I tried looking up the forum for information about auto refinancing. But couldn't find none so took the initiative to put forth my situation. Hope it helps out others too (if there is already information availalbe, I will be very grateful if u can direct me)
I purchased a used Honda Accord EX 2001(fully loaded with 45k miles on the vehicle) in Sept 2006 for $12000 + taxes. I made a down payment of $4000 and got the rest financed from Chase auto finance. Well the first mistake which i did was not having an auto finance available with me before purchasing the vehicle hence the financing was arranged by the dealer.
The financing was for 4 yrs with 11% ( 10.64% to be exact) with monthly installment of $250. The reason for high rate of interest was firstly I am international who just recently got a job in the US( started working from Aug 2006 onwards) so didn't have a big purchase credit history.
Now i am thinking about refinancing the car. So far i have made my regular payments on time. Other than the vehicle i don't have other debts.
I looked online on website like bankrate and there are companies like Capital one which do refinancing.
A friend suggested DCU (digital fedral credit union) --> https://www.dcu.org/index.html
I am yet to approach these places with my personal case and get a quote.
My question are
1. Has any heard about Digital fedral credit union or does anyone has personal experience with Bankrate or any other bank regarding auto refinance, please do share with us
2. Are there some other good places to look for car financing.
3. Is this a good time to refinance, I mean i just have had the vehicle for 10 months or so and my financing started from Oct 2006 onwards. should i wait for a while and then get the refinancing in place.
I look forward for your suggestions