topic Re: Should I Refinance? in Auto Loans

Should I Refinance?

Bleety17 — Wed, 23 Jan 2013 21:18:29 GMT

I got an Autoloan last year through Cap1Auto. My credit score was 547 and my Interest rate is 16.9

I am just starting to fix my credit. I have always made my car payments on time. Never late.

As soon as i get my tax return I am paying off most of my old debt.

How long should I wait before trying to refinance? Should I wait untill my score gets in the 600's?

(72 month loan)

Re: Should I Refinance?

pizzadude — Thu, 24 Jan 2013 02:48:55 GMT

Bleety17 wrote:
I got an Autoloan last year through Cap1Auto. My credit score was 547 and my Interest rate is 16.9
I am just starting to fix my credit. I have always made my car payments on time. Never late.

As soon as i get my tax return I am paying off most of my old debt.

How long should I wait before trying to refinance? Should I wait untill my score gets in the 600's?

(72 month loan)

I'd start shopping now for a new auto loan - It's going to be really hard to pay down a 6 year loan @ 17%. Talk with some local CUs or banks and ask about their rates, maybe you can do better now rather than waiting.

Re: Should I Refinance?

Bleety17 — Sat, 26 Jan 2013 01:13:45 GMT

Talked to a few CU's and looks like ill be waiting untill i get my score above 600.