Financing an auto after paying cash

[dragoncar]

It's finally time to update the fleet and we might have found the right car.  We didn't run any applications, but the dealer said he's seeing around 5% rates for people with good credit.  Thinking of paying cash with a margin loan and then... is it possible to (re)finance after taking delivery?  Like if rates come down or we find a good rate at a local credit union?  What rate would I get?  I know you can generally refinance an existing loan, and the rate will be slightly higher.  I know you can finance a used car purchase for a slightly higher rate.  But what if you already own the car outright?  It's like a cash out refinance?  Is it possible?

Why do I do this you ask?  Just trying to avoid complicating the transaction mostly.

Anyone recently get a car loan and want to share their rate?

Anyone have an opinion on the direction of the new and used car markets?  We are not in an urgent situation, but been deferring for a few years and that turned out to be a mistake (my opinion is that mid-2020 was the best time to buy a car)

[Tempname23]

What is the rate on your margin loan?
  IBKR has margin loans at 3.33% at least for now.
I get a 6 month teaser rate at 0.99% on a HELOC a year ago.
 Just some options.

[Dave1442397]

You can refinance with PenFed. I've used them for car loans in the past, but currently have a 1.9% loan from Toyota (72 months).

[RWD]

I've used my local credit union for refinancing/financing two of our used cars. I assume you would also be able to get financing for a car you own outright, but there might be some additional steps to establish the maximum value they would lend. A quick Google search indicates that this would be called an Auto Equity Loan.

[dragoncar]

Thanks for the info, now I have better terminology to search

Yes I use IBKR the rate isn’t amazing but it’s ok (for now I know it’s variable).  But I can do a more relaxed search for financing.  Maybe it’s easier to get financing first but seems less flexible

[Dicey]

Years ago I got competitive with my brother. I had a higher NW, but he had a higher credit score. Seems it was due to lack of installment payments. I took my pink slip to Patelco, a local Credit Union, and got a very cheap loan. I kept it about 8-10 months. My credit score didn't improve that much. I stopped caring about my credit score and paid off the loan. The process is easy as long as you know where your Pnk Slip is.

[dragoncar]

So I did find out my credit union will do what they call a “title loan” for 18%.  No thanks

New car loan is 3%