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Established Member
Posts: 18
Registered: ‎01-31-2013
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Refinance help?

Hello all, 


Thanks in advance from a newbie.


A little background.....

I currently have a loan for a 2010 dodge charger with an insane 19.5% interest rate.  

I purchased the vehicle just 7-8 months ago, all payments on time or early, but have not had any auto history before this.  

My fico at time of purchase was in the 530s, now in the 620s.  

Only negatives on my report are 2 old student loans from 10 years ago I forgot I even had (under $3k total), 1 late (but paid off) credit card, and LOTS of inquiries.

Only positives are on time auto loan, and an always on time, but secured Cap1 with a $200 limit.


I seemed to have made a mistake in trying to refinance through a website that then sent my information all over the place, leaving me with something like 18 inquiries (I did this when I first was looking for a car 8 months ago, and again to refinance.  I learned my lesson this time!)  I was, however, approved for a refi cutting the rate to 9% from "Logix credit union" but right after I signed the documents and sent in all the paperwork, I was notified they cancelled the refi for having a negative report on "chexsystems" which I came to find out was a closed BofA account involved in the overdraft class action suit.  


So I guess my question is, am I doomed to refinance?  Should I look to trade in at a dealer and hope to get a better rate?


Sorry for the long post!

Any help or suggestions greatly appreciated.  



Valued Contributor
Posts: 3,406
Registered: ‎12-19-2012
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Re: Refinance help?

I do want others to respond but IMO I think that you may have to wait for refinancing. Your score has improved quite a bit and I commend you for that but I don't think your score is at a point where you will get a much better rate. You may get a better rate then you have now, but it will probably be somewhere in the lower double digits. This applies also for trading in your vehicle as well but you will likely have negative equity rolled into the new loan that will wipe away any savings from the lower interest rate.
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