How many payments to make before trying to refi?

[Anonymous]

I bought a car in May, 2015,and was financed through Wells Fargo Dealer Services for 72 months at 7.9%.  I'm about to make my 8th payment.  I've been rebuilding credit for a while now, and am on a steady uphill climb.  I also just bought a house, and closed on 12/29/15.  All three scores are currently in the 655-670 range.

The finance lady at the dealership recommended I make 12 payment on this loan, then try to refinance through a credit union to get the rate down, knowing that my credit will have improved in a year.  Was that good advice?  I've also read that you should refi after 6 payments.

What's my best option?  Wait until 12 payments?  Or a certain amount of time after closing on my house?  Do you have to do your banking at a credit union to get an auto loan through them, or is it separate?  Trying to investigate all my my options before I start the process.  Thanks!

[sccredit]

Until your score is "there".  I once refinanced a vehicle before I ever made my first payment.  There is no set rule.  If your score is high enough do it now.  

[Anonymous]

Agree with sccredit. I've seen people refi the next after they take advantage of dealer incentives to get the price down. It really just depends on when your score is where you want it to be for optimal rates. Good luck.

[Dj4Money]

  I did after seven payments. Bought in Jan 2015, first payment Feb 2015, re-fi August 2015.

 18.23% for 72 months, down to 4.5% for 48 months.

 Score at the time was 661 (EX) via this site and Experian, which is what they pull (Logix).

[Anonymous]

I refinanced after the 6th or 7th payment.  The most important thing is that your score has improved.  +1 on the credit union.

[Anonymous]

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@Dj4Money wrote:

  I did after seven payments. Bought in Jan 2015, first payment Feb 2015, re-fi August 2015.

 18.23% for 72 months, down to 4.5% for 48 months.

 Score at the time was 661 (EX) via this site and Experian, which is what they pull (Logix).

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Awesome!  Did you refi through a credit union?

[Anonymous]

Who did you re-fi with? I'm in the same boat and need out of this $500 payment. I was told scores are from eqifax today, what score range is needed?

[Royalbacon]

He said Logix. 

Logix is a credit union, formerly Lockheed Federal Credit Union

https://www.logixbanking.com

[Anonymous]

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@Royalbacon wrote:

He said Logix. 

Logix is a credit union, formerly Lockheed Federal Credit Union

https://www.logixbanking.com

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You have to live in calif in order to use Logix  I just spoke to them.

[Royalbacon]

Yeah, most credit unions aren't open for anyone like Penfed and DCU, sorry about that