High interest rate on my auto loan

Anonymous · ‎11-24-2018

Hi everyone,

I have a auto loan from almost 2 years now with a 20% interest on it, at the time I was getting the car I didn't knew much about interest rate and all that...but, now I will be applying for 2 or 3 Cc so, my question is will there be any side effects for getting approved for my new Cc? Do they take into consideration on how much interest I am paying on my auto loan? All the payements are 100% on time.

CramEiko · ‎11-24-2018

If you pay off your vehicle early is it really a 20% loan?

I believe that your personal track record of on time payments means far more to banks than other banks interests rates do. I'm sure others will post with more efficiant information for you.

Good Luck!

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pipeguy · ‎11-24-2018

The auto loan just shows up on your credit report payment history - the "terms" as far as interest rate does not (starting balance, payments, current balance does). Having a 2 year on time payment history on an "installment type" account is a net positive factor - the auto loan on time factor will help your credit report. That being said, if I were you I would refinance the auto loan and get out of that blood-sucking 20% interest rate as soon as possible.

Anonymous · ‎11-25-2018

Thank you all so much, I am looking forward to refinance my car loan soon with penfed at the same time will app a Cc 😉