*Loan,banking and credit>>>auto loan

Should I refinance my auto loan again?

A few days ago I refinance my 21% six year loan to an 11.5% four year loan with a credit union (when all websites and banks rejected my refinance request). What I'm wondering now is, how long should I wait to refinance for a better rate? I'm thinking in 6-8 months I'll refinance with the same credit union for a 3 year loan. Any advice?

Im sure you know that the refinance percentage is based off of your credit history/score. I would recommend to wait at least 12 months. Any inquiry on your credit will last for 2 years, so you dont want to run the risk of having them run your credit at the 6 month mark and them not approving it because you dont have an adequate length pay history. If they did deny it, then you would have to run it again at the year point. Also, by waiting at least 12 months, you are showing the credit union (or bank) that you have made 1 years worth of monthly ontime payments. Hope this helped!

Why would you want to refinance again? The rates will most likely not be any lower in 6-8 months given they are so low now, and second of all, everytime you refinance, there are refinance charges. If you tried to refinance with so few years left on the loan and the rate already low, the charges to refinance would exceed any savings, if any, you would have on interest., If you are refinancing because you can't afford the payments, you might be better off selling that car and just buying an older model used car.

ETA: Again, the interest rates in 6-8 months will probably not be much lower than what they are now, if at all. If you just want to shorten the life of the loan and save interest, just pay more than the required each month.
in the industry,11.5 is a good rate.unless you can use home eq and get the writeoff
There is obviously a reason you are getting rates like 21% and 11.5% when prevailing credit union car rates are 5-8%. Being that the best rates are given to the people with the highest credit scores, I would say to work on your credit by making sure all your revolving debt (credit cards) do not exceed 50% of the limits as this really hurts your credit score. Also if you only have minimum open credit accounts I would work on getting a few small credit cards or if you cannot qualify a few secured credit cards, your bank will offer the secured cards and you do not qualify for them. If you have a loved one or close friend willing to do it having them add you as a signer on their cards actually builds you credit when they make on time payments, without you needing to ever use the account. Trans Union, Equifax, and Experian all offer free credit reports annually, take advantage of this and work to clean up any erroneous debt or small collections/charge offs. If all this is done then your scores should go up and you can qualify for that 7% interest rate, which if offered would be the right thing to do as credit unions dont charge much if any fees to do a loan, just keep the term the same (IE if you are 6 months into a 42 month loan, only do a 36 month term). Oh and one more important thing, make all your other payments on time! One more thing... that guy up there is wrong, inquiries fall off after 6 months and only hurt your scores if they are excessive (20-30 in 6 months), all inquiries made in one day are counted as 1, and all mortgage inquiries are considered only one over a two week period.
Here is a list of best Auto Financers offering low interest and fast aproval. You dont have to wait for a low rate of Interest,
http://bad-credit-auto-loanss.blogspot.c...
Looking at your above equation i feel you should not go for refinancing
http://www.getmaxloan.com/auto-loans.htm...