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darkhorseCA

Refi more than once?

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Hi All,

 

I’m wondering if it’s worth it/possible to Refi more than once? Ie if there are no fees from a credit union...

 

Here are the details.

 

My current loan is with Penfed 4.9% with a remaining balance of $16,850 (8 months already paid out of 60)

 

I wanted to wait to bring my score up more, but NFCU has that $250 incentive to refi by May 31st.

 

I wanted to wait to bring up my score more but this is an interesting offer.

 

So, say NFCU approves me for something like 3.25% (Not the 1.99 that I ideally want)

 

In theory, Could I take the refi and bonus, then refi 9-12 months later for 1.99% if that becomes available?

 

Btw the vehicle: 2017 civic sedan ex w/sensing

 

 

Sent from my iPhone using Tapatalk

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Posted (edited)

If you can reduce your APR and get money back you may also be able to shorten the term and keep your payments about the same.

 

You can refi as many times as you like. Some auto lenders will not refi their own loans. Also, at some point your balance will become too low to get the best terms.

 

If you are upside down on your current loan, you may not have any favorable refi options unless you are willing to kick in some cash to fix that.

Edited by cv91915

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If you can reduce your APR and get money back you may also be able to shorten the term and keep your payments about the same.

 

You can refi as many times as you like. Some auto lenders will not refi their own loans. Also, at some point your balance will become too low to get the best terms.

 

If you are upside down on your current loan, you may not have any favorable refi options unless you are willing to kick in some cash to fix that.

Thank you!

 

 

Sent from my iPhone using Tapatalk

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