My credit a year ago was in the low 500s. I got a car loan at 19% interest at $430 a month. With breaking bad habits and auto pay for the first time in my life I was able to refinance my car. I went down to a 9% interest with a $317 payment. Not the best but for me, it's a fantastic feeling!
Awesome and congrats! It is a good feeling and it only gets better from here. Lets hope fed rates improve over the next year or two.
@Fester82 wrote:My credit a year ago was in the low 500s. I got a car loan at 19% interest at $430 a month. With breaking bad habits and auto pay for the first time in my life I was able to refinance my car. I went down to a 9% interest with a $317 payment. Not the best but for me, it's a fantastic feeling!
My friend, I don't think you realize the gravity of what you've accomplished. Going from 19% to 9% in one year, as the fed rate increased nearly 6% over that same time period.. is frankly extraordinary. FYI, 9% is below the current national average for pre owned car loans.
Congrats and celebrate your hard (and smart) work.
Cutting your payment by more than a hundred dollars a month is great, congratulations on your refi!
Congratulations, that is fantastic!
Its a great feeling, like a weight lifted. I know because 1 year ago i had a 21% APR and re-financed to a 5.5%
Starting Score: 512
@Fester82 wrote:My credit a year ago was in the low 500s. I got a car loan at 19% interest at $430 a month. With breaking bad habits and auto pay for the first time in my life I was able to refinance my car. I went down to a 9% interest with a $317 payment. Not the best but for me, it's a fantastic feeling!
I think "but for me" sums it up. Everybody financial and credit journey is different, and thats huge progress! Keep up the good work!
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Thank you all. Your comments made me smile, and felt good to read. Thank you.
@OniStringer wrote:
@Fester82 wrote:My credit a year ago was in the low 500s. I got a car loan at 19% interest at $430 a month. With breaking bad habits and auto pay for the first time in my life I was able to refinance my car. I went down to a 9% interest with a $317 payment. Not the best but for me, it's a fantastic feeling!
I think "but for me" sums it up. Everybody financial and credit journey is different, and thats huge progress! Keep up the good work!
@OniStringer wrote:
@Fester82 wrote:My credit a year ago was in the low 500s. I got a car loan at 19% interest at $430 a month. With breaking bad habits and auto pay for the first time in my life I was able to refinance my car. I went down to a 9% interest with a $317 payment. Not the best but for me, it's a fantastic feeling!
I think "but for me" sums it up. Everybody financial and credit journey is different, and thats huge progress! Keep up the good work!
Couldn't be said better @Fester82 congrats!
