I got a car about a year ago and my credit scores were in the high 500s, a year later and its slowly creeping into the low 600s. I have not missed a car payment for a year but I was wondering would it be a good idea to refinance? I dont want to have my credit pulled several times if there is a slim chance I would get approved. I owe about 19k left on the car and its probably worth around 15k but the interest rate is 17.95%. What are the chances of me getting approved for a much lower rate considering my credit hasnt moved much in over a year but every payment has been on or before time?
The bigger problem is that you are 4G's upside down. I'm sure your scores have improved- if everything else on report has stayed the same. You can save some money by making bi-weekly payments and/or adding a little more toeah payment (more going towards principle)
@moondog7324 wrote: The bigger problem is that you are 4G's upside down. I'm sure your scores have improved- if everything else on report has stayed the same. You can save some money by making bi-weekly payments and/or adding a little more toeah payment (more going towards principle)
Yea, that do that *above* what moondog7324 said. With your score and the credit issue around, its not easy to get approved for a loan with a rate that is significantly lower.
Your scores are still too low to get a decent approval
Do you have access to a credit union, or military members in your family? If you have someone who can sponsor you into Navy Federal Credit Union that might work for you.
