topic Re: Refinance questions in Auto Loans

Refinance questions

whodatnation2 — Fri, 11 Jan 2013 01:52:28 GMT

I am currently looking into refinancing my auto loan in the next few months. My interest rate is currently 11% and I owe about 17000. My fico scores are low 700's for ex and tu and 665 for eq. Any ideas of where to look and what rate I can expect?

Re: Refinance questions

StartingOver10 — Fri, 11 Jan 2013 02:24:50 GMT

My son in law just refinanced his auto loan with BOA for less than 2% with similar scores two days ago.

Congratulations on increasing your score so much. Refi as quick as you can.

Re: Refinance questions

pizzadude — Fri, 11 Jan 2013 20:26:05 GMT

I agree that you should be able to get a much better rate than 11% ~ I'd start with a local CU or bank and ask for info on their current refi rates.

Re: Refinance questions

whodatnation2 — Sat, 12 Jan 2013 02:46:38 GMT

How do they use the score, is it like a mortgage where they use the middle score, or do they use just one score depending on who they pull?

Re: Refinance questions

pizzadude — Sat, 12 Jan 2013 03:08:57 GMT

Just ask the lender what CRAs they use. Many banks or CUs will just pull one score, but it will vary.

Re: Refinance questions

Anonymous — Sun, 13 Jan 2013 17:40:21 GMT

It depends with auto financing as most likely it won't be scored like a mortgage. When I was approved through Acura Financial for a lease in Nov, they only used my TU fico. But all lenders are different.