Refinance advice

[spartantx117]

i took out a loan with Chrysler Capital in August of last year for a new truck. I have roughly 24500 on the loan left. It was financed for 75 months and at 4.5%. I have been thinking about refinancing. I don't want to add any length to the loan in fact I'd like to possibly shorten it a bit. But was wondering what my chances were for a lower interest rate. I don't feel what I have is bad but am wondering if I could do better with it. My scores are between 740 and 785 between the three bureaus. Thanks

[Revelate]

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@spartantx117 wrote:

i took out a loan with Chrysler Capital in August of last year for a new truck. I have roughly 24500 on the loan left. It was financed for 75 months and at 4.5%. I have been thinking about refinancing. I don't want to add any length to the loan in fact I'd like to possibly shorten it a bit. But was wondering what my chances were for a lower interest rate. I don't feel what I have is bad but am wondering if I could do better with it. My scores are between 740 and 785 between the three bureaus. Thanks

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Make friends with a CU: local one with good rates or DCU or possibly others would do.  Lot of 2% offers around at the moment and some are underwriting reportedlly at 675 Beacon 5 score which you're probably over regardless if those are your FICO 8 scores.

[SamsungHDTV]

You stand a great chance to get a way better rate. Especially if you reduce the term. Most lenders will give better rates with a shorter term. The only concern is how upside down you might be on the loan. Only because you're term was so long. You might need to bring down the principle balance depending on what your vehicle is currently worth.

[dabrian]

What is the book value of the truck?  With your scores you can get 1.99 for up to 65 months with DCU if your not upside down.

[spartantx117]

Book Value is right at 30000. I owe 24200 on it.