Capital One Auto Refinance - any feedback?

[masscredit]

I currently have an auto loan with DCU. Started at $27500 @ 7.49% 12 months ago. Payment is $520 but I pay $600. Current balance is $21900. I received an email for Cap1 auto so I jumped over to their pre-qualification page to see what they would offer me.  Got a rate of 6.85% with a monthly payment of $481. It's about 3/4 point and a $40 savings per month so more towards principle.  If I go with this, I might wait to see if the Fed cuts rates which could save me more money.

Anyone use Cap1 for their auto loan/refinance? I have a few of their cards and a number of account so I'm guessing they are decent to deal with for loans. Just pay and be happy. I really don't want to take the inquiry x3 but as we say, finance over FICO. 

[dfwxjer]

You've already paid most of the front loaded interest on your original loan, so check the amortization schedule to determine how much additional interest you have over the life of the loan and compare it to how much you'd pay Cap1. 

That doesn't seem like enough of a rate reduction to make it worth it, but check your individual scenario out to make that determination. 

[masscredit]

@dfwxjer I was thinking about that today along with I'd be back to having a B/L ratio of 100% instead of the current 79%. 

[Harvey26]

@masscredit Personally I would look into local credit unions and see what rates they are offering and what scores are needed to obtain said rate. I think you can for sure find lower than 6.85% or ask DCU if they do internal refinances not sure how much your credit has increased since the start of the loan.