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Just refinanced my car loan

New Member

Just refinanced my car loan

I got into pretty serious credit card trouble in 2009-2010.  I ended up with way too much debt and when I had my son, I couldn't afford to keep paying on my credit cards.  I could barely swing the minimums and I was getting depressed seeing the statements saying "If you keep paying the minimum payment, you will pay this off in 26 years."  I got serious about taking control of my finances and got on a debt management program at the end of 2011.  Since then, I have been paying down all I can on my debt.  I bought a new car in Feb 2012.  When the dealership pulled my credit score, it was 601.  I negotiated a 9.1% interest rate.  Now, about 13 months later, I decided it was time to refinance the car loan.  I have been paying more than the minimum on my car loan and my credit cards and I have been paying on time every month.  I applied for a refinance through a local credit union and when they pulled my credit score it was a 718!!  I have been approved for my refinanced car loan with a 3.4% interest rate.  I'm going to continue making the same payments I have been making and I will be able to pay off my car about 1.5 years early.  I'm so glad I found these forums and got serious about fixing my credit!  And I'm so excited that I am saving so much money in interest on my car.


Starting Score: 577
Current Score: 667
Goal Score: 750


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Message 1 of 5
4 REPLIES
New Contributor

Re: Just refinanced my car loan

Cool, but with that score you can do betther than that rate. DCU will do 1.9% with those scores for sure.
Message 2 of 5
Regular Contributor

Re: Just refinanced my car loan

Congrats on the rate as well as the progress!

Message 3 of 5
Valued Contributor

Re: Just refinanced my car loan

Nice job so far with your debt/scores. Congrats on the refinance. Smiley Happy

Starting Score: EQ 717 EX 724 TU 736
Current Score: EQ 832 EX 783 TU 816
App free since 9/15/15
Message 4 of 5
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Regular Contributor

Re: Just refinanced my car loan


rebuildernewbie wrote:

I got into pretty serious credit card trouble in 2009-2010.  I ended up with way too much debt and when I had my son, I couldn't afford to keep paying on my credit cards.  I could barely swing the minimums and I was getting depressed seeing the statements saying "If you keep paying the minimum payment, you will pay this off in 26 years."  I got serious about taking control of my finances and got on a debt management program at the end of 2011.  Since then, I have been paying down all I can on my debt.  I bought a new car in Feb 2012.  When the dealership pulled my credit score, it was 601.  I negotiated a 9.1% interest rate.  Now, about 13 months later, I decided it was time to refinance the car loan.  I have been paying more than the minimum on my car loan and my credit cards and I have been paying on time every month.  I applied for a refinance through a local credit union and when they pulled my credit score it was a 718!!  I have been approved for my refinanced car loan with a 3.4% interest rate.  I'm going to continue making the same payments I have been making and I will be able to pay off my car about 1.5 years early.  I'm so glad I found these forums and got serious about fixing my credit!  And I'm so excited that I am saving so much money in interest on my car.


Congratz!!!! Also good job on the first loan you received, 9.1% is pretty darn good for a 601, but 3.4 suits you much better Cat Wink

Age: 22 //Cards: Chase Freedom, Chase Amazon Visa, Discover IT, CreditOne, CapOne Quicksilver, CapOne Cash, Walmart, Barclaycard, Citibank BestBuy, NavyFederal Visa Signature cashRewards //AAoA: 1 Year 3 Months (but going down quickly Smiley Tongue) //CK:692, Sesame:656
Message 5 of 5