Even if it is not a lot, anything is better than nothing, every penny that I can get off of it , I want off. We plan to refinance as soon as we can to get the interest rate down as much as possible, but in the mean time…which brings me to another question.

The reason we took the loan was to restore our credit(we paid a hefty down payment and are paying more than needed each month) …I KNOW…but hear me out, we were unemployed for a long time and ended up filing for bankruptcy, not what we wanted, but how it went down. We have been completely cash for 3 years now, I have no credit score at all and my husband’s is very low.

We foresee a move so in hopes of getting a decent mortgage down the line we decided to help our credit out now. I will say we are reaping the rewards of better fuel mileage with this car loan, which helps with the added insurance fee and we intend to pay it off quickly, but not too quickly so the credit can be repaired,but I don’t want to be cheated by Chase either.

So how long should we wait before we refinance to get the interest rate lower?