Advice about refinance/payoff etc...

kbl7td · ‎08-04-2014

Long story short this place has been one of the greatest forums I've stumbled upon for credit adivce.

Purchased a car in Aug of 14'.....2013 Kia Optima, loan servicer is TD auto finance. I got a 3.99% rate, payments are $441 a month, I have $24.3k left on the car. I have $4500 in cash I'd like to throw down on the loan and then apply to DCU for a $20k loan.

My current Barclay card FICO is reading 661, Walmart FICO reading 674. I'm sure these will go up in a few weeks as soon as my balances update which are near zero for all my cards. I make around $2800-3000 a month after tax.

Questions are, should I put down this money on the car? Should I then apply for DCU? I'd like to be down in the 1.5-2% range for APR and decrease my payments and total interest paid.

I'm also a Registered Nurse if that helps for getting loans with better rates anywhere...

ExplicitElicit · ‎08-04-2014

DCU would be a great place to start. How does the rest of your credit profile look? Applying that money towards the principle would sure help Loan To Value and help secure a lower interest rate as long your credit is clean.

If you don't mind the few extra dings on your credit I would also consider rate shopping if DCU does not get the rate you are hoping for.