Im considering refinancing my auto loan to get a better interest rate. Because of my lower credit scores i have a high interest rate. I have a few questions though. In april i will have had my loan a year. I have had NO late payments. Ive always paid on time, most times 3 days before due date. And i try to pay 50 extra dollars on each payment that i can. My car currently has a 2 year or 24 thousand mile warranty on it. If i refinance with a different company will i loose my warranty? Also what are some good auto finance companys to get a good loan through? I want my interest rate to drop from 19 percent to atleast a 5 if i can. My credit score is alot better than when i first got it. Im hoping to do this in april after i have had the loan a whole year. Then my credit will hopefully be alot better than it is now because im paying off some of my credit report debts.
No you won't lose the warranty, You bought it, it's yours, however most lenders will only do a refi for 90-95% of your vehicles current NADA value, That could cause a problem if you financed the warranty with the vehicle,causing you to be over the LTV.
I agree with your last statement there about paying off debt first, I'm not sure what type of debt you're refering to, but paying off either CC's or installment loans will definately boost your scores pretty quick.
As for who to refi with? 5% is a good rate, Again, Without knowing your scores, Try local credit unions, Capital One's Online Auto loans (although their rates tend to be higher with lower scores), Bank America has an online auto loan app,