Super Contributor
Posts: 9,668
Registered: ‎01-28-2010
Re: Should I Refinance?

Bleety17 wrote:

I got an Autoloan last year through Cap1Auto. My credit score was 547 and my Interest rate is 16.9

I am just starting to fix my credit. I have always made my car payments on time. Never late.


As soon as i get my tax return I am paying off most of my old debt.


How long should I wait before trying to refinance? Should I wait untill my score gets in the 600's?


(72 month loan)

I'd start shopping now for a new auto loan - It's going to be really hard to pay down a 6 year loan @ 17%.    Talk with some local CUs or banks and ask about their rates, maybe you can do better now rather than waiting.


March2010 FICO® ~ 695 TU, 653 EQ, 697 EX