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mjr25
Posts: 1
Registered: ‎10-17-2012

Should I try to refinance 13.25 percent apr on 60 month used car loan?

I bought a car in July 2011 and my credit was not too great....they set apr at 13.24 percent.

 

Since then, I have fixed everything financially and everyone has been getting paid nice and happy for last 7-8 months.

 

I have about 45 payments left on car (out of 60 month loan). Who would I go to in order to get this potential process started? I don't want a ton of hard inquiries that will lower my scores/

 

as for my scores...when i bought car...i was 459 exquifax....575 transuniob....and 626 on experian.

 

now....this month....i am 565 on equifax....650 transunion....and 630 experian.

 

Do I have any hope of being able to refinance with these numbers? I make 200k year if that would help.

New Member
mudbone2005
Posts: 2
Registered: ‎10-16-2012

Re: Should I try to refinance 13.25 percent apr on 60 month used car loan?

I would try capitol one for the refinance, they should give you a way better rate then with the scores that you have.  when I refinance with them my score around 640 and I got 4.74%

Mega Contributor
Creditaddict
Posts: 18,807
Registered: ‎10-23-2007

Re: Should I try to refinance 13.25 percent apr on 60 month used car loan?


mjr25 wrote:

I bought a car in July 2011 and my credit was not too great....they set apr at 13.24 percent.

 

Since then, I have fixed everything financially and everyone has been getting paid nice and happy for last 7-8 months.

 

I have about 45 payments left on car (out of 60 month loan). Who would I go to in order to get this potential process started? I don't want a ton of hard inquiries that will lower my scores/

 

as for my scores...when i bought car...i was 459 exquifax....575 transuniob....and 626 on experian.

 

now....this month....i am 565 on equifax....650 transunion....and 630 experian.

 

Do I have any hope of being able to refinance with these numbers? I make 200k year if that would help.


Who is car currently financed with?

What was original loan amount? what is 14 day payoff now?

You would be looking to refinance into 36 or possibly 48 months right? (I would HIGHLY suggest doing 36 months) because truley if you get rate down a good chunk the payment increase to shorten loan wouldn't be much different then higher interest payment... but for sure do not go to 60.

A lot of Car INQ will NOT lower your score, just make sure to do them all within the time window they are counted as 1 pull towards credit score beacuse being auto or mortgage.

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