Was looking to refinance my vehicle to cut the interest and lower payments, I'm okay increasing the term which I'm aware will defeat the purpose of the lowering in interest rate but I would be paying ahead anyway. I'm aiming for buying a home in near future(1-2 years). I just had pre-approvals done with a few lenders(Veterans United/NBKC) and looks like I'm in the 450-480 range, which unfortunately does not get me much in my area to make it worth it. So my aim is to improve my DTI.
Currently I have about 18900 left @ 7.56% with Cap One. I went to both NFCU and Penfed about refinancing this, Penfed came back with flat 7% @ 60 months. I don't see the exact monthly payments but should be in the 300s range which is more or less around where I'd like to be monthly payment wise. I'm just not sure if it makes sense to wait a bit and get the APR down.
NFCU was a non-starter @ 11%, for 60 with payments of $417 I believe. That's a hard no.
So refinance to drop .56% now or wait?
