Refinance Auto Loan Advice

[Inspiredman]

I bought a car last month March 2024 with a dealer who only finances with Ally.

My Credit score was 805 and Ally gave me 13% Interest rate, highest I've ever had, My trade in was financed by Bank of America last year at 6.1%

I want to quickly refinance with Bank of America before the first payment to Ally in May.

My Loan with BOA is paid off but has not yet reported to my Credit.

Also my new loan with Ally hasnt reported to my credit as well.

Should I go ahead and apply for a Refinance with Bank of America right now as I just got my title transfer and registration today OR Should i wait for both the payoff and new loan to report to my credit before I Refinance ?

Thanks 

[Shooting-For-800]

Why did you take the loan at 13%?

[dunn2500]

if you can log into your Ally account with loan # and get a 10 day payoff you should be able to refinance. even 1 month isnt gonna kill you with Ally

[Inspiredman]

Thanks

I applied for a refinance with BOA And was approved immediately for $151,090 at 7.04% the lowest refinance rate thay had.

[Kforce]

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@Inspiredman wrote:

Thanks

I applied for a refinance with BOA And was approved immediately for $151,090 at 7.04% the lowest refinance rate thay had.

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Congrats, will save a lot 13% --> 7%.

A very, very nice car or typo 151k loan sure top's any car loan of mine.      

[dunn2500]

Ally didnt approve you for 13%, am sure it was lower than that but maybe not 7%......the dealer wants their piece so they gave you a sell rate, padded it quite heavily it seems

congrats man and am sure that is a weight off your shoulders