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mistaritalian
Posts: 68
Registered: ‎01-13-2008

Should I Refinance?

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‎05-17-2011 01:57 PM

I have had my auto loan since December 2008. It was originally for $17,000 at a 12.15% interest rate, because it was shortly after I turned 18 and had no credit history. My current balance is $5800 and hope to have it paid off by the end of this year, even though the maturity date isn't until December 2013. I can get refinanced through my credit union at either 1.99% or 2.99%. Would it be worth it to do so, and have another new, young account on my credit? Or should I just suck it up and finish paying it off? Thanks in advance!

[ EQ 2/3/11: 603, 3/20/11: 628, 4/16/11: 682, 5/1/11: 693, 5/12/11: 700 | TU 4/16/11: 642, 5/12/11: 750 | Goal: 750 ]

CREDIT REPAIR GOALS
2 Invalid AT&T Inquiries Deleted | 1 Invalid Credit Union Inquiry Deleted | Best Buy Inquiry Falls Off 4/3/11 | Credit Union Inquiry Falls Off 5/29/11
PFD Verizon Wireless | PFD BMG Collection | GW C1 for 2 Late Payments | Amex Credit Limit Increase (Increased from 2,000 to 5,900) | C1 Credit Limit Increase | BoA Credit Limit Increase (Wait until Oct '11)
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usmc58555
Posts: 1,673
Registered: ‎02-18-2009

nceRe: Should I Refinance?

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‎05-18-2011 04:41 PM

refinance

Signature line begins:
Credit is not a right, but a business transaction, one that takes into account risk, and charges accordingly based on that risk.
Your credit score is an aspect of your credit profile. Important? yes but just an aspect. Contributing/supplemental information determines the finer point of the deal. Ask any question, respect me not to get mad if the answer is not the affirmation you are looking for,
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