how long should you wait before getting a re-fi on an auto loan?

[jenkins]

i first obtain my auto loan when my score was a eq476 my score is now a eq575 and going up. i dont have my other scores at the moment because TU cant generate a score for me for some reason and ex is making corrections to my score so its not accurate right now.  I know if you re fi to soon it cant hurt you but it will sometimes give you a better rate.  any help? 

Message Edited by jenkins on 07-27-2007 06:08 AM

[Tuscani]

I would wait until you are mid 600s.

[jenkins]

ok should be soon im still waiting for a few new cards to report consoludated some loans close to paying a few off and with the AU being dropped off my report ill be up there soon.

[Jontevius]

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jenkins wrote:

i first obtain my auto loan when my score was a eq476 my score is now a eq575 and going up. i dont have my other scores at the moment because TU cant generate a score for me for some reason and ex is making corrections to my score so its not accurate right now.  I know if you re fi to soon it cant hurt you but it will sometimes give you a better rate.  any help? 

Message Edited by jenkins on 07-27-2007 06:08 AM

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IMHO, 18 - 24 months. If you're trying to refinance with the same lender, 18 - 24 months or you'll only be sadly dishardened to be denied the refinance because you haven't been in your current loan long enough. If you are trying a refinance with a different lender for a "better" rate I would go as far to say a 650 fico at least for a better rate

[jenkins]

i should see a big jump i my scores soon ive had 4 bads removed from my credit report and ive been using my CC wisely keeping the balance low paying on time all that good stuff

[Anonymous]

You may want to consider getting a credit union account, if you don't already have one, and refinancing through them.  My credit union, at least, is very lenient with auto loans.  Mine will refinance up to 114% of the auto's retail value.  This enabled me to consolidate a $1300 loan with my car loan and I still had some room to spare.  I had barely owned the car for a year when I refinanced.  

It's the best thing I ever did because, when I first got the car, my credit score was probably very similar to the one you had so I was eaten alive with high interest.  Four months ago, my scores were only a littler higher than your current scores.  Now, with a lot of diligence, they are all 675 and above.

The car payment, as high as it was, certainly helped my credit scores since it was my only positive TL when I began credit repair and it gave me something to build on.  However, it certainly was a high price to pay since I basically forked out a lot of money each month and very little of it was going toward the principal.

The faster you can get out of your current car payment, the more money you will have in your pocket every month.  But I agree with the other contributor - try to get above 650 before even attempting it.

[jenkins]

okay, thanks everyone