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Posted in Auto Loans
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Question By
MrStudMuffin

3 Contributions
0 People Helped
New/Used Car 6 Months Old. Should I get a lower rate?
Got per-approved for a 25K auto loan and I bought a used 2015 SUV with 12K miles for 23K. ended up with 60/mo 5.44% APR. Paying $425.00/mo. 6 Months later i am getting notices from CK that i could be getting 2.49-2.99 APR to refinance the SUV.

If I look into refinancing, can this be done with soft inquiries or will they have to be hard inquiries? Also, have anyone been able to go from 5.44APR to 2.49APR thru refinancing?

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Top Contributor
36 Contributions
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A lot depends on who you financed through? If you did it through the dealer; they chould have made extra "points" from giving you a rate a bit higher. If you have excellent credit; and your Loan to Value on the car is less than 100%; you might be able to get under 3%. I'd check direct lending sources like USAA (if you happen to be a member), Capital One, or Lightstream. It is noted that sometimes rates will go up a bit if you do a 60mo loan (vs. 48 or 36).

And it'll definitely be a hard inquiry; so definitely understand the see the best rates for your projected loan term at those sources; and don't do it if you don't have a 750+ score everywhere.

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