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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!!
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:
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.