I was approved for a 72-month auto loan with simple interest at 9.9%…?

This is my first time financing a car and I seen a car at Carmax…the agent ran my credit report with Capital One, Wells Fargo, and Santander. The above loan quoted is with Santander. The car is a 2010 at $ 12,000. I plan to pay more than the monthly payment. I have a full-time job making $ 32,000 a year.

Is this a good idea or a bad idea? I have no mortgage and I rent an apartment. I haven’t committed yet. I plan on having it paid off in 2-3 years and would like to refinance after the first year for a shorter term and lower interest rate. Like I said, this is my first time finacing a car and I would appreciate some sage advice. My equifax is 658 and my transunioin is 687, I don’t know what experian is. Also, is it possible to refinance after a year of timely payments even though this is a 72 month loan?

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