Need some advice for refinancing a ford truck

[Anonymous]

Hi Everyone! 

I have been snopping around this forum for about 2 months now and have learned so many new things and finally decided it was time to officially join the website! In regards to my question, any help/advice would really help me out. I had no prior knowledge in car loans and decided very stupidly to get a car without researching further. I financed a used 2016 F-150 Truck through FMC at the time of this loan my credit was not good at all and received an interest rate of 17% ( I know :'(  ). Two years later, my credit has risen by more than 100 points and I need to refinance. I have tried through FMC but they say its computer generated and only want to lower my payments by $40 and lower my interest to 13%, I don't feel it's worth it though. What should I do? I have read about credit unions being a great help but how should I go about the process? What should I expect as a "good" interest rate with my current scores, (TU- 700, EXP-675, EQ- No idea). If you need further information let me know because I probably am leaving out key information that I might not even know about or can't think of in the moment. Thank you so much for your time! 

[4sallypat]

Welcome aboard!

Since FMC is the captive lender, it makes sense that they would not want to lower or refi your truck.

I would approach your own bank or local CU - they have very good rates.

My car is up for lease expiration and I am going to buy it out by financing the residual thru my CU.

I checked with PenFed and my local CU - they are offering around 2.25-2.75% for 3 years with a 720+ score.

[ldkcivilservant]

I would start by looking at DCU and Penfed.

[dunn2500]

yep.....pen fed helped me out when i was in same boat as you.....DCU is another one i have heard, Navy is top notch but rates are bit higher in my experience

alot of banks that "will" refinance an existing loan seem to not offer competitive rates like a new bank.....alot wont do it all but some will, just not worth it for them i suppose since they already have your loan

get out of that 17% as quick as you can!......i had same scenario and refied down to 8% 6 months later and 6 months after that i am at 3%.......interest rate is key