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How long should I wait to refinance my Auto Loan?

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New Contributor

Re: How long should I wait to refinance my Auto Loan?

Here is the link for used. I worked late tonight so I had to wait till I got home to find it for ya.

 

https://www.nadaguides.com/Cars/2018/Used/Mazda

 

You will then be able to enter the milage and options and get a better breakdown. This is what I found with your basic information.

 

whatIfound.jpg

Message 11 of 16
New Contributor

Re: How long should I wait to refinance my Auto Loan?

4.24% is actually pretty good. Just remember the feds have had a lot of interest rate hikes in 2018. This does play into the rate you will pay each month, and overall. 

 

I waited a year with TD Auto Finance, and I  got it 1% lower, and saved thirty plus dollars extra a month. 

Message 12 of 16
Established Contributor

Re: How long should I wait to refinance my Auto Loan?

@refipro I tried Outsidefinancial but apparently they’re not available in my state. Any others suggestions on where to look to refinance my auto loan?



October 2019:

Stats:
Message 13 of 16
Valued Contributor

Re: How long should I wait to refinance my Auto Loan?

Looks like you're already a DCU member. I know it was mentioned earlier but have you considered them? 4.24 is pretty good (for context banks currently lend to each other ie no risk at 2.50). If they gave you a 5k card, I don't think they'll be allergic to the short profile.

Penfed has slightly better rates but the term will be much shorterand their underwriting is harder.
Message 14 of 16
Established Contributor

Re: How long should I wait to refinance my Auto Loan?


@Remember0 wrote:
Looks like you're already a DCU member. I know it was mentioned earlier but have you considered them? 4.24 is pretty good (for context banks currently lend to each other ie no risk at 2.50). If they gave you a 5k card, I don't think they'll be allergic to the short profile.

Penfed has slightly better rates but the term will be much shorterand their underwriting is harder.

I am still considering DCU, however when I applied for the auto loan with them originally, the rate they gave me was like 7.5%. If 4.25% is their best refinance rate for their top tier, I can't imagine I'll suddenly qualify for that. If I'm going to take some more HPs, I'd like to look at a few places to cover my bases.



October 2019:

Stats:
Message 15 of 16
Valued Contributor

Re: How long should I wait to refinance my Auto Loan?

Ah got you. If you don't mind the INQ, it can't hurt to try PenFed in that case. Worst case, you can pick up a CC or something with the same pull (e.g., Pathfinder AMEX with $100 in airline credits but no annual fee). This is from over 1+ years ago, but when I applied with them they were very generous albeit I did have a thicker file (~7 years) at that time.

Message 16 of 16
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