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Should I Refinance?

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Regular Contributor

Should I Refinance?

I got an Autoloan last year through Cap1Auto. My credit score was 547 and my Interest rate is 16.9

I am just starting to fix my credit. I have always made my car payments on time. Never late.

 

As soon as i get my tax return I am paying off most of my old debt.

 

How long should I wait before trying to refinance? Should I wait untill my score gets in the 600's?

 

(72 month loan)

USAA Mastercard-$2000 USAA Visa-$2000 USAA SC-$600 NFCU-$12500 Walmart-$3500 BestBuy $1000 Navcheck 3000



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2 REPLIES
Super Contributor

Re: Should I Refinance?


Bleety17 wrote:

I got an Autoloan last year through Cap1Auto. My credit score was 547 and my Interest rate is 16.9

I am just starting to fix my credit. I have always made my car payments on time. Never late.

 

As soon as i get my tax return I am paying off most of my old debt.

 

How long should I wait before trying to refinance? Should I wait untill my score gets in the 600's?

 

(72 month loan)


I'd start shopping now for a new auto loan - It's going to be really hard to pay down a 6 year loan @ 17%.    Talk with some local CUs or banks and ask about their rates, maybe you can do better now rather than waiting.

 

March2010 FICO® ~ 695 TU, 653 EQ, 697 EX
Message 2 of 3
Regular Contributor

Re: Should I Refinance?

Talked to a few CU's and looks like ill be waiting untill i get my score above 600.

USAA Mastercard-$2000 USAA Visa-$2000 USAA SC-$600 NFCU-$12500 Walmart-$3500 BestBuy $1000 Navcheck 3000



Message 3 of 3