@Anonymouswrote:
Yes, so I was one of those naive, ignorant folks that let me credit get bad...now I'm on the right track but I need assistance with my auto loan.
It's with Santander...my rate is 18.87% and is due to mature on 6/15/18. The problem is I still owe as of today $6,293.01. Aong the course of the loan I used some deferments and at one point had a repo but paid the balance but I think the fees added up rather quickly. It didn't appear as a repo on my credit report but I show a 60 day late during this time.
So here lies my dilema...I'm trying to purchase a home and raise my credit score by July of this year to do so. So I paid down my 3 credit cards with 1 have a utilization under 9% and the others show 0. As many of you know I should not be opening any new lines of credit right now. However it was recommended that I pay down my auto loan by $3,200 and it would raise me approximatly +12 points. I failed to realize until looking at my loan that it actually is due to mature on 6/18. Reading up on this I realize I would have to pay the whole balance off. #1 really don't have the funds to do this as my funds are for down payment and closing, #2 this would close my installment loan.
I'm coming to this group of experts to see what my options are:
- Do I have the option to try and refinance at this point in the loan?
- Do I open a personal loan to pay the auto loan that has a lower interest rate?
- Do I just keep paying as usual and deal with it in June.
Help!
What are you doing about the baddies on your report? Something is holding your score way down a lot more than this car note. I would work on that.
Consider also that it may not be the right time for homeownership. As a homeowner, an expense costing thousands can fly at you at any time. If the $6k you don't have to pay off the car were your home needing a new HVAC system, you'd be in a tough spot.
So many folks that barely squeak into home ownership before they're technically ready are on these boards a year later in very bad shape financially.
