Refi 2 month old auto loan?? - recent credit score bump but negative equity in vehicle

[thomcoogan]

Hello Trusty Forum Dwellers,

I recently purchased a new 2017 Jeep Grand Cherokee Altitude and LOVE it.  

I got a rate of 3.94% from Kinecta Credit Union, which is ok I suppose.  My scores at the time were EQ 735 TU 740 EX 680

For whatever reason my EX has been 50-60 pts lower than the others for a few years.  Until last week!  I got a notification that my EX went up to 745, which is super neat.

Would it be possible / is it a good idea to shop a refinance lower rate?  

Loan numbers as follows:

MSRP $40,800 

Sale price 34,000 / Tax license 3,000 

The big kicker was my trade in:

Negative equity on trade - $10,000 

Total loan $47000 / 84 mo 3.94%

I don't know how feasible this would be, but I figured I'd ask around before I go and apply and get that nasty HP.

Thanks for any responses.

TL;DR possible to refi with score bump to 740s but 6-7k negative equity in 2 mo old vehicle

[Appleman]

I just looked at PenFed for you.

They will finance up to 110% or $44,000 in your case.

72 months is 3.24% (so I would say your 3.94 for 84 months is good)

If you can pay down the balance over the next 9-10 months and drop down to a 60 month loan at that point you could get 2.99% for 60 months with a PenFed ReFi.

(1% on a 5 year loan of $40,000 = $683.70 in interest.. It is savings but will mean a higher payment and taking the time and effort to refinance)

I would recommend at this point just paying additional on the loan or if you have higher interest debt, paying that down first.

[Creditaddict]

WOW 84 months... you are bruising for another $20k upside down on this Jeep... That is insanely to long for a car loan.

If you came down to a 60 months you could probably get 1.49%!

[Anonymous]

What is your income ?

If you do refi I would recommend way less than 84 months

[Anonymous]

Under 4% for 84 months is acuually very good with rates right now.  Lots of negative equity in this deal so getting another lender to take the loan for less interest isn't likely even with great scores.