Navy Federal Auto Refinance

[OniStringer]

I currently have a loan for 73 mo. 12.34% with Navy Federal. I cannot refinance with Navy Federal until I make 12 payments. 

I have 69 payments remainign as of today. I was thinking of refinancing with capital one at 8.48% at 56 mo.

My question is, could I maybe use this as a work around to then in a couple months go back and refinance with Navy Federal and use it as a way to not wait to make 12 payments? Anyone have a history with this or if it may work?

[Appleman]

I think anytime you can save interest, go for it. The painful thing with your plan is dealing with the DMV multiple times.

Every time I refinance with NFCU, I have to get them listed as the lien holder and the old lender removed, which requires a visit to the DMV.

Your plan may work: do the double-back refinance. Hopefully, your credit profile will improve, and they can get you a lower rate.

It may be worth it to check out PenFed; they currently have 6.89% for 72 months for used cars

[pizzadude]

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@OniStringer wrote:

I currently have a loan for 73 mo. 12.34% with Navy Federal. I cannot refinance with Navy Federal until I make 12 payments. 

I have 69 payments remainign as of today. I was thinking of refinancing with capital one at 8.48% at 56 mo.

My question is, could I maybe use this as a work around to then in a couple months go back and refinance with Navy Federal and use it as a way to not wait to make 12 payments? Anyone have a history with this or if it may work?

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In theory, yes -- you could refi now with another lender then within a few months do a refi with NFCU, but will you qualify for a better rate than 8.5% with NFCU based on your credit, etc.. ?

In terms of whether your plan would save any money, you should compare the total amount of interest you'd pay between now and when you could refinance with NFCU in 8 more months and compare this against the interest you'd pay with the refinance at 8.5% scenario. 

Or as suggested above, if you can refinance to an even better rate now with another lender why not go with that approach ?