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Refinance questions

Regular Contributor

Refinance questions

I am currently looking into refinancing my auto loan in the next few months. My interest rate is currently 11% and I owe about 17000. My fico scores are low 700's for ex and tu and 665 for eq. Any ideas of where to look and what rate I can expect?


Starting Score: EQ 564, TU 560
Current Score: EQ 724, TU 770, EX 789
Goal Score: 740


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Message 1 of 6
5 REPLIES
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Moderator

Re: Refinance questions

My son in law just refinanced his auto loan with BOA for less than 2% with similar scores two days ago.

 

Congratulations on increasing your score so much. Refi as quick as you can.

Message 2 of 6
Super Contributor

Re: Refinance questions

I agree that you should be able to get a much better rate than 11% ~ I'd start with a local CU or bank and ask for info on their current refi rates.
March2010 FICO® ~ 695 TU, 653 EQ, 697 EX
Message 3 of 6
Regular Contributor

Re: Refinance questions

How do they use the score, is it like a mortgage where they use the middle score, or do they use just one score depending on who they pull?


Starting Score: EQ 564, TU 560
Current Score: EQ 724, TU 770, EX 789
Goal Score: 740


Take the FICO Fitness Challenge
Message 4 of 6
Super Contributor

Re: Refinance questions

Just ask the lender what CRAs they use. Many banks or CUs will just pull one score, but it will vary.
March2010 FICO® ~ 695 TU, 653 EQ, 697 EX
Message 5 of 6
Valued Contributor

Re: Refinance questions

It depends with auto financing as most likely it won't be scored like a mortgage. When I was approved through Acura Financial for a lease in Nov, they only used my TU fico. But all lenders are different.
Cards: Orchard Bank ($1100) | Cap1 Cash Rewards ($2500) | Chase Freedom ($1000) | Best Buy ($2500) | Discover It ($1000) | Barclay Rewards ($2500) | Current scores: EX FAKO: 684, CK TU: 649, FICO EQ: 680, FICO TU: 698, FICO EX: 658 Happy Homeowner Since 2/6/13! Smiley Happy Last App: 4/5/13 Gardening until July 2014
Message 6 of 6