Refinance or not yet?

[lambo003]

I'm thinking about refinancing my car. I've made 12 payments on time. However, after checking all three of my credit reports my lender only shows that I've made only 10 payments on all three credit reports. They are very slow at reporting I'm guessing. And on top of that I work two part time jobs so my income isn't the greatest. I'm in the middle of trying to pick up more hours at one of my jobs. Currently my income would be about $19k-$20k a year pretax. After getting more hours at work it would be between $22k-$24k pretax. The amount that I'd be refinancing is $20k-$20.5k. I don't want to apply at a credit union and be denied because 1. I have low income and 2. it only shows on my report that I've made only 10 payments. As of October 2014 my equifax score is 772, transunion 765, and I'm unsure of my experian. If it's best to wait to pick up more hours at work then I'll do that. Any ideas anyone?

[Creditaddict]

I'm not sure why you need 12 months of payments especially with 750+ credit scores.... you are tier 1 from any lender under the sun.

I refianced my auto loan with my credit union before making the first payment and I'm debating trading it in now or refinancing it again but that's because i keep climbing through tiers with my credit score raising... you don't have any tiers to work through you are blowing them out of the water!!!

what interest are you paying?

[lambo003]

My current loan is shameful. It was originally for $26k at 72 months with a monthly payment of $485. Also I think my AAoA is only 1 year and 7 months

[lambo003]

Also do you think they would deny me and tell me my income isn't enough to pay for the car? (Although it is because my car is mainly my only bill)

[Creditaddict]

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@lambo003 wrote:
My current loan is shameful. It was originally for $26k at 72 months with a monthly payment of $485. Also I think my AAoA is only 1 year and 7 months

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that's 10%

I dont' care if I took 20 HP's Id be applying left and right with a 760+ fico and a terrible 10% auto loan.

Where do you live?

what credit union do you have access too?

[StartingOver10]

Don't be afraid to finance at a credit union.

You have proof of income (your paychecks) and proof of payments (cancelled checks or ach payments from your account). You may not need the proof of payments because of your score but prepare yourself anyway.

Apply with a CU - they are very, very easy to work with for a auto loan. Get away from your current lender asap. IMO.

[lambo003]

I was thinking about applying at DCU and two local credit unions. Should I apply at all three?? Would they all count as one inquire as an auto loan? (With applying at as many as you want as long as it's all dove within 30 days?)

[lambo003]

I live on Long Island in New York. There are two credit unions I joined earlier this year with the purpose of applying at each of them around this time to refinance

[Creditaddict]

I would start with just DCU since that would be 1.99% if they approve you.

Unless one of your local credit unions has advertisements for lower than that?!

apply now, what you waiting for!

[lambo003]

Lol because I'm scared of being denied. I don't want to add an inquire to my report and not be approved. Im going to think on it though