Should I....Re-finance

[Anonymous]

Hi Everyone!

Thanks to everyone's help on these boards I was able to purcahse a new car..so thanks very much!! I brought my car about 2 months ago with an interest of 13%( I know very high) I just received a letter in the mail from HSBC stating that I "could" qualify to re-finance my loan. My question is, is it too soon to re-finance? My scores have not gone up that much and I really would like to lower my payments.

I don't if this helps but its a 08 model so I'm wondering if I should consider it since I'm not upside down on the value of the car yet. Any thoughts?

[Anonymous]

If HSBC is not the OC find out whether there is going to be a pre-payment penalty from the OC.
Another thing to look out for are hidden fees.
Also read the fine prints of the re-fi offer, often next to the new APR offer, is an asterix*, and that would mean they can lower your APR "up to" say 3% meaning they can approve for 1% also.

[Anonymous]

Thanks for the info...I will read the lovely "fine" print....