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What to do about car loan

Established Member

What to do about car loan

I have my car financed threw the blood suckers of american general. I owe 3 years left on it but with a out ragous intrest rate.
 
Now that my credit is better would it be wise to maybe go to the credit union and refinance it threw them?
 
Or could that hurt my credit even more.
6 REPLIES
Moderator Emeritus

Re: What to do about car loan



blazzinbird wrote:
I have my car financed threw the blood suckers of american general. I owe 3 years left on it but with a out ragous intrest rate.
 
Now that my credit is better would it be wise to maybe go to the credit union and refinance it threw them?
 
Or could that hurt my credit even more.


Saving money is more important, what are your scores?
Established Member

Re: What to do about car loan

Right now my FICO score is 632. Right now it shows all 3 CC's maxed out. I just paid them off so I am hoping that will bring my score up.
Moderator Emeritus

Re: What to do about car loan



blazzinbird wrote:
Right now my FICO score is 632. Right now it shows all 3 CC's maxed out. I just paid them off so I am hoping that will bring my score up.


Once these 3 cards report their paid balances, you should see a major increase in your scores.
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New Member

Re: What to do about car loan

Roll that car loan over to a credit union, definitely. Finance companies are the devil.
Valued Member

Re: What to do about car loan

I second Angela!  At the end of the day, if it saves you money...well, it's really what we're all here for, isn't it!
Outer Banks Frank

"Success is nothing but luck...Just ask any failure!
Super Contributor

Re: What to do about car loan

Wait for the credit card balances to update on credit, pull your new scores from myFICO.com so you know what they are, and then call up your CU and discuss what qualifications they are looking for to get their auto loan rates.
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