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HELP!!! what should i do?? (refinance auto loan)

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HELP!!! what should i do?? (refinance auto loan)

i really need to talk to someone who knows their stuff about how refinancing auto loans...i really need to know how it would affect my credit score...first let me give you some background information... - my credit score right now is somewhere around 640 - i purchased a brand new jeep last year - i owe about $30,000 on the loan - my interest rate is really high something like 13% - i pay 720.00/month so as you can see i SHOULD refinance, however, i am also in the process of trying to get approved for a mortgage and qualifying for different assistance programs and such...therefore i am scared to have my credit ran several times by dozens of banks trying to get me to refinance with them...so i need to know how much it will affect my credit. someone help me PLEASE!!
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Regular Contributor

Re: HELP!!! what should i do?? (refinance auto loan)

Your score is good but needs to stay in that area without going too much lower (PMI, rates, etc.).  Can you qualify DTI wise with your current auto installment loan?  If so, get the mortgage, close on the house then refi the auto loan.
Message 2 of 4
Established Member

Re: HELP!!! what should i do?? (refinance auto loan)

Ok here's a suggestion. If you finance thru a credit union or specific bank that only uses 1 specific bureau report then you won't take that much of a hit on scores all around so long as your mortgage loan report is pulled around the same time and also you can find out how soon after obtaining the refi do they report to the credit bureaus- timing is key. My CU exclusively uses EQ so I know if I have to get a new CC/ loan/ refi most likely I will use them so not to add too many new inquiries.
Current credit score goal: Join 700 club by January 1st, 2009
Message 3 of 4
Established Contributor

Re: HELP!!! what should i do?? (refinance auto loan)



@tryintorebuild wrote:
Ok here's a suggestion. If you finance thru a credit union or specific bank that only uses 1 specific bureau report then you won't take that much of a hit on scores all around so long as your mortgage loan report is pulled around the same time and also you can find out how soon after obtaining the refi do they report to the credit bureaus- timing is key. My CU exclusively uses EQ so I know if I have to get a new CC/ loan/ refi most likely I will use them so not to add too many new inquiries.





I like this idea. Touch base with local CUs to see who they use and attempt (if in a rush to refi) to go with the one that pulls the CRA that has your highest score --- a little bit of a long shot, but may be worth a try. If not, wait until after your take care of the house stuff. Good luck!
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