Auto refinance?

[Anonymous]

Hi! I bought my first car last year. It came out about 41k, gave 10k down. Bank of America approved me for 4.15% for 60 months, given no credit history but good credit and stable income. So did I get a fair rate? Also, would I benefit from refinancing? Thanks

[Anonymous]

The lowest refi rate I've seen is about 2.99%, but there is a fee you have to pay for the refinance to go through.

I just did a refi and I have to pay a fee of $575 on a 9k refi.

You'll have to figure out whether or not there is enough savings there to justify the hassle of a refi, but honestly, if I were you, I'd leave the loan as it is.

ETA: Sorry,  I just went back to my loan docs... I pulled that fee out of thin air. I completely misremembered. In fact, I can't for the life of me figure out where I even got that number from as it is nowhere on my docs. Go figure...

[Creditaddict]

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@Anonymous wrote:

The lowest refi rate I've seen is about 2.99%, but there is a fee you have to pay for the refinance to go through.

I just did a refi and I have to pay a fee of $575 on a 9k refi.

You'll have to figure out whether or not there is enough savings there to justify the refi, but honestly, if I were you, I'd leave the loan as it is.

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Who is charging you a fee? I have not heard of this unless it's a pre-payment penalty.

[Anonymous]

Whoops. Sorry.

I just looked at the docs again. Apparently, I just pulled that out of thin air. I'll edit my post.

[Anonymous]

yes you got a fair rate.  

What rate do you think you should have gotten that would have been fairer?

4.15 on 31K for 60 months is considered an exceptionally good conventional rate. Being un subvented it is a great rate. 

[Anonymous]

Oh thanks, cause I wasn't sure if I did.. Had no idea really being a first time buyer. I wanted to hear people's opinions to help me decide if have to refinance.