Refinancing Auto Loan

[DSBABC]

I am looking to refinance an auto loan.

A few months ago (March 2022), I financed at the dealership through Santander, at an absurdly high rate; but I was happy to at least get financed at all -- with the assumption that I would be able to refinance in a few months.

1. How soon after financing is it realistic to seek out refinancing? I don't want to risk a drop in score due to HP if it isn't yet realistic to seek out refinancing.

2. What scores would be necessary to refinance through NFCU, Suncoast CU, USAA, or any others that provide a low refinance rate?

I am currently in the high 6XX score range (660s - 680s), and I initially financed in March 2022.

Any suggestions or guidance?

[Mdowning30]

What is the interest/APR rate they gave you ? Santander has a bad rep, with your scores i would refinance asap, maybe give it a couple months. Try Navy or Penfed, even Capital One would be better than Santander.

[pizzadude]

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@DSBABC wrote:

I am looking to refinance an auto loan.

A few months ago (March 2022), I financed at the dealership through Santander, at an absurdly high rate; but I was happy to at least get financed at all -- with the assumption that I would be able to refinance in a few months.

1. How soon after financing is it realistic to seek out refinancing? I don't want to risk a drop in score due to HP if it isn't yet realistic to seek out refinancing.

2. What scores would be necessary to refinance through NFCU, Suncoast CU, USAA, or any others that provide a low refinance rate?

I am currently in the high 6XX score range (660s - 680s), and I initially financed in March 2022.

Any suggestions or guidance?

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My opinion, it's never too early to refinance if your current loan is as you described, absurdly high.  

Short term you may take a hit for an inquiry and a new auto loan but if you can drop your rate then you'll easily save hundreds / thousands of dollars in interest. 

[DSBABC]

Thanks everyone.

I am eager to refinance; and I believe it would decrease the monthly payment, and the overall interest, significantly.

To rephrase a bit:

1. Will another lender refinance the auto loan, so soon after the intial financing? (It's only been 4 mo -- 3/17/2022). Realistically, should I wait a few more months, or would they actually refinance so soon?

2. What scores are realistic for refinancing? (Are 600s good enough to refinance, at a decent rate?)

I am eager to refinance, but I wasn't sure if it was realistic just yet.

[tcbofade]

Yes, you can refinance it.

With scores in upper 600s, I'd expect five or six percent APR.

Good luck to you!

[pizzadude]

I agree, you should probably be able to drop your interest rate - it's not uncommon at all to refinance within a few months after purchasing a car.