@Damikester892 wrote:Afternoon all!
Bought a car today after the dealer was finally able to get the payments to my budget price.
Anywho short story is ended up financed through Americredit with 17% APR, My credit is "clean" but very thin, oldest line of credit is 1 year, AAoA is 6 months. All credit cards, nothing else.
Hence the reason I wasn't able to get a better deal I assume, I'm still considered a high risk.
However I didn't go in completely blind, I worked my butt off to get the car's price down (over a week of "walking away" and negotiating).
The NADA on the vehicle is $19,000. I purchased the vehicle for $15,000 plus $1300 extended warranty. After tax, tags, and other fees, it came out to roughly $18,300, I put $2500 down ending up with a loan of $15,800 on a car thats valued at $19,000 (KBB has it at 21k, but I think banks use NADA?)
Therefore I'm pretty certain I did decent with the negotiation in order to not be upside down in the car loan if I'm able to refinance it as soon as possible.
For a quick view of the loan:
Loan amount: $15,800
Monthly Payment: $359
Interest Rate: 17%
Loan term: 72 months
Vehicle Make and model: Ford Explorer (Eddie Bauer)
Vehicle Year: 2010
Vehicle Milage: 63,000
I took the steps to join DCU now so I'm a member when the time comes to go for a refinance I'll try through them first (Note I did apply for them for this loan but they only approved me for $13,600 and I did not have the extra down payment)
So how long should I wait to apply for the refi through DCU? 6 months of on time payments?
6 months would put me in October, where I have 10 inquires falling off from attempting a car loan in September 2014 and not going through with it. Was hoping that'd be a good time?
Thanks all in advance for any advice you may have.
Refi with DCU in 6 months and you will FINE...DCU is GREAT and they will work with you. I say 6 months just to build that auto loan experience that banks/CUs look for. Good luck and enjoy your car 
