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How long till Refi?

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Valued Member

How long till Refi?

I currently have an auto loan with NFCU, I am 18 yrs and opened it 4 months ago. This is the only auto loan on my thin file. I settled with the APR because I knew it was my 1st auto loan and needed a car. My APR is 6%. When should I think of maybe refinancing it? Or should I wait a good while? Any useful info appriciated.



UTL= 5%
Discover it - $1,000
Chase Freedom Student- $500
Navy Federal More Rewards Amex- $5,500
Target Redcard- $300
Navy Federal PLOC- $2,000
Navy Federal New Auto- 6.2% @ 21,000
Message 1 of 4
Established Contributor

Re: How long till Refi?

 In 2015  I bought a new car. Had a a repo on my credit report from 2010; Loan was for 16K on the dot @16.5%. I was able to refi with my credit union after six months.


 Tried at purchase and again after 90 days but nope.


 So based on that and a thin credit file, I'd say wait 6 months. 

Message 2 of 4
Valued Contributor

Re: How long till Refi?

I would see what your FICO score was when you applied and what it is when you try to refi. Also, look up NADA value. Most lenders will not want your payoff to be more than your NADA value, some will allow you to find slightly above that. In that case, you will need to either be at or below NADA value on your payoff. That typically happens when you start making payments and the prinicpal payments catch up or if you can pay towards the principal prior to refinancing.

Message 3 of 4
Established Contributor

Re: How long till Refi?

 I did nothing but made on-time payments. My score was the same as before after purchase they said no. After 90 days they again said no. After 6 months I was able to refi and apply for a unsecured at the same time and got both. 


 Like I said that was with a repo. The car was new and they took up to a 120% of NADA value. Dropped my rate from 16 to 4.65% and reduced the terms from 6 years to 4 years, same payment, well I saved $10...

Message 4 of 4
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