Unfortunately I was in a position that I needed a vehicle and couldnt wait any longer as my wife and I only had one car between us to share, So I just bought a Truck yesterday and unfortunately my credit score was around 560, so the interest rate is bad and the payment is high, but the deal on the truck was really good. The price for the truck was $26,000 and then add doc fees, tax, tag, etc and I put down $2000....So the amount financed was $27,400. On KBB and NADA, the value of the truck is $27,000 so I am not really upside down at all which is great!
So here is my question......
I unfortunately have a "Charge-Off/Repo" auto loan from 2012 that will drop off my credit in October. I also just paid 2 credit cards off a week before getting this truck and lastly, I just paid a small collection that I had on my credit report, but unfortunately none of this updated before I bought the Truck because it was all paid 7-10 days beforehand.... So by the end of the year my credit should boost up really good plus making a few payments on this new vehicle will help!!
If I go to refinance in January/February (6-7 months from now) do you think I will run into any issues based on the info above? When refinancing, can you only get a loan for the amount the vehicle is worth or is it for what you still owe overall?
