You're excited about refinancing a car loan. It's true.
After officially starting my job last week and knowing that my first pay check is coming (i.e. I have income to report) I visited my credit union about refinancing my car loan.
It was almost two years ago that I purchased my car, Gwyneth. She's a lovely 2005 Honda Civic Hybrid with lower than average miles and way higher than average MPG. I love her except when i want to accelerate quickly or climb a steep pass. (She's a little lacking in the power department.)
At the time of purchase I was able to get my own loan because of a large down payment. I didn't have amazing credit, mostly because I hadn't done anything to build it. This meant my APR was way higher than I would have liked, but I thought having a loan in my own name would be better in the long term than cosigning.
So here's the good news from my recent visit:
1. The APR on my loan will basically be halved.
2. I am going to pay off my loan over a year sooner than originally planned.
3. My credit score has improve 100 points in less than two years.
It was incredibly encouraging I've done the right things over the past few years. I haven't overextended myself - especially considering the state of everything these days.
So that's how I know I'm an adult. I'm so freaking excited about this!