Im paying 18% on my truck loan, can i do better?

[Anonymous]

MY current ficos are TU 697, EQ 660, EX 649, my question is when i got my truck loan at the local credit union my score was 579 not sure which one it was. That was 6 months ago. I have disputed some collections and really helped my scores out. Im just wondering if i should refinance and what rate i should qualify for.

p.s.

[Anonymous]

I absolutely think you can do better than 18%.  As a re-finance you should get 8% or 9%......

[Anonymous]

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mtprice wrote:

MY current ficos are TU 697, EQ 660, EX 649, my question is when i got my truck loan at the local credit union my score was 579 not sure which one it was. That was 6 months ago. I have disputed some collections and really helped my scores out. Im just wondering if i should refinance and what rate i should qualify for.

p.s.

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You should be able to refinance to a better rate.  The questions that need answered are:

1. Are you upside down on your loan and if so how much?

2  Are all your disputes settled and off your reports or are some still there.

If you wait 6 more months and all your payments are on time your credit union could give you a great rate despite if your scores dont increase significantly.  The only trouble you would have is if you are upside down on the loan by a large sum.  Say $3000 or more

[Anonymous]

Look you really should be looking at refinancing.  I got my truck last August with scores in the 560s through 580s.  I got a rate through cap1 at 13.45% (lower than what I expected).  The day I made my 3rd payment, I went to my local credit union and applied for a refi.  I was approved! 7.1%.  Its funny, I couldn't get the 6 year loan like I had on the Cap1, but due to the substantial decrease in rate my payments were actually $10 lower a month, while chopping a year's worth of payments off.  I did have to put a little bit of a down payment on the loan because I was slightly upside down.  The thing that you must remember is that for every month that you let pass at THAT interest rate, you are becoming more and more upside down and will have to put a larger DP on the loan.  BTW my scores weren't near as high as yours are now, so I see no reason why you shouldn't get a better rate than me, much less a better rate than you have now!!!!  Good luck.

[pattycake]

There's a CU out of Austin that has a second chance program that will likely give you a better rate - they gave me 11% initially (down from 17.5%) two years ago, and last week approved me for 4.95%. I think my scores were in the low 600's the first time around.

They can be found at www.ufcu.org. Good luck, they are great!