance. I'm currently in the process of lowering some bills and monthly payments and decided to try for the Refi. I could afford the car as was but as you can see the initial interest rate is absurd. At the time I needed a new car, I could afford it, so I went for it.
I've had a DCU VISA with on time payments and relatively low usage for about a year now. They offered me 5.9% and I instantly jumped on it. (Capital one offered me 10% like 4 months ago, but then declined the process due to Global Finance not being FDIC Backed, not sure how that woud impact them and never got a full answer) Kept my current repayment terms but will toss more at it when it allows, and lowered my monthly payment by $211! There is also no early repayment fee with DCU.
Also I decided to finally requote my insurance and was able to keep the same coverage and lower my payment by another $50! (Not sure if mixture of car age + credit improving or what, but I'll take it!)
Thanks everybody for all the advice on here!
