Refinance or not

[Anonymous]

3 months ago I bought a 2013 f150 4x4 for $33000 everything included the loan is through TD auto finance at 5.69% for 72 months $555 month 7. My scores are 750 across the board with a clean file. Should I refinance or am I getting the best rate I can get

[Kree]

Often the % is tied to the "bargain" you get.  If 33,000 is a 'good' price for a 2013 f150 4x4 then you will have low %, if 33,000 is a 'bad' price then you will have a higher %.   With 750s (assuming true FICO score and not a FAKO score) you should qualify for the best % available.

Whether you can refiance for a better rate will depend on the value of the vehicle for 2 reasons. First, the lender might not want to offer a better % because  the loan is for more than the value of the vehicle. Secondly if the loan is more than 120% the value of the vehicle some lenders flat out refuse to refinance at all.

[Anonymous]

Go to NADA and enter your vehicle details exactly to see the value of your vehicle as the banks calculate it.

If your value of your vehicle is less than 120% of the remaining loan amount, you may find value in refinancing but you have to do the math including any possible closing costs involved (usually none but some do charge one).

Remember to look at not just the monthly payment, but the total payments over all remaining months of both loans to see if it makes sense.  I have friends who refinanced a vehicle to save $60/month but over the life of the loan they were paying hundreds more because the refinanced loan was 24+ months longer.

[Anonymous]

Did you roll any inequity into the new loan or finance alot of "back end" products such as GAP/Warranty? 33k sounds like an awful lot for a 2013 F150. You may check the NADA values and see what clean trade in and clean retail are, and see if your LTV is in line for refinancing before trying to do so.

[Anonymous]

It's clean retail is right at 31k it is a 2013 king ranch super crew 4x4 the $33k I owe is ttl and gap included