I feel like we were taken :(

[FrugalRican]

---

@Watchmann wrote:

Times change.  Interest rates and FICO scores do not move in lockstep over time.  Sometimes a lower FICO score may get you a lower rate if the market says so.  Quit worrying about what happened last year, if you can refinance now and lower your payment do it and don't look back.  And always shop around for the best rates at any particular time.

---

+1

Just be glad you can refinance to something lower.

I would be more worried if you were given 13% last year and this year your option to refinance was 20%.

[Anonymous]

---

@FrugalRican wrote:

---

@Watchmann wrote:

Times change.  Interest rates and FICO scores do not move in lockstep over time.  Sometimes a lower FICO score may get you a lower rate if the market says so.  Quit worrying about what happened last year, if you can refinance now and lower your payment do it and don't look back.  And always shop around for the best rates at any particular time.

---

+1

Just be glad you can refinance to something lower.

I would be more worried if you were given 13% last year and this year your option to refinance was 20%.

---

+1

[StartingOver10]

Are you talking about refinancing with the current auto lender?

Or are you talking about going to another third party lender to refi like your bank or CU?

I mention this because if you are looking to refi with your current "auto lender" they are the worst resource to go to for a refi. It doesn't matter who they are - its just that they won't give you the best deal because they already have you on a note with a high rate. So rather than giving you what you could get elsewhere, they will give you a rate that is lower than your current but higher than you can get anywhere else because they think they "have you" already. Don't get taken advantage of by the auto finance people - shop your refi.It is a real red flag that the lender wouldn't show you your auto enhanced score or the score they were pulling. Seek your refi elsewhere.

Pull out your current note and review it for terms. Check it against an amortization schedule to see where you are in the loan and check your LTV too.

You are a better (lower) risk now because you own a home so that makes you less risky in the eyes of a lender.

[Booner72]

Hey Veggs.  How did your credit scores go down from 640's to 596?  i'm confused.....

We also bought a truck in 2010 at 24.99% !!!!!!!!!  So shameful, so I totally get being pissed about it still. 

We luckily ref'id that sucker as soon as we closed on the house, and got 6% at the credit union.  You don't know how happy we were.  Went from a 400 a month payment to 220.

Check w/ your bank or CU!

Then I was able to buy myself  a new/used car - bc the payment was cut in half.  I was driving a 1994 Nissan Pathfinder with 186k ish miles.  We are paying 100 more a month now with the 2 cars.  That includes the insurance going up as instead of liability only on the Pathfinder, I have full coverage on the new Subaru Forester. 

[Anonymous]

---

@StartingOver10 wrote:

Are you talking about refinancing with the current auto lender?

Or are you talking about going to another third party lender to refi like your bank or CU?

I mention this because if you are looking to refi with your current "auto lender" they are the worst resource to go to for a refi. It doesn't matter who they are - its just that they won't give you the best deal because they already have you on a note with a high rate. So rather than giving you what you could get elsewhere, they will give you a rate that is lower than your current but higher than you can get anywhere else because they think they "have you" already. Don't get taken advantage of by the auto finance people - shop your refi.It is a real red flag that the lender wouldn't show you your auto enhanced score or the score they were pulling. Seek your refi elsewhere.

Pull out your current note and review it for terms. Check it against an amortization schedule to see where you are in the loan and check your LTV too.

You are a better (lower) risk now because you own a home so that makes you less risky in the eyes of a lender.

---

No this is with a new lender, actually the one we had before our current one.  We have had a hard time because the car is a 2006 and has 88,000 miles on it so most banks won't help.  We wanted to try Chase but they will only go as far back as a 2007 vehicle.  

[Anonymous]

---

@Booner72 wrote:

Hey Veggs.  How did your credit scores go down from 640's to 596?  i'm confused.....

We also bought a truck in 2010 at 24.99% !!!!!!!!!  So shameful, so I totally get being pissed about it still. 

We luckily ref'id that sucker as soon as we closed on the house, and got 6% at the credit union.  You don't know how happy we were.  Went from a 400 a month payment to 220.

Check w/ your bank or CU!

Then I was able to buy myself  a new/used car - bc the payment was cut in half.  I was driving a 1994 Nissan Pathfinder with 186k ish miles.  We are paying 100 more a month now with the 2 cars.  That includes the insurance going up as instead of liability only on the Pathfinder, I have full coverage on the new Subaru Forester. 

---

We were told that the auto score is different then the score the bank used for our mortgage so I guess that is why.  Like someone mentioned I guess I should be happy that they offered a 13% interest rate vs the 20% we had so I must be doing something right.  

We could get two car payments for the price we were paying for the one!!!!!