I'm wondering if and when I should refinance my car loan. I bought a car immediately post discharge at a heinous 21% rate. Used Chevy Impala that I bought for $7500 including tax and all, with 60k miles. Nothing great, but it'll help with my rebuild, and my previous car was worn out and needed to be replaced anyway.
So with this 21% rate, my payment is $185 for 72 months. My credit score has gone up to the low 600s. (605,616, and 603) which should get me a much lower rate. Should I do that, or is it not really that important with a payment this low?
My income is about $80k so the payment isn't hurting at all, and once I'm fully recovered, I plan to buy a new Chevy suburban or Nissan NVP, which are both significantly more expensive, so the rate will matter more.
my thought is that if I reduce the rate in the impala to the 12-15%, I can cut 1-2 years off the term and still keep the same payment or within $10. Has anyone had any experience with a refinance just a couple of months into a loan though?