Refinance with auto loan at 9.5% at Ally

dougie109 · ‎02-01-2014

Good Afternoon,

I need some help. I currently financed a 2009 ford fusion at 9.5% through ally bank for 60 months(oct 2013). So my payment is around 220. Which is actually perfect but its the term that bothers me and the total interest over the term. So it calculated to around 2700 in interest over the 60 months. I am wondering if I would be approved for a better rate somewhere else or if i just have to apply to find out.

The second deilemma is im a student but i have finacial support through my parents which enables me to pay for the car. Also, my girlfriend is a co-signer which helps to show that we have income becasue technically mine doesn't count as income. I dont mind keeping it at the same rate but I have decent scores and I feel that I would be approved for a better rate somewhere else.

My scores are all around 700-730 area. and I have around 5% utilization on my report which this month will become zero.

What is your advice?

Thanks.

DaylightSlaving · ‎02-01-2014

The income thing is going to make it sketchy. A large contributing factor in being approved for an auto loan is your avaiable income.

If you're feeling confident in the income area, I'd suggest only one thing: Go check out your local credit unions.

Last App: 12/25/2013
TU: 743 (Discover) Ex: 718 (CS) Goal: 760+ Across All
Gardening Until 6/25/14+

Creditaddict · ‎02-06-2014

I assume based on your sigi you saw a nice pump in score in jan for the car and everything and went on the app spree for all the great new cards you have?

otherwise if you had this score in Oct I can't believe you didn't get MUCH better rates then.

I too would be finding a local credit union that you qualify to join or can become a member of some non profit that the credit union likes and they give you membership that way... The income might be an issue but depending on who you are applying with they may not ask to verify because your scores are good but if your girlfriend is fine with co-signing then I guess keep it that way but with 700 scores I would want to be in the 2-5% on car loan.

Capital One refi would be good place to check out too.

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