Car Financing Querstion

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If after a year or so, a better interest rate can be obtained from a different source, is it wise to refinance?

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What is your current interest rate? What are the terms of the loan?

Did you receive your credit score when applying for loan with current auto finance company? If so, what is it?

And do you have a good, steady income?

It may be worth a shot - don't know if you'll get approved - by looking at Lightstream or PenFed.

Lightstream will beat PenFed's advertised rate of 1.99 % - it will be 1.89 %.

And it will be an "unsecured" loan, i.e. meaning you will get possession of the title. But you have to have good credit and income. I don't know what their minimums are.

PenFed offers 1.99 %, but it will be a secured loan, i.e. you won't get possession of title until you pay off loan. I don't know what their minimums are either.

7.5% is not very high for a 600 credit score.

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2. If after a year or so, a better interest rate can be obtained from a different source, is it wise to refinance?

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Instead of refinancing, can you transfer a portion of the debt to a credit card with no interest?
I transferred 5K of my wife's car loan, to Discover (1% fee) and no interest for 12 months. Had the option of 20 months but the fee would have been 3%.

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Lightstream will beat PenFed's advertised rate of 1.99 % - it will be 1.89 %

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I had no idea. Thanks for the heads up. This is why i like MT

Do you know the lightstream dti target as well? I assume it is tiered

What's the advantage of the unsecured loan?

Sorry I was not clear. I understand the advantage for the individual but what is the advantage for the lender?

Yes. A quick call and 5 minutes later, I received revised paperwork with 1.89 % for 3 years.

Length term should not matter, they will beat anyone's advertised rate.