When did you refinance?

[FordRN]

Hi! I’m relatively new to the forum. I purchased my new SX a few weeks ago and took the finance incentive and financed through KMF. I now want to refinance with my local credit union and I’m wondering a few things.
-Can I refinance before I make my 1st payment?
-Do I need to make a few payments?
-At what time did others refinance?

 

[ksyrah]

It depends on your sales contract. It is generally between 3 and 6 payments that you need to make to KMF. You can call their number to find out. I've done it in the past with KMF to save some $$ and then paid it off after the minimum amount of required payments.

 

[mrmac]

THERE IS NO MINIMUM NUMBER OF PAYMENTS BEFORE YOU CAN REFINANCE. You can't be penalized.

Go to your credit union with your finance paperwork. They'll take care of the rest.

 

[homerunbm33]

As mrmac said there is no minimum number of payments required. Added linked to KIA'S FAQ.

KIA FAQ

______________________________

 

[wazslow]

THERE IS NO MINIMUM NUMBER OF PAYMENTS BEFORE YOU CAN REFINANCE. You can't be penalized.

Go to your credit union with your finance paperwork. They'll take care of the rest.

Agreed! I refinanced right away. There is no penalty. The dealership wants you to make a certain number of payments so they get their kickback from KMF. Go refinance ASAP.

 

[ucinn]

The dealer tells you this because they don't get their kick back if you pay it off before 3 months.. They can't come back and take the rebate from you so you can do it anytime you want.

 

[ksyrah]

I stand corrected. Oops. 3 years ago I had a 3 payment minimum.

 

[mrmac]

I stand corrected. Oops. 3 years ago I had a 3 payment minimum.

Even then, your dealer was feeding you a line of B. S.

______________________________

 

[starra]

Hi! I’m relatively new to the forum. I purchased my new SX a few weeks ago and took the finance incentive and financed through KMF. I now want to refinance with my local credit union and I’m wondering a few things.
-Can I refinance before I make my 1st payment?
-Do I need to make a few payments?
-At what time did others refinance?

You can refinance now if you like

 

[ga1322]

Where are you finding a lower rate than what Kia offers? I would love to refinance but can’t find anyone that will offer me lower that 2.9% and I have an 800 credit score

 

[FordRN]

I’m working with my local credit union. They will give me 2.99% up to 72 months. And since this is my last vehicle for a while since I have kids soon to be driving, I’m thinking of refinancing for a little longer than Kia offered to free up some cash for some other things during the month.

 

[jw_tx21]

Where are you finding a lower rate than what Kia offers? I would love to refinance but can’t find anyone that will offer me lower that 2.9% and I have an 800 credit score

Rates are headed down, so look for credit union specials below that 2.9%. I haven't found anyone below that 2.9%. The dealer can go below that for 48 mos to 1.9% with KMF - but that assumes that the dealer agrees to waive his markup.

______________________________

 

[mrmac]

Rates are headed down, so look for credit union specials below that 2.9%. I haven't found anyone below that 2.9%. The dealer can go below that for 48 mos to 1.9% with KMF - but that assumes that the dealer agrees to waive his markup.

Actually, auto loans rates are not headed down below 2.9%.