Okay so here are the details. I have 18 months left on the loan @18% my payments are just under $500. My fico scores are just over 650 right now. The payment is not a HUGE burdon but i know i can get a better rate. What should i do? Any help would be greatly appreciated!
I would give it a try. When I refinanced it cost me $25-50 I think for a title change and that was it. I was playing with the calculator at bankrate and came up with some numbers.
Assuming $7800 balance left 18% for 18 months $497 monthly pymt $1158 interest paid over the 18 months
12% for 18 months $475 monthly pymt $761 interest paid over the 18 months
8% for 18 months $461 monthly pymt $501 interest paid over the 18 months
Even if you're not worried about lowering your payments, you can save yourself a few hundred bucks in interest over the rest of the loan. If you're worried about getting approved maybe you could work with a credit union and bring in your report prior to having them check your credit so they don't have to ding you if they wouldn't give you the loan.