Just finished the rebuilding process. I took a car loan out with Chase back in 2009. My scores at that time were pretty low. The loan is at a 18% rate and the maturity date is in August 2014. At this time, I have about $8k left on the principle.
Of course I would like to refinance to get my payments down. Ideally I would like to call up Chase and refinance keeping my original account date to keep up my AAoA. Is this possible, or will it show up like a new loan? If it shows up as a new loan, I will probably just go with my local bank as they gave me a 5.25% rate on my other car with lower scores than my current ones back in October.
In most cases I believe that a refi, even with the same lender, would result in a new TL on your CR.
That is what I was thinking. I will probably call Chase just to make sure, but never hurts to ask to be sure. I was planning on just paying this loan off a few months ago, but my wife and I have since found out we have our first child on the way, so I want to keep my savings with a healthy amount for upcoming unforeseeable expenses.
Yeah, since the payment terms ( 48, 60, months...etc ) , original loan balance and monthly payments report on the TL I'm pretty sure they will be opening a new TL when you refi. And congrats on the good news !! Your're smart to start saving now, diapers are crazy expensive...