Refi in my name only.

[Lasardo]

I have a car loan 6 yr, have 2 years left. I want to 1. Have it in my name only and 2. Get possibly a lower interest rate (6%) I have a score of 637 right now, I am in the rebuilding phase but I want to have a lower interest rate/payment unfortunatly this is the longest credit history I have. I do not necessarily want to pay it off early. Or do I? I only have 35k on a 2008. I have seen people getting better cars for less money now that the economy is in the state it is than it was in 2008. Would it be best to keep the car or sale it? Start a new loan? What would be the best ave? Any and all advice welcome ...really.

[Revelate]

You're currently at 6% APR on your auto loan?  At a 637 keep it and count your blessings unless you happen to be a member of NFCU or similarly aggresive and liberal lending insitution.  At a minimum your car is now 4 years old, and used car loan APR's are higher than new car ones, you can't compare the two unfortunately.

Since this sounds like a theoretical exercise and you don't actually need a new car, I absolutely wouldn't buy another... there certainly isn't a financial reason to do so, just keep making payments on your current loan for FICO goodness.

[cdtotten]

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@Revelate wrote:

You're currently at 6% APR on your auto loan?  At a 637 keep it and count your blessings unless you happen to be a member of NFCU or similarly aggresive and liberal lending insitution.  At a minimum your car is now 4 years old, and used car loan APR's are higher than new car ones, you can't compare the two unfortunately.

Since this sounds like a theoretical exercise and you don't actually need a new car, I absolutely wouldn't buy another... there certainly isn't a financial reason to do so, just keep making payments on your current loan for FICO goodness.

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+1, that's a tremendous rate for your lower score. I wouldn't touch it. You most likely will not do any better... likely much worse.

[Lasardo]

It is in both my BF and myself. I was hoping for an even better rate but it sounds like from your reaction..no..I wanted it in my name only.