Refinancing question...

[MoreInfo1]

Hello! Early last month, I purchased a vehicle (used) financed as a private party car loan through NFCU at 8.39% APR. At the time, my credit score was 692 through Equifax and 703 through TU based on the letters I got from them. After seeing all the rates here that were lower than mine, I was thinking I could possibly refinance for a lower rate than what I received. My best score right now is with TU at 738. My vehicle is worth $17700 based on NADA clean retail and I owe $16774. I'm just wondering if I actually do have a chance with refinancing it at all? If I should wait a certain period of time? Who would be my best bet with the refinance?

Thanks in advance for your help!

[Luscher]

with 738? jeez go apply over at DCU and get 1.74% I am shocked NFCU gave you such a high rate considering how great they are. Go check out DCU asap

[Anonymous]

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@MoreInfo1 wrote:
Hello! Early last month, I purchased a vehicle (used) financed as a private party car loan through NFCU at 8.39% APR. At the time, my credit score was 692 through Equifax and 703 through TU based on the letters I got from them. After seeing all the rates here that were lower than mine, I was thinking I could possibly refinance for a lower rate than what I received. My best score right now is with TU at 738. My vehicle is worth $17700 based on NADA clean retail and I owe $16774. I'm just wondering if I actually do have a chance with refinancing it at all? If I should wait a certain period of time? Who would be my best bet with the refinance?

Thanks in advance for your help!

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Ridiculous rate and refinance immediately. As the other poster suggested, go to DCU, Penfed etc.. and do it immediately.

[MoreInfo1]

I don't think I would be eligible to be a DCU member as I'm not in any of their affiliated groups- would they need documents verifying my eligibility in order to get in?

[Anonymous]

You just donate to one of their affiliate organizations. Can be as little as $10 

Go thru their green tabs. 

https://www.dcu.org/infodesk/membership/eligibility.html

[MoreInfo1]

Thanks everyone. I will try with DCU to see what I can get!

[Anonymous]

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@MoreInfo1 wrote:
Thanks everyone. I will try with DCU to see what I can get!

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Great.. update the thread with results...

[Anonymous]

The rates are also based on the age of the vehicle and the amount you finance. This varies from lender to lender. Another thing to consider is your rate may be higher even if your credit score is good IF you have a lot of inquiries or recently opened accounts, OR if you have a very limited credit history. I got a 12% APR from one bank for a 2004 vehicle and refinanced less than a month later with the same credit score for 4.69%. So I agree with everyone else. I would try somewhere else. I'd recommend BOA or Capital One.

[MoreInfo1]

Thanks everyone. I have applied for membership with DCU and was wondering how long it takes them to respond to an auto refinance? When I looked at the refinance info, it kept leading me to apply for loans (including auto loans)- am I basically completing a regular auto loan app?