topic Should I re-fi? in Auto Loans

Should I re-fi?

Shellie — Mon, 17 Nov 2014 14:25:05 GMT

My current auto loan is with my personal bank. A small, local bank. I have a 7.75% rate. I was told when I got the loan that that is the rate for everyone, on any loan. It was awesome for me when I took out my first auto loan with them March 13 bc I was still rebuilding and my scores weren't even at the 600 mark and I still had several negatives on my credit. Now I have managed to build up and get rid of almost all the negatives. My UTL is high right now so my scores are in the 640 range but when I get that down I anticipate a nice increase. I'm at about 60% right now. The other issue is that my back does not report. So I've had a loan with them now for almost 2 years with a perfect payment history and it isn't reported. I was told that going in. I feel like I could probably qualify for a a better rate.

Any input?

Re: Should I re-fi?

Anonymous — Mon, 17 Nov 2014 14:29:05 GMT

I would try with a Credit Union, from what I have seen and read here that is who usualy gives the best rates.

Re: Should I re-fi?

Shellie — Mon, 17 Nov 2014 14:41:27 GMT

DCU is on my radar right now.

Re: Should I re-fi?

Anonymous — Mon, 17 Nov 2014 14:46:29 GMT

I just joined Navy Federal about 6 weeks ago but I know you have to have Military ties to do that, I have heard a lot of people here go through DCU as well. It's worth a shot I think.

Re: Should I re-fi?

Shellie — Mon, 17 Nov 2014 15:03:04 GMT

I'm not going to do anything right now but thinking about maybe first of the year.