Need to refinance help!

Anonymous · ‎02-11-2010

Ok I bought dodge nitro in Dec 2008.. Ive had it for a year now, and want to attempt to refinance.. My question is how likely will this be ? Who would you suggest?...

My payment is like 316 on a 72 month loan... The interest rate is really high around 19-20%...

I could only get car with a co signer..Co signer had a Bankruptcy back from 2003... I purchased a home this last May 2009($730 month).. And I currently have a furniture card that was at the max $6300 but has been paid down to $2900 and a credit card thats at $1500 on a 2900 limit..My score is 651 as of today on Myfico....I make about $1920 a month...My fiance makes about 60k a year with $1000 a month going to alimony, 300 a month towards car, and he has been the one paying the mortage every month since we moved in....

Can I use his income, since he the co signer on the truck now? Do we have to report the alimony he has to pay? Should I just refinance with only me? I plan on calling around, and maybe meeting someone tomorrow since i have the day off...Any suggestions /help would be helpful... I wasnt really planning on putting this down also...

Anonymous · ‎02-11-2010

Before even attempting to refinance, I would bite the bullet on the high interest rate on your car and get your credit cleaned up over the next 3 or 4 months. That would include getting your credit cards down to under 10% utilization.

I would then approach someone to get it refinanced... that 20% is easily money being thrown out the window. Did you by chance look into a not-so-new car until getting some of this cleaned up prior to your purchase last year?

Anonymous · ‎02-12-2010

Just as a great Update/Conclusion.... I didnt get a chance to review this website before going out to attempt to refinance..

Well I went into a local CU....... I brought in my title, 1 check stub, my finance has a checking account at this cu..We where able to go from a 19.700 int rate on 5 years left on a 6 year loan(316 a month to ..................... 3 year 7.4% $377.........I am so happy....I didnt mind the payment just wanted to drop how long I had to pay on it at a decent rate....

Jazzzy · ‎02-13-2010

@Anonymous wrote:
Just as a great Update/Conclusion.... I didnt get a chance to review this website before going out to attempt to refinance..

Well I went into a local CU....... I brought in my title, 1 check stub, my finance has a checking account at this cu..We where able to go from a 19.700 int rate on 5 years left on a 6 year loan(316 a month to ..................... 3 year 7.4% $377.........I am so happy....I didnt mind the payment just wanted to drop how long I had to pay on it at a decent rate....

This is why most people in these forums speak so highly about credit unions. By cutting the time you have to make payments in half, it should help prevent getting upside down on your car. With high interest rates, it's easy to have the value of the car fall far below the amount still owed on it.

Good piece of work!