Should I / Can I Refinance?

[FicoGuy2019]

I purchased a vehicle for 24k with an 23% rate in the last 30 days.  My score was around 600 at the time.  My scores have shot up 40+ points.  Should I or can I refi with this score for a better rate?  Any suggestions on who I should try to go with?  A Local CU?  Lending Tree search? .....?

Thanks!

[Anonymous]

24K at 23%?

Yeah I would refi asap, but youneed to do it fast and well thought out.

You are currently paying almost 2% a MONTH in interest., you need to try to refi fast before you get too buried in negative equity.

I would try your credit union, or whatever bank you deal with.

ALso: depending on who financed you for 23%, there is a high chance you will have a pre payment penalty.

[FicoGuy2019]

Americredit and my first payment is due this month.  I just got a payoff an hour ago and it is $24,700. 

KBB is about 32k.

Could I qualify for a refi with my score?  I have a local cu and wells fargo.   I just don't want to have a lot of inq's bnut I want to know who will give me the best rate with my score so i am going to have to let a few people run my credit.

What ball park rate do you think I could possibly get with my scores?

Thanks a lot!!

[FicoGuy2019]

This is from my local CU.

LOAN TYPE REPAYMENT
PERIOD ANNUAL PERCENTAGE RATE CONDITIONS

New Auto 2010-2012	72 months	4.25%	As low as 0% down min. loan amount $20,000 min. 680 beacon
60 months	3.75%	As low as 0% down
Used Auto 2008-2012	72 months	4.25%	As low as 0% down min. loan amount $20,000 min. 680 beacon
60 months	3.75%	As low as 0% down
Used Auto 2004-2007	48 months	4.75%	As low as 0% down
Auto Refinance 2008-2012	72 months	4.25%	As low as 0% down; min. loan amount $20,000 min. 680 beacon
60 months	3.75%	As low as 0% down
Auto Refinance 2004-2007	48 months	4.75%	As low as 0% down

[Anonymous]

Nationwide was kind to me with a 3.95% for a 2006 Chev equinox for 48 months.

[FicoGuy2019]

What score did you have at the time ?

[Anonymous]

I'm in the process of closing it right now with a TU score of 709

[FicoGuy2019]

Ok, so I was approved at my local CU today at 7.5% which is a heck of a good deal to me.  The only thing is I have to show proof a bad apple on my credit which is about $1k from years ago is paid.   Should I just go ahead and pay them today and get a receipt faxed to me.  The cu wants me to come in tomorrow with my title and the proof this is paid and then I am all set..  

23% vs 7.5% and $1k out of pocket now to the CA.

what to do, what to do........................................

[ForceMd]

Wow, nice job getting rid of that 23% loan. As for the $1K, you should just go ahead and pay that off. Make sure you get a confirmation number, as well as info about the person taking your payment (employee number/extension/name) just in case they are tardy with faxing the receipt. It would be a plus if you could negotiate a PFD, but I wouldn't push the issue. IMHO, the money that you will save going to the new loan far outweigh the few points that you will gain by dropping that from your report, but it couldn't  hurt to try.

[FicoGuy2019]

Thanks.  They have not updated the account since 11/2010.  They were marking it as 30 day or 60 day late every month.  From what I have read, when I pay it off, they will change it to paid charge off or something like that and won't that make my score really drop???

Yes, I am thinking definitely worth it now to put out 1k and then reap the rewards in the end.  Also, this will set me up for future loans etc from my cu.