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New Contributor
jandj
Posts: 66
Registered: ‎04-17-2007
0

Refinance car loan

Any suggestions on good companies to refinance a car loan through?  My credit score was about 100 points lower when I bought my car so I think I could get a much better rate now.
Regular Contributor
Rocket01
Posts: 226
Registered: ‎03-25-2007
0

Re: Refinance car loan

I'm happy with Roadloans.com.  Just got a $30k loan at 8.5%.  They also do refinance I believe.
Frequent Contributor
princessofpink
Posts: 328
Registered: ‎05-18-2007
0

Re: Refinance car loan

Wow Rocket!  I'm glad to hear of your rate.  I was going to try Roadloans when I was ready because I'm worried that my credit union and other places won't approve.   Do you mind telling me what kind of scores you had and what they pulled?
Regular Contributor
Rocket01
Posts: 226
Registered: ‎03-25-2007
0

Re: Refinance car loan

It was before the latest jumps in my scores, about 630...
I may have been scored a little better on the autoFICO if they pulled one.  My baddies are mostly in the CC area.
Frequent Contributor
princessofpink
Posts: 328
Registered: ‎05-18-2007
0

Re: Refinance car loan

Cool that's in my range too.  Who did they pull from?
Moderator Emeritus
Tuscani
Posts: 6,182
Registered: ‎03-29-2007
0

Re: Refinance car loan

That's a great rate for RoadLoans!
Senior Contributor
smallfry
Posts: 4,831
Registered: ‎04-20-2007
0

Re: Refinance car loan

I don't know if you are eligible for membership into Navy Federal but I just refi'd my car loan today and saved a few bucks. 6% which is not the best rate but decent. Knocked off 6 months of payments and saved $2500 bucks in the process. GAP cost only $200 included in the payments and they deposited a check for $100 into my money market fund. I love NFCU.
Regular Contributor
Rocket01
Posts: 226
Registered: ‎03-25-2007
0

Re: Refinance car loan

I was very surprised and happy about the rate.  It was better than what the myfico predicted I would get for an autoloan.    I dropped 10 pts though on my Experian report, because they claimed it was a finance company account.  I figure my autoFICO must be pretty good, with two TLs and just a few lates each...
Established Contributor
Irvin
Posts: 510
Registered: ‎04-17-2007
0

Re: Refinance car loan

I don't have any auto loans on my reports...My scores are EX573, TU573. EQ601.
 
What are my chances of getting an auto loan? I am trying to buy a used car in 6-8 months from now. What rates can i expect with this score at this time? And who would approve me?
New Contributor
jandj
Posts: 66
Registered: ‎04-17-2007
0

Re: Refinance car loan

With 6-8 months to go, you have lots of time to increase those scores!  Mine went up 100 points in 5 months from really paying down my credit cards and disputing erroneous accounts.  You would still get approved for a car loan though.  My score was about 550 when I got a Blank Check loan from Citifinancial, APR was not great though (~10%); which is why I would like to refinance soon!

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