Possible Refinance?

[Anonymous]

I started a car loan 6 months ago on a used 2013 Honda Accord EX-L at 3.65% . Current owed is 22k. Value is rated at 17k. My scores have improved significantly and Im considering refinancing with DCU. Since the car loan is still underwater, should I continue to pay it down more or refinance now? Not sure how much DCU would allow me to go over value. Would like to get my interest rate to about 1.75%. I think thats possible!!

[fury1995]

---

@Anonymous wrote:

I started a car loan 6 months ago on a used 2013 Honda Accord EX-L at 3.65% . Current owed is 22k. Value is rated at 17k. My scores have improved significantly and Im considering refinancing with DCU. Since the car loan is still underwater, should I continue to pay it down more or refinance now? Not sure how much DCU would allow me to go over value. Would like to get my interest rate to about 1.75%. I think thats possible!!

---

Sure, but I advise taking a shorter term or you will be defeating the purpose.

[Anonymous]

I agree. Im currently at 66 months remaining. If i refinance to a lower interest rate I will take the 60 mon term. That should significantly save me. I may see a slight increase in monthly cost, but overall I will be better off.

[Anonymous]

I suspect your too far upside down to get a refi, normally they will do 120% of the fair market value, looks like your at 129%.