Refinance after car purchase.

[USC08]

Is it wise to refinance just after purchasing a car ?

[pizzadude]

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@USC08 wrote:

Is it wise to refinance just after purchasing a car ?

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Maybe.   If you can get a better interest rate, then it's good in my opinion.    What is your current APR, balance and term of the loan?

[SamsungHDTV]

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@USC08 wrote:

Is it wise to refinance just after purchasing a car ?

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It could be depending on your situation.

Did you shop rates when you purchased your car? If no, maybe you should try.

Are you financed through the dealership (ex. Honda Finance)? If yes, maybe you should try.

Risk: More inquiries on your credit report

Reward: Better interest rate. Ergo, save money.

Depends on credit needs to, if you know you wont be applying for credit anytime soon then go for it. 

[USC08]

APPROVING BANK: New Century Volkswagen

BUREAU PULLED: EX

CREDIT SCORE: 696 (not sure if it's FiCO or auto enhanced)

CUSTOMER STATE OF RESIDENCE: CA

NEW/USED: Used (but new imo)

YEAR OF VEHICLE: 2013

MAKE: Volkswagen

MODEL: Jetta GLI Autobahn

MILEAGE: 2830

RETAIL/LEASE: Retail

AMOUNT OF LOAN: 26372.02

TERM CONTRACTED: 72 Months

APR/LEASE RATE: 4.14%

MONTHLY PAYMENT: 414.98

ANNUAL INCOME: 40000

MISCELLANEOUS COMMENTARY: This is my first car purchase. $3K was put down. I just received a flyer from NFCU saying i'm "preapproved for a purchase or refinance." I had a pre approved loan from a local credit union for 25K but decided to finance with VW since i wasn't able to negotiate the priced under 25K.

So would I be able to refinance with NFCU for a lower rate or just stay with VW financing?

Thanks for the responses..

[SamsungHDTV]

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@USC08 wrote:

APPROVING BANK: New Century Volkswagen

BUREAU PULLED: EX

CREDIT SCORE: 696 (not sure if it's FiCO or auto enhanced)

CUSTOMER STATE OF RESIDENCE: CA

NEW/USED: Used (but new imo)

YEAR OF VEHICLE: 2013

MAKE: Volkswagen

MODEL: Jetta GLI Autobahn

MILEAGE: 2830

RETAIL/LEASE: Retail

AMOUNT OF LOAN: 26372.02

TERM CONTRACTED: 72 Months

APR/LEASE RATE: 4.14%

MONTHLY PAYMENT: 414.98

ANNUAL INCOME: 40000

MISCELLANEOUS COMMENTARY: This is my first car purchase. $3K was put down. I just received a flyer from NFCU saying i'm "preapproved for a purchase or refinance." I had a pre approved loan from a local credit union for 25K but decided to finance with VW since i wasn't able to negotiate the priced under 25K.

So would I be able to refinance with NFCU for a lower rate or just stay with VW financing?

Thanks for the responses..

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Find out at NFCU what rate you are preapproved for, if it is less, I would say go for it. 

When you know what you are pre-approved for then plug it in a payment calculator and find out how much money it will save you. You can then see if its worth it to you to refinance. Here's a payment calculator that is very accurate:

https://www.chase.com/auto-loans/payment-calculator