Should I refi or wait awhile?

mgs2010 · ‎09-09-2009

I purchased a car in March 2009 with an interest rate of 12.620% (I know, I know---stupid thing to do!) and my monthly payment is 375.93/month for 72 months (ouch) I am pretty sure the dealership marked up my interest rate more than they should have because my credit score was 675 on average when I purchased the car. I recently applied and was approved to refinance with Up2Drive for 60 months at 7.49%, which actually lowers my payment by about 45 dollars a month. Question is, should I do this or wait awhile to build up some history on the loan I have now? I can't stand to wait but I dont want my score to suffer, either. Also, anyone know much about Up2Drive? does it report on the CRAs as BMW Financial Services or what? Thanks everyone!

Takunda1 · ‎09-09-2009

I don't know why you would wait. If you are not upsidedown and no down payment is required, I would have doe that already. Also, depending on how long ago you applied for this refi, I would recommend you try a couple of other places as long as you are in the 14 day auto inquiry window. You might get something even lower.

mgs2010 · ‎09-09-2009

Anyone know where else to apply for auto loan refi? I applied at Capital One, but they wouldn't even let me submit my application becuase my car is a 2009 and they don't refi new model years, so I would have to wait until 2010 I guess....makes no sense. Road Loans never gave me an answer, and Wells Fargo wanted me to take a 20,000 dollar loan out on my car, get cash back, and pay 14.99% for 72 months with a 692 Fico Score---wtf? Who would be crazy enough to do that? The only other one I found online was up2drive.

Takunda1 · ‎09-10-2009

@mgs2010 wrote:
I purchased a car in March 2009 with an interest rate of 12.620% (I know, I know---stupid thing to do!) and my monthly payment is 375.93/month for 72 months (ouch) I am pretty sure the dealership marked up my interest rate more than they should have because my credit score was 675 on average when I purchased the car. I recently applied and was approved to refinance with Up2Drive for 60 months at 7.49%, which actually lowers my payment by about 45 dollars a month. Question is, should I do this or wait awhile to build up some history on the loan I have now? I can't stand to wait but I dont want my score to suffer, either. Also, anyone know much about Up2Drive? does it report on the CRAs as BMW Financial Services or what? Thanks everyone!

Try any CU,.