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Tricky Situation - REFI

Member

Tricky Situation - REFI

So. Here is my situation. Spit balling a bit here.

 

I have an auto loan. A terrible loan. I had a credit score of zero and was in desperate need of a new vehicle. So, I got a high risk auto loan. 24%! I've only made about 3 payments. Previous to this loan, I couldn't get a credit card or any of line of credit.

 

Since acquiring this loan, I was able to attain a Capitol One mastercard on my own merits as well as be added as an authorized user to my parents chase card. And, when I got my free score here from myfico, it shows my EQ at 747! I found this to be SHOCKING. However when I look at Credit Sesame it shows my EX at 683 and my TU on credit karma around 600 (i know these are inaccurate/unreliable).

 

I guess I am asking how soon I could consider looking for an auto refi and what kind of interest rate some of you think I might be able to get into?

Message 1 of 12
11 REPLIES
Established Contributor

Re: Tricky Situation - REFI

I've never refinanced myself. I have come across "after 6 months" on these forms many times. I do not see why you cannot go into your CU or bank and talk to them now about your desire to refinance and ask them when the earliest they would do so. 

Message 2 of 12
Regular Contributor

Re: Tricky Situation - REFI

If your score is that high then I would definitely take the advice posted and go inside of a CU or bank to discuss refinancing ASAP.  Wish you success on the journey.

Message 3 of 12
Super Contributor

Re: Tricky Situation - REFI


coreyb80 wrote:

If your score is that high then I would definitely take the advice posted and go inside of a CU or bank to discuss refinancing ASAP.  Wish you success on the journey.


+1.  There is no reason to wait to refinance.  You need to bail out of that 24% interest rate immediately !

 

March2010 FICO® ~ 695 TU, 653 EQ, 697 EX
Message 4 of 12
Established Contributor

Re: Tricky Situation - REFI

Is 24% even legal?????


NFCU Signature Visa Cash Rewards, NavChek, Citi AA AMEX, Cap1 Cash Rewards, Discover IT, Home Depot, Sears, Walmart, Chase Freedom, AMEX Green, Lowe's, AMEX BCE, Chase Sapphire Preferred, AMEX Hilton Honors Surpass, PayPal Extras MC, PenFed Platinum Cash Rewards, AMEX Platinum

GC Challenge: App Free since 1/8/13. No more apps til 2014






Message 5 of 12
Member

Re: Tricky Situation - REFI

sorry.. 21.58%

Message 6 of 12
Valued Contributor

Re: Tricky Situation - REFI

Try to refi now
Cards: Orchard Bank ($1100) | Cap1 Cash Rewards ($2500) | Chase Freedom ($1000) | Best Buy ($2500) | Discover It ($1000) | Barclay Rewards ($2500) | Current scores: EX FAKO: 684, CK TU: 649, FICO EQ: 680, FICO TU: 698, FICO EX: 658 Happy Homeowner Since 2/6/13! Smiley Happy Last App: 4/5/13 Gardening until July 2014
Message 7 of 12
Regular Contributor

Re: Tricky Situation - REFI

LesWH believe it not it actually is.  I was just recently discharged from a chapter 7 and Roadloans offered me 25%.  I can't find anyone else to finance me so I'll be taking the deal for 6-12 months then refi.

Message 8 of 12
Valued Contributor

Re: Tricky Situation - REFI

Usually major dealerships are begging you to come in. I bet they could get the interest down to <25%. Their special financing department works with many subprime lenders. Prestige Financial is a good one to try as they have a rate reduction program.
Cards: Orchard Bank ($1100) | Cap1 Cash Rewards ($2500) | Chase Freedom ($1000) | Best Buy ($2500) | Discover It ($1000) | Barclay Rewards ($2500) | Current scores: EX FAKO: 684, CK TU: 649, FICO EQ: 680, FICO TU: 698, FICO EX: 658 Happy Homeowner Since 2/6/13! Smiley Happy Last App: 4/5/13 Gardening until July 2014
Message 9 of 12
Moderator

Re: Tricky Situation - REFI


MovingForward_2012 wrote:
Usually major dealerships are begging you to come in. I bet they could get the interest down to <25%. Their special financing department works with many subprime lenders. Prestige Financial is a good one to try as they have a rate reduction program.

Major dealerships don't refi your existing vehicle unless they wrap it up with a trade which is a really bad idea. If you trade in an upside down vehicle the dealership can only make the deal worse by moving the negative debt over to the next vehicle.

The OP is better off refinancing with a CU directly.

Message 10 of 12