Ok, I regret getting my auto loan directly from the dealership as opposed to researching other resources, I’ve learned from my mistakes. My current auto rate is 7.99% and I want to see if I can get even a lower rate elsewhere. I’ve been checking all the big name institutions such as Bankrate, Bank of America and HSBC, but it all seems like that the best rate they would offer is about 7.20 or so, and that’s with excellent credit. So I’m thinking, is it worth it to refinance if the reduction in APR is less than 1%?
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sure, check with a credit union. you could get a 5.9 rate, they drooped the interest rate yesterday so this is the perfect time.
According to interest rate search engine RateZip http://www.ratezip.com, Capital One and GE Money Bank both offer rates as low as 5.99% on auto loans, so it may well be worht it to refinance, depending on the term of the loan you are looking for.