When should I refi?

[Anonymous]

I have been in a similar situation so I will just speak on my approach.  Your APR is really high as you know and car loans are front loaded with interest so almost all of your current payment is going to interest so refinancing asap is the best approach in my opinion.  I started with a 12.5% loan then 6 months later went to 8.5% and a week later 4.29%.  Car loans have no closing costs so there as long as you have an acceptable loan to value ratio there isn't a downside to refinancing to take advantage to improving terms.  The catch is that you don't want to continue to extend the term each time you refinance because regardles of how good a Acura is it like any car is a depreciating asset so you don't want to get caught out on the loan to value ratio.  I would refinance asap and take a shorter term, your payment will be lower than what your paying now.  Before you apply I would take a close look at the value of your car to ensure you have a good loan to value ratio, I suspect you are a bit upside down so that might be an issue.

[MrsCHX]

Thanks! I'm up to a EQ 628 per DCU and will be going up more by end of February. I'm thinking I'll definitely be over 640 and hope to apply in March for the refinance.