Posts: 14,062
Registered: ‎04-15-2011
Re: Auto Refinance Smart?

ccnewcc wrote:

Shogun wrote:

If your score can handle it, yes, and this is why.  The lower payments will help your DTI, the lower interest rates will help your checkbook.  It's not a new account, it's a refinance.  If it gets flagged in UW, you would just have to explain this.

The Refiance of OPs Auto Loan WILL be a new TL.

It will be a new TL, but it will not be taking on new debt.  Like I said before, it would just be a letter of explanation should the UW question it.

Starting Score: 504
July 2013 score:
EQ FICO 819, TU08 778, EX "806 lender pull 07/26/2013
Goal Score: All Scores 760+, Newest goal 800+
Take the myFICO Fitness Challenge

Current scores after adding $81K in CLs and 2 new cars since July 2013
EQ:809 TU 777 EX 790 Now it's just garden time!