Auto Re-finance

[Anonymous]

howdy ficoholics, i purchased my first car 6months ago at a horrific rate of 9.35%. my fico is at 650 and i am wondering when and at what score would be the earliest/best time to refinance. thanks for your help!

[Anonymous]

I'm in the same boat, except mine is 16.49% two years ago and now my scores are Eq 652 Ex 668 TU 712.  After my CC balances show 25% (not yet showing on CC) and we close on our house, we were thinking of doing an auto-refi.  Hopefully someone gives you an answer...I'm curious as well.

[Anonymous]

no luck?

[Anonymous]

noodles, Im @ 9.24 with a 719 score now. haha....so when you hear a good work -send me a PM

[sunrise]

Hi all,

I will try to help you.  I would first suggest trying a CU for a re-fi.  You can call different CU's and ask what cra they get their cr's from.  Use the CU that pulls from the cra that has your highest score.

If this doesn't work, try lendingtree.com. Be sure to use the automobile re-fi link.

Shop around within a 2 week period, all your credit pulls will be counted as one and you won't take that big of a hit to your fico scores.

This should work for you if all your auto payments have been made on time for a minimum of 6 mo's.  From what I understand most places want a minimum of 6 mo's paid on your vehicle before you do a re-fi.

Best of Luck Everyone!

[Anonymous]

thanks sunrise, i have heard CUs might give a better rate. however, does anyone know if becoming a member on a CU would help? i'm pretty happy with Compass banking, but i could open an additional account. well, i'll keep my eyes open. my 6 months of smooth payments kick in up next month, woot!

[sunrise]

If you find a CU willing to work with you, you will have to become a member. Not a big deal, though.

Good Luck