topic Re: Would love to re-finance my auto loan but not sure when I should in Auto Loans

Would love to re-finance my auto loan but not sure when I should

creditschwarma — Sun, 19 Jan 2014 06:11:24 GMT

I financed a used car for around 14000 @ 15% for 60 months. Right now I'm paying 291 a month (already paid 7 months) with a balance of $11,665. I co-signed with my dad.

I had a few credit cards in college that went into collections 10 years ago and I've been living on debit for that duration. When I pulled my credit history with CK, credit.com, quizzle, They all show I have 0 credit history. I just wish I re-started my credit building much sooner. I started with a secured capital one (the capital one secured increased my limit 100 bucks after 6 months), then a bank of america secured in June. In July is when I got the car with that sky high interest. I tried really hard to get a pre-approval letter but chase and another bank denied me.

In September I applied for and got the discover IT card (2,500), a bill me later ebay account (ugh why'd I do that) and just last week got approved for $7000 for a freedom card. I feel I'm slowly building my history but it's in it's early stages and I have a bunch of inquiries. 8 inquiries the past 7 months. I also thought that if you have a bunch of inquiries all together that it shows you were shopping for the best rate and it would not hurt your score as much.

Here are some of my recent scores : CK score 761, Experian 708, Quizzle 736, Discover Fico 751. I make 53k a year and I've been employed for 7 years. rent really cheap, (320 a month) I could just pay the entire loan off now but I want to build my credit with a reasonable rate plus I want to put down a down payment on a house later this year.

I really would like to re-finance soon but I don't want to waste an inquiry if I'm going to get a horrible rate again. Thanks for reading

Re: Would love to re-finance my auto loan but not sure when I should

Shogun — Sun, 19 Jan 2014 06:27:38 GMT

Do you belong to a CU or use a local bank? Excellent places to go shopping around and ask questions.

Re: Would love to re-finance my auto loan but not sure when I should

creditschwarma — Sun, 19 Jan 2014 06:46:46 GMT

@Shogun wrote:
Do you belong to a CU or use a local bank? Excellent places to go shopping around and ask questions.

Thanks for replying. I was impatient and I applied to consumer's credit union for $12k in October. They pulled my transunion report and it came out to 697 but denied me due to inexperienced credit history and they needed a strongly qualified co-signer. It was a good rate though but I wasn't sure if I was going to get a co-signer's approval.

I belong to chase and I was denied when I first applied for a pre-approval letter to buy my car in June.

I did get a pre-approval letter from nationwide last week but again I don't want to waste an inquiry until I'm sure I'll get a decent rate or approved at all

Re: Would love to re-finance my auto loan but not sure when I should

Creditaddict — Sun, 19 Jan 2014 19:11:46 GMT

I would apply at chase and nationwide... Inquiries hurt less than paying high interest rate and not trying to refi!

Re: Would love to re-finance my auto loan but not sure when I should

creditschwarma — Mon, 20 Jan 2014 03:21:44 GMT

@Creditaddict wrote:
I would apply at chase and nationwide... Inquiries hurt less than paying high interest rate and not trying to refi!

Thanks for replying. I think I will try that.

Also another question, does the multiple bank inquiries counting as one apply if I personally go on a loan shopping spree and individually shop at all these places or do I have to use a site that gets multiple quotes at once?