Should I REFINANCE my Auto loan now?

[cunningboy]

Hello! I purchased a luxury vehicle for my limo business in August 2024, I used my personal credit score to purchase this vehicle since my company had no credit history. The car is registered to my LLC. I have an auto loan with 8.90% APR and 72 months from CHASE Auto Loan. I have made seven months' payments so far. I think the interest rate is high. On the Credit Karma, I see a refinance offer from Autopay and Caribou with 60 months 5.04% APR. Is now the right time to do a refinance or should I wait for the FED to lower interest rates? I am sharing my credit history with you for your information.

TransUnion-766 Equifax-774 Experian-760

Amex BCE- 34000
BofA Customized Cash- 33000
Capital One Venture- 15000
Discover It- 12500
Apple Card- 4500
BILT Card- 2300
TCL: 101300
AAoA: 1 year 8 months
HP:4
Chase Auto Loan 60000
Amex personal loan 3800

[Creditwiser]

4 pts is nothing to sneeze at.  if you think rates will go down soon I would wait a bit. But with the current economic uncertainty, I might jump on on 5% . I guess it really depends on your comfort level on how you view these lenders. I'm unaware of either of them.

[cunningboy]

Frankly, I saw these lenders for the first time on Credit Karma. Chase does not offer a refinance option. Economists predict that the Fed will lower interest rates towards the fall. However, I am not sure if this interest rate reduction will be advantageous for me.

[FicoMike0]

Looks like you could cut interest in half, that's a big deal.  Even if rates go down a little, you're paying the higher rate right now. Here's another offer,

https://www.penfed.org/

About the same.

If go for it.

[cunningboy]

Thank you. I got an offer from the link you sent. They offered 9.79% for 60 months. It's even worse than the current one.