NFCU Refinance from NFCU for 0.5% lower?

[FirstAscent]

Hey fellow myFICO'ers, 

I currently have an auto loan with NFCU for the past 14 months or so, when I got the loan I was approved at the lowest rate at the time, which was 3.59%.

i never considered refinancing but randomly noticed their current lowest rate for refi, for terms I'd want, is 3.09%.

Payments now are just over $1k, if I refi'd at 3.09 then payments would be about $40 cheaper, and even cheaper if I put an extra couple grand down. 

im comfortable with the payments but it just seems like "free" money on the table, and of course slightly less interest too.

kinda seems like no reason not too, are there any downsides to this situation? I'm in no rush, just weighing options.

thanks everyone!

[TheFIGuy]

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@FirstAscent wrote:

Hey fellow myFICO'ers, 

I currently have an auto loan with NFCU for the past 14 months or so, when I got the loan I was approved at the lowest rate at the time, which was 3.59%.

i never considered refinancing but randomly noticed their current lowest rate for refi, for terms I'd want, is 3.09%.

Payments now are just over $1k, if I refi'd at 3.09 then payments would be about $40 cheaper, and even cheaper if I put an extra couple grand down. 

im comfortable with the payments but it just seems like "free" money on the table, and of course slightly less interest too.

kinda seems like no reason not too, are there any downsides to this situation? I'm in no rush, just weighing options.

thanks everyone!

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I do not see an issue, but remember it's a "new" account. NFCU will close and open another NFCU account with new loan terms.

[Brian_Earl_Spilner]

I had decided not to refi because the savings wouldn't outweigh the inquiry, new account, and maxed out utilization hit. I however, just got an offer for over 2% lower so I'm rethinking it.

[FirstAscent]

Ah right yeah didn't think about it being a new account. Thanks for mentioning that.

thanks! I have some higher priority plans in the next month or two, if all goes well with that I may still consider it. Just wanted to make sure I had all the facts