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Auto Loans / Refinancing / Standard Questions...

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junebuggy45
New Visitor

Auto Loans / Refinancing / Standard Questions...

Hi everyone- very new here, but found this when doing a search for "do i refinance my car or not?"

 

Backstory: I really ruined my credit when I graduated high school as I had no idea what I was doing. Now, I obviously pay my stuff, but it's going to take a while to rebuild my credit worthiness. I had to buy a car back in February 2013, and I'd really like to refinance to get a better rate. I currently finance through Capital One Auto. Does anyone have advice on how to do this, what companies I would probably qualify for... etc. I honestly have NO idea what I'm doing...

 

Much appreciated!! Smiley Happy

 

Credit Score:590 (I use credit karma to monitor)
Income: $3,035/month
Lenght of Employment: 1 yr
Previous Loan Experience: currently with capital one, paying on time $385/ month. Before, was on a loan with my mom as cosigner and paid all on time and balance was paid off in 60 mos
Debt-to-Income (DTI): 29.9% (i included rent and my current car payment..if you include my student loan payment then it's 37%)
Year of Car: 2009
Miles: 55,000
Purchase/Refinance: Refinance
Requested loan term (XX Months): 60 Month Finance
Down payment amount: $0
Co-borrower/Co-Signer: None
Other:

Message 1 of 3
2 REPLIES 2
09Lexie
Moderator Emerita

Re: Auto Loans / Refinancing / Standard Questions...

Welcome to the forum. If you do not have negativity equity then it might be possible. If you are a member of a CU, I would start there. Often, CUs are more lenient with past credit woes and might give you better terms.
Message 2 of 3
jackg
Established Contributor

Re: Auto Loans / Refinancing / Standard Questions...

If your not under water with the loan today you most certainly will be if you refi without putting a substantial amount of cash down on the car. Remember all those fees the lender caharged you in the original contract? They will show up again of you refi.

FICO scores on November 17, 2014 (prior to applying for and being approved my mortgage)

EX=738
EQ=735
TU=754

FICO scores on March 4, 2015 after being approved for mortgage and buying the home, the mortgage isn't yet reporting.
EX- 689 EQ- 739 TU- 739
Message 3 of 3
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