Should I refinance

Anonymous · ‎04-18-2011

I don’t remember the exact numbers but I bought a car for 33k at 15% APR. It been about a year and a half and the loan balance is down to 23k or so but the pay is so high. I was wondering if I can refinance to get it down to around 400$ a month? Payment as of now is 600.

Anonymous · ‎04-18-2011

My creidit score as of now is 700

jmontes77029 · ‎04-18-2011

Would not hurt to try if your credit has improved.

Starting Score: 603 4/3/2011
Current Score: 633 6/02/2011
Goal Score: 750

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Anonymous · ‎04-19-2011

@Anonymous wrote:
I don’t remember the exact numbers but I bought a car for 33k at 15% APR. It been about a year and a half and the loan balance is down to 23k or so but the pay is so high. I was wondering if I can refinance to get it down to around 400$ a month? Payment as of now is 600.

Should you refinance?

yes.

Can you is the big question.

Because your interest rate is kinda high, your vehicle may be worth less then you currently owe.

A refinance will look at what your vehicile is currently worth vs the amount you want/need to refinance. You may have to make up any difference youself in cash to get the deal done.

Your best bet will be to see what your car is currently worth (KBB) and then compare that to what you owe.