Please some assist

[Anonymous]

I purchased a 2008 dodge nitro back in dec 2008....I had a cosigner, I believe the reason was because of me working through a temp company....Anyways, I got a really high interest rate like 19.99%, for 72 months....I have never been late on anything including this car payment...Since purchasing this car, Ive purchased a home, added an amex, and 2 store cards....At the time when car dealer pulled my credit I had 3 unpaid med bills only on my TU...I now have only 1 paid/settled med bill(which ive tried hippa process several times with) on TU....I will be starting a new full time job in Aug which pays more, but is still through temp company...

My question is,,,,,do you think I can refinance to lower the amount of interset Im paying and the amount of years I have on lease....I would like for it to be 4years or under with payments no more than what im paying now 316, balance left on car is 12,847....I would consider putting down 500-1000 dollars if needed...And how soon should I do this? Should I wait until the 1 year mark?

Current equi is 654, because of new home posting and 2 new accounts

Message Edited by shay2009 on 07-24-2009 04:31 PM

[Anonymous]

ok, to claify, is this a LEASE or a PURCHASE. if it is a purchase, i would consider a refinance, i purchased a car with a 18% interest rate and the payment was $555.00. and when i refinanced it down to 8%, my new payment is 444.00, so im saving over 100 bucks a month,my fico was 630 when i got the car, and 702 when i refinanced it, so its a good deal but when you shorten the term, if definately raises the payment though. Depending on who you are financing it with, you may have to use a different bank to do the REFINANCE because not all banks refinance their OWN loans....good luck.