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Regular Contributor
pozativelyliving
Posts: 237
Registered: ‎07-13-2012
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Should I try to refinance or just suck it up?

2009 Chevy Cobalt LT

 

Trade in, very good condition - $9209.

 

Private party sale, very good condition - $11014.

 

These numbers are from Kelly Blue Book.

 

I currently own $11909. with a rate of 17.1%. 6 year loan, 5 years left. 

 

Retail in excellence condition is listed as $12,849. so I'm figuring close to $12k for very good condition (didn't think it was worth that much when I started typing this).

 

I believe a lot of banks want to see 10-20% down. I don't have much equitity in it and don't have extra cash to put down. 

 

Wondering if I should take the inquiry hit and try a few places or just keep with the high rate as a cost of my credit speed bump in life.

EX 638 (Lender 9/1) TA 650(Walmart 9/1) EQ 655 (FICO - 9/17)
Goal - 700 Club in '13!!!

My Wallet - Cap 1 - $300. Cap 1 - $750. Orchard - $950.
New as of 8/29 - Target - $3000. Barclay's - $2000. Merrick - $1000. Walmart $600. And as of 9/22 - JCP $200.
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pizzadude
Posts: 9,674
Registered: ‎01-28-2010
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Re: Should I try to refinance or just suck it up?


pozativelyliving wrote:

2009 Chevy Cobalt LT

 

Trade in, very good condition - $9209.

 

Private party sale, very good condition - $11014.

 

These numbers are from Kelly Blue Book.

 

I currently own $11909. with a rate of 17.1%. 6 year loan, 5 years left. 

 

Retail in excellence condition is listed as $12,849. so I'm figuring close to $12k for very good condition (didn't think it was worth that much when I started typing this).

 

I believe a lot of banks want to see 10-20% down. I don't have much equitity in it and don't have extra cash to put down. 

 

Wondering if I should take the inquiry hit and try a few places or just keep with the high rate as a cost of my credit speed bump in life.


I would absolutely recommend that you refinance.   You generally don't have to put any cash down when you refi, assuming that the bank's valuation of the car is greater than the loan balance.    Talk with some local banks & CUs to see what rates they are offering.

March2010 FICO® ~ 695 TU, 653 EQ, 697 EX
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FrugalRican
Posts: 2,876
Registered: ‎02-02-2012
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Re: Should I try to refinance or just suck it up?

If it saves you money, then yes. Why would you suck it up? It really doesn't make financial sense.

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EQ FICO (01/16/2012): 656 - EQ FICO (02/16/2012): 743 - EQ (02/24/2012): 760 - EX (04/28/2012): 739 - GOAL 2013: 800+

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Regular Contributor
pozativelyliving
Posts: 237
Registered: ‎07-13-2012
0

Re: Should I try to refinance or just suck it up?

I'm looking at it as it might not be something that would be likely to be approved. But, I guess as they say, if you don't ask, the answer is already no.

EX 638 (Lender 9/1) TA 650(Walmart 9/1) EQ 655 (FICO - 9/17)
Goal - 700 Club in '13!!!

My Wallet - Cap 1 - $300. Cap 1 - $750. Orchard - $950.
New as of 8/29 - Target - $3000. Barclay's - $2000. Merrick - $1000. Walmart $600. And as of 9/22 - JCP $200.
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pizzadude
Posts: 9,674
Registered: ‎01-28-2010
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Re: Should I try to refinance or just suck it up?


pozativelyliving wrote:

I'm looking at it as it might not be something that would be likely to be approved. But, I guess as they say, if you don't ask, the answer is already no.


Do you have good payment history on your current and previous auto loans ?   If so, and assuming that your scores listed are FICO scores then I don't think that you would have trouble getting a better rate.

March2010 FICO® ~ 695 TU, 653 EQ, 697 EX
Frequent Contributor
AZHeather
Posts: 304
Registered: ‎04-26-2012
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Re: Should I try to refinance or just suck it up?

I would say definitely, unless: you have had a bad payment history over the past year; have had other collections or negative things show up on your credit since your initial financing; you are currently behind on your payments; or you have maxed out your credit in the past year.


Starting Score: 634 EQ-FICO (4/20/12) 579 EX-FAKO (4/30/12) 629 TU-FICO (5/6/12)
Current Score: 698 EQ-FICO (11/26/12) 705 EX-(11/21/12) 698 TU-FICO (11/26/12)
Goal Score: 720 (for starters)


Take the FICO Fitness Challenge ~ In the garden until June 2013!
Regular Contributor
pozativelyliving
Posts: 237
Registered: ‎07-13-2012
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Re: Should I try to refinance or just suck it up?

The EQ score is from here as of this week. Other two are from the credit reports so it looks like all are close.  No late payments at all over the last year. Actually, I haven't had anything late since my bankruptcy the beginning of 2010. Had a number of $25-$50k auto loans paid before that. 

EX 638 (Lender 9/1) TA 650(Walmart 9/1) EQ 655 (FICO - 9/17)
Goal - 700 Club in '13!!!

My Wallet - Cap 1 - $300. Cap 1 - $750. Orchard - $950.
New as of 8/29 - Target - $3000. Barclay's - $2000. Merrick - $1000. Walmart $600. And as of 9/22 - JCP $200.
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pizzadude
Posts: 9,674
Registered: ‎01-28-2010
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Re: Should I try to refinance or just suck it up?


pozativelyliving wrote:

The EQ score is from here as of this week. Other two are from the credit reports so it looks like all are close.  No late payments at all over the last year. Actually, I haven't had anything late since my bankruptcy the beginning of 2010. Had a number of $25-$50k auto loans paid before that. 


Just be aware that the scores you pulled from EX and TU websites are not FICO scores, they are FAKO scores, and unfortunately you can't correlate them.

March2010 FICO® ~ 695 TU, 653 EQ, 697 EX
Super Contributor
marty56
Posts: 5,672
Registered: ‎10-06-2007
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Re: Should I try to refinance or just suck it up?

I like the CU refi option, some CUs will lower your interest rate based on your past dealings with them so it could help you down the road and save money too.

09/12/2013 FICO: EQ: 772 EX:813 TU:752
Regular Contributor
pozativelyliving
Posts: 237
Registered: ‎07-13-2012
0

Re: Should I try to refinance or just suck it up?

Problem with that is the CU that I'm a member of ate a $500k mortgage when they foreclosed on my house so I think they're still a little update about that.  I might give them a try anyway.    Trying at multiple locations a 30 day period only could as 1 inquiry right?

EX 638 (Lender 9/1) TA 650(Walmart 9/1) EQ 655 (FICO - 9/17)
Goal - 700 Club in '13!!!

My Wallet - Cap 1 - $300. Cap 1 - $750. Orchard - $950.
New as of 8/29 - Target - $3000. Barclay's - $2000. Merrick - $1000. Walmart $600. And as of 9/22 - JCP $200.

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