Refinance

[CostantinoA]

Hello everyone:

I have two Auto Loans!  One was opened Aug 5, 2015 and one Aug 12, 2015.  I need to refinance them as the interest rate is way too high.

The one on August 5 is 9.90% for 72 months.

The one on August 12 is 16.99% for 72 months.

What is my best option for refinance with my current scores?

Thanks.

[StartingOver10]

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@CostantinoA wrote:

Hello everyone:

I have two Auto Loans!  One was opened Aug 5, 2015 and one Aug 12, 2015.  I need to refinance them as the interest rate is way too high.

The one on August 5 is 9.90% for 72 months.

The one on August 12 is 16.99% for 72 months.

What is my best option for refinance with my current scores?

Thanks.

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If it is true that you have 82 inq's on EX right now and 44 inq's on EQ and 21 on TU, why don't you just wait until some (or all) of those inq's drop off?

IMO having that many inq's in less than two years is a red flag to any decent lender with a good interest rate.

[CH-7-Mission-Accomplished]

Wow, you have over 160 inquries across the three CRA's.  That I think is a new record for what I've seen!   You don't have very many cards, so you must have a lot of declines unless the two car purchases generated like 80 inquiries.

Anyway, for car buying inquiries are less important.  What matters most is your FICO scores and your total monthly income and total monthly debt payments.  Alos, how is your utilization?

Have you tried Capital One?  I would try to find lenders that do automatic computer approvals if your scores are good.  I think those inquiries will give most underwriters a heart attack.

[CH-7-Mission-Accomplished]

I just noticed that both of these auto loans are like two weeks old.  Your scores are surely lower now than they were when you got these loans, so I would expect you would be looking at higher rates.  Also, refnancing does not let you into the network used by dealers, so you are more in the regular consumer market of using credit unions.

When you drive the car off the loan, it loses 20% of its vaue, so you are likely upside down on these cars unless you put more than 20% down.

I would double up on payments and wait a year.  I think to do otherwise will just incur even more inquiries, though at this point I doubt that new inquiries will hurt your score -- only prolong the time for them to drop off.

Help us to understand what is going on with you.

[Anonymous]

Wow that inq, you made a record! If I were you I'll hold on to that because of the inquiries, you might get declined.

[CostantinoA]

I am not even really sure if that inquires are correct. I got the amount off Credit Karma.  

[CostantinoA]

I understand that. I did put 20% down on both cars.  I understand they lose value. I do not know why I trade so often. I just like having a new car but I know I am paying thousands for stupid reason.  I know once I get the car I want, Escalade, I will stop and hold onto it for awhile.

[CostantinoA]

I am not sure the inquiry count is correct. I obtained it from Credit Karma!

[Anonymous]

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@CostantinoA wrote:

I understand that. I did put 20% down on both cars.  I understand they lose value. I do not know why I trade so often. I just like having a new car but I know I am paying thousands for stupid reason.  I know once I get the car I want, Escalade, I will stop and hold onto it for awhile.

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That's a bad habit, and if you knew you want that Escalade in the first place why not just hold on to the money you got before your purchased those to vehicles? And wait for your credit to go up then buy the Escalade. To what I see, you're too itchy to always get a newer car.

[CostantinoA]

I know it is a bad.  The thing is I brought my old car into the service department and it needed 2k worth of work. I could not see dropping 2k into a car I was going to trade soon so I purchased a new car.