Can I immediately re-finance and other questions.

[I-Eat-Cookies]

Long story short, my vehicle came in on Monday out of nowhere, and had to grab financing last minute.  I went through the dealer's captive lender and got approved at 6.1%.  It's not great, it's not terrible, so I took it.  Out of curiosity, I got home and applied with my local credit and they're going to approve me at 5.3%.  I just now have to wait for the underwriter to give me a call to discuss everything. Since the approval my EX score (who they pull) jumped from 690 something to over 700.  So the questions I have are:

• Is it worth re-financing from 6.1 to 5.3?  To note, when I got approved, it was just for financing, not re-financing.  There won't be another pull since my credit report is good for 30 days.
• Can I do it right after getting the car?
• Can I try negotiating a lower rate?

Thanks! 

[CYBERSAM]

@I-Eat-Cookies  To my experience you can change/modify/cancel any deal as long as you have not received the car yet! They have to do the paper work again, but finance is not related to sales team so they are going to get their commission either way!

[I-Eat-Cookies]

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@CYBERSAM wrote:

@I-Eat-Cookies  To my experience you can change/modify/cancel any deal as long as you have not received the car yet! They have to do the paper work again, but finance is not related to sales team so they are going to get their commission either way!

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Got it!  My only issue is that I might not have everything from the CU until next week.  The underwriter still needs to call me which probably wont be this week.  On Monday, I tried to push doing all the financing until next weekend, they wouldn't do it, which is why I finalized everything on Monday.  

Edit: I should note that I do have to pick up the vehicle on Friday lol.

[LakeLife]

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@I-Eat-Cookies wrote:

• Is it worth re-financing from 6.1 to 5.3?  To note, when I got approved, it was just for financing, not re-financing.  There won't be another pull since my credit report is good for 30 days.
• Can I do it right after getting the car?
• Can I try negotiating a lower rate?

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1. It's worth refinancing .8 of a point if it doesn't cost you anything up front.  NFCU offers $200 to refinance with them, which I have used two times.

2. You can do it anytime you feel like it.  The car dealership has no power of your personal finances.

3. You can try, but I doubt they'd budge in this current market.

[Kforce]

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@LakeLife wrote:

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@I-Eat-Cookies wrote:

• Is it worth re-financing from 6.1 to 5.3?  To note, when I got approved, it was just for financing, not re-financing.  There won't be another pull since my credit report is good for 30 days.
• Can I do it right after getting the car?
• Can I try negotiating a lower rate?

---

1. It's worth refinancing .8 of a point if it doesn't cost you anything up front.  NFCU offers $200 to refinance with them, which I have used two times.

2. You can do it anytime you feel like it.  The car dealership has no power of your personal finances.

3. You can try, but I doubt they'd budge in this current market.

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 ^^^ This

 The value of 0.8% varies depending on loan amount, term length, payments, etc.

 $30k for 5 years @ 6.1% = Interest $4,883

 $30k for 5 years @ 5.3% = Interest $4,216   (Save $667)

 Same with first year numbers = $1,556 & 1,350  (Save $206 in first year)

[Anonymous]

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@I-Eat-Cookies wrote:

Long story short, my vehicle came in on Monday out of nowhere, and had to grab financing last minute.  I went through the dealer's captive lender and got approved at 6.1%.  It's not great, it's not terrible, so I took it.  Out of curiosity, I got home and applied with my local credit and they're going to approve me at 5.3%.  I just now have to wait for the underwriter to give me a call to discuss everything. Since the approval my EX score (who they pull) jumped from 690 something to over 700.  So the questions I have are:

• Is it worth re-financing from 6.1 to 5.3?  To note, when I got approved, it was just for financing, not re-financing.  There won't be another pull since my credit report is good for 30 days.
• Can I do it right after getting the car?
• Can I try negotiating a lower rate?

Thanks! 

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You should try to refinance with DCU. They always beat Penfed, and NFCU rates for me.

[sarge12]

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@I-Eat-Cookies wrote:

Long story short, my vehicle came in on Monday out of nowhere, and had to grab financing last minute.  I went through the dealer's captive lender and got approved at 6.1%.  It's not great, it's not terrible, so I took it.  Out of curiosity, I got home and applied with my local credit and they're going to approve me at 5.3%.  I just now have to wait for the underwriter to give me a call to discuss everything. Since the approval my EX score (who they pull) jumped from 690 something to over 700.  So the questions I have are:

• Is it worth re-financing from 6.1 to 5.3?  To note, when I got approved, it was just for financing, not re-financing.  There won't be another pull since my credit report is good for 30 days.
• Can I do it right after getting the car?
• Can I try negotiating a lower rate?

Thanks! 

---

I once ordered a Honda Goldwing on Saturday, and refinanced it with my CU on Monday....2 days later. So yes, you can refinance it right away. In my case it lowered the rate and was a local lender. Considering it was a no money down loan, Honda likely did not like my change, but they could donothing about it.