Should I refinance my new auto loan now?

Anonymous · ‎02-26-2022

Hindsight is 20/20 and I wish I had applied for financing before I bought my vehicle.

I want to apply for a refinance because I am not satisfied with my 5% APR and want to see the other options.

My concern is that I had a trade-in that was paid off at the time of sale, so my credit report still has that because although the payoff payment was made last week- I’m waiting on my lienholder to apply it.

So right now, my new lienholder hasn’t reported yet (but I finally have the account number for the new loan) and my old auto loan obviously still is.

Am I okay to apply for refinancing now or show I wait until my previous loan account is paid and closed?

I want the best case scenario, of course and I don’t know if I should wait.

RASULL12 · ‎02-26-2022

I just went through this myself. As soon as I was able to get the account number from Huntington National, the bank the dealer financed me through, I applied with nfcu for a refinance. Got the payoff check from nfcu and sent to Huntington National. Whole process took less than 2 weeks from my original purchase and saved me over $4,000 over the course of the loan.

Rottweilerlvr · ‎02-27-2022

I don't have a trade still reporting but I'm already ready to refinance my car loan. Purchased in November 2021. Not happy with the 5.62 interest. I'm thinking of waiting until the summer to refinance when 2 baddies fall off. One of which will be 4 late car payments Wells Fargo account.

Rottweilerlvr · ‎02-27-2022

@RASULL12 wrote:
I just went through this myself. As soon as I was able to get the account number from Huntington National, the bank the dealer financed me through, I applied with nfcu for a refinance. Got the payoff check from nfcu and sent to Huntington National. Whole process took less than 2 weeks from my original purchase and saved me over $4,000 over the course of the loan.

What kind of interest did you get? How many years?

RASULL12 · ‎02-27-2022

@Rottweilerlvr wrote:
@RASULL12 wrote:
I just went through this myself. As soon as I was able to get the account number from Huntington National, the bank the dealer financed me through, I applied with nfcu for a refinance. Got the payoff check from nfcu and sent to Huntington National. Whole process took less than 2 weeks from my original purchase and saved me over $4,000 over the course of the loan.
What kind of interest did you get? How many years?

Dealer gave me 4.99 but I refinanced with NFCU at 3.19 for 72 months. Not their lowest rate which I was disappointed by but still better than the 4.99. my TU score is 757. Not sure what they require for their lowest rates. Still happy to save almost $60/month.