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Refinancing Car

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Laredo
Contributor
‎09-09-2022 10:35 AM
‎09-09-2022 10:35 AM

Refinancing Car

My ch13 was discharged in July 22 and was approved for a car loan through PenFed at a rate of 7.75%.  I took the loan because everyone else was higher and after a BK I was suprised to get this rate.  How many months should I wait to try and refinance for a possible better rate?  

(Ch13 Discharged 07/22) Current Cards: American Express Gold: NPSL | American Express Blue Cash Everyday: $15,000 | American Express Delta SkyMiles Platinum: $1,700 | Navy Federal Credit Union Cash Rewards: $10,000 | Dover Federal Credit Union Cash Back: $10,000 | Penfed Cash Rewards: $7,500 | Truist Enjoy Cash: $5,500 | Truist Enjoy Travel: $5,500 | Truist Future: $3,500 | Bread American Express Cash Back $8,500 | Discover it $12,000 | USAA Rewards Amex $12,000 | Kohl’s $800 | Care Credit $7,000 | Lowes $3,000 | Amazon Store Card $1,500 | Jared $5,000
Total Revolving Credit: $108,500
Closed Rebuild Cards: Ollo Platinum: $3,900 | Ollo Rewards: $3,000 | Mercury $3,000 | Surge Card $1,000
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pizzadude
Credit Mentor
‎09-09-2022 11:12 AM
‎09-09-2022 11:12 AM

Re: Refinancing Car

@Laredo wrote:

My ch13 was discharged in July 22 and was approved for a car loan through PenFed at a rate of 7.75%.  I took the loan because everyone else was higher and after a BK I was suprised to get this rate.  How many months should I wait to try and refinance for a possible better rate?  

There's no need to wait if you think you can secure a better rate.    How much did you borrow and at what term, that will help determine how much you'd potentially save by refinancing. 

March2010 FICO® ~ 695 TU, 653 EQ, 697 EX
Message 2 of 7
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Laredo
Contributor
‎09-09-2022 12:05 PM
‎09-09-2022 12:05 PM

Re: Refinancing Car

@pizzadude wrote:
@Laredo wrote:

My ch13 was discharged in July 22 and was approved for a car loan through PenFed at a rate of 7.75%.  I took the loan because everyone else was higher and after a BK I was suprised to get this rate.  How many months should I wait to try and refinance for a possible better rate?  

There's no need to wait if you think you can secure a better rate.    How much did you borrow and at what term, that will help determine how much you'd potentially save by refinancing. 

$35K at 72 months

(Ch13 Discharged 07/22) Current Cards: American Express Gold: NPSL | American Express Blue Cash Everyday: $15,000 | American Express Delta SkyMiles Platinum: $1,700 | Navy Federal Credit Union Cash Rewards: $10,000 | Dover Federal Credit Union Cash Back: $10,000 | Penfed Cash Rewards: $7,500 | Truist Enjoy Cash: $5,500 | Truist Enjoy Travel: $5,500 | Truist Future: $3,500 | Bread American Express Cash Back $8,500 | Discover it $12,000 | USAA Rewards Amex $12,000 | Kohl’s $800 | Care Credit $7,000 | Lowes $3,000 | Amazon Store Card $1,500 | Jared $5,000
Total Revolving Credit: $108,500
Closed Rebuild Cards: Ollo Platinum: $3,900 | Ollo Rewards: $3,000 | Mercury $3,000 | Surge Card $1,000
Message 3 of 7
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Roadgeek395
Regular Contributor
‎09-09-2022 03:28 PM
‎09-09-2022 03:28 PM

Re: Refinancing Car

You can get pre-approved through capital one and it will tell you the APR. They only pull your credit if you accept the offer.

Message 4 of 7
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pizzadude
Credit Mentor
‎09-09-2022 05:52 PM
‎09-09-2022 05:52 PM

Re: Refinancing Car

@Laredo wrote:
@pizzadude wrote:
@Laredo wrote:

My ch13 was discharged in July 22 and was approved for a car loan through PenFed at a rate of 7.75%.  I took the loan because everyone else was higher and after a BK I was suprised to get this rate.  How many months should I wait to try and refinance for a possible better rate?  

There's no need to wait if you think you can secure a better rate.    How much did you borrow and at what term, that will help determine how much you'd potentially save by refinancing. 

$35K at 72 months

You'll be paying over $8.8K in interest over the life of this loan so refinancing to a lower rate has the potential to save you thousands of dollars. 

March2010 FICO® ~ 695 TU, 653 EQ, 697 EX
Message 5 of 7
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FLLGuy
Frequent Contributor
‎09-16-2022 08:00 PM
‎09-16-2022 08:00 PM

Re: Refinancing Car

@Laredo- did you finally find a car?  

I'm also discharged 14months ago pre-approved with Penfed and NFCU (NFCU) lower rate  @ 6.19.  






Message 6 of 7
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Laredo
Contributor
‎09-17-2022 06:50 PM
‎09-17-2022 06:50 PM

Re: Refinancing Car

@FLLGuy wrote:

@Laredo- did you finally find a car?  

I'm also discharged 14months ago pre-approved with Penfed and NFCU (NFCU) lower rate  @ 6.19.  

I do have a car just looking for a better rate.  I will wait a couple months because I just took hits on my credit for the cards I received.  

(Ch13 Discharged 07/22) Current Cards: American Express Gold: NPSL | American Express Blue Cash Everyday: $15,000 | American Express Delta SkyMiles Platinum: $1,700 | Navy Federal Credit Union Cash Rewards: $10,000 | Dover Federal Credit Union Cash Back: $10,000 | Penfed Cash Rewards: $7,500 | Truist Enjoy Cash: $5,500 | Truist Enjoy Travel: $5,500 | Truist Future: $3,500 | Bread American Express Cash Back $8,500 | Discover it $12,000 | USAA Rewards Amex $12,000 | Kohl’s $800 | Care Credit $7,000 | Lowes $3,000 | Amazon Store Card $1,500 | Jared $5,000
Total Revolving Credit: $108,500
Closed Rebuild Cards: Ollo Platinum: $3,900 | Ollo Rewards: $3,000 | Mercury $3,000 | Surge Card $1,000
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