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Refinancing Options- Current FiCO score of low 600s, currently 15.99% APR

yudeology101
Senior Contributor

Refinancing Options- Current FiCO score of low 600s, currently 15.99% APR

I really want to refinance my auto loan which i've been paying for the past 10months now, no lates.  It was my first auto loan, got it through Santander with a whopping 15.99% apr for my 2008 BMW 328i last August.  At the time, my credit score was really bad (like 540s), but it has been climbing up since i've been paying off my CCs UTIL down to just under 3%, & my AAOA aging.  Currently I'm in my low 600s score,  I've recently received an offer from Cap One Auto to refinance at 6.39% apr.   My question is...should I wait until my score improves to high 600s or 700s mark for even better apr?  Or should I just pull the trigger and refinance now?   Any assistance would be greatly appreciated!

JPM Ritz Carlton $8k I UMP Club $8k I CSP $8k | Chase Hyatt $5k I AMEX Green NPSL I AMEX Delta $2k I Citi AA $2k | C1 QS $4.5k
BOA UNC-CH Alumni $6k I Hawaiian WEMC $3k I Arrival $6.5k I IT $1.5k | Merrill+ $2k | Lowes $12k | Apple $2k | +23more
Scores: EQ:671 (FICO 11) EX:686 (FICO N/C) TU:686 (FICO N/C) *8-5-14*
Overall UTIL: 14% *Gardening Since: 1/20/16*
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Need to stay out of trouble.... Go Heels!!! ... GC Watchlist ( #1 since 12-12-13)
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2 REPLIES 2
StartingOver10
Moderator Emerita

Re: Refinancing Options- Current FiCO score of low 600s, currently 15.99% APR

IMO it would be better to refi out of that rate asap! Shop the rate to refi though, you might get a better rate with a CU. If not, take the Cap One rate

Message 2 of 3
SamsungHDTV
Established Contributor

Re: Refinancing Options- Current FiCO score of low 600s, currently 15.99% APR


@StartingOver10 wrote:

IMO it would be better to refi out of that rate asap! Shop the rate to refi though, you might get a better rate with a CU. If not, take the Cap One rate


I agree, shop the rate or take cap one rate now. Later, you can refinance again when your scores are even higher.

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