Can I refinance later

[Anonymous]

I have researched cars and just found a tremendous deal on a certified vehicle.  because it's pre-owned, this deal may not come around again.  I anticipate a high interest rate (569 Fico applying to infiniti).  I've been told that I'm approved for the a loan (no rate yet).  My wife has also found a car at the dealer, pushing this into a potentially good deal (car prices negotiated before credit revealed).

I can use a co-signer, but wanted to know if refinancing in the future is doable.  I'm awaiting a large payment and will be paying down about 85% of revolving credit (major item hampering my credit).  When credit improves I would try the refinance.  Help!

[MarineVietVet]

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@Anonymous wrote:

I have researched cars and just found a tremendous deal on a certified vehicle.  because it's pre-owned, this deal may not come around again.  I anticipate a high interest rate (569 Fico applying to infiniti).  I've been told that I'm approved for the a loan (no rate yet).  My wife has also found a car at the dealer, pushing this into a potentially good deal (car prices negotiated before credit revealed).

I can use a co-signer, but wanted to know if refinancing in the future is doable.  I'm awaiting a large payment and will be paying down about 85% of revolving credit (major item hampering my credit).  When credit improves I would try the refinance.  Help!

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This is just my opinion but I would wait. IMO good deals on cars happen quite often. Wait until you are in a better position financially. I've learned the hard way (more than once) not to make any purchases contingent upon what "might" occur in the future. Wait until you have the funds actually available and then pay down your CC debt. That will help your score and put you in a stronger position.

Even considering a co-signer says alot about where you stand. Wait until you can finance all of it on your own.

Just my 2 cents.

From a BK years ago to:
EX - 9/09 pulled by lender 802
EQ - 7/06-663, 3/10-800
TU - 8/10-772
You can do the same thing with hard work

[Anonymous]

I would second the suggestion on waiting. You're better off being prepared rather than "hoping" for something that "might" happen. Also, on refinancing you're best waiting about 12 months to refinance.

[Anonymous]

Thanks for suggestion. I should mention the financial gain is an inheritance and a done deal. Income is no issue. Don't know if that changes anything.

[MarineVietVet]

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@Anonymous wrote:
Thanks for suggestion. I should mention the financial gain is an inheritance and a done deal. Income is no issue. Don't know if that changes anything.

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You are in the best position to know all the facts. 

In the end it's your decision to make.

From a BK years ago to:
EX - 9/09 pulled by lender 802
EQ - 7/06-663, 3/10-800
TU - 8/10-772
You can do the same thing with hard work

[Creditaddict]

My credit union wouldn't give me my latest auto loan because I didn't have a current open auto loan, they said with 6-12 months of payment history on an auto they would be happy to refi.

and if you are really going to pay that much debt down you could be looking at a sizable increase to your fico, giving you more options to refi.

but with that said I would not purchase the car if your not willing to make those payments at that interest rate for the entire length of the loan, because like others have said you just can't count on being able to get a better loan later.  If your okay with the 18% they are probably looking at you for right now then I say go for it with hopes that later it will get better but no biggie if it doesn't

[Anonymous]

So here's the deal and more questions.  My cu didn't approve me, but the dealership approved me at 14% (can't fathom that rate).  Good news is that my funds have been released and about 85% (I might do more) or revolving credit will be paid down (will leave accounts open).  By the way, the debt is with the cu.  So, it would appear credit should improve, but three questions:

1.  Can I push the cu to report my payment so fico can change?

2.  Do you think cu will re-examine my application even before fico changes (since debt was with them)?

3.  How long does it take fico to change once cu reports the payment and how much of a jump should I expect?  Fico is 569 due to a few late payments (no lates in last 4 months - and no lates on mortgage), debt ratio, and maxed credit limit.  The last two items should be resolved by my payments.