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When To Refinance!?!?!

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Established Member

Re: When To Refinance!?!?!

Go and refinance the car today. You got absolutely ripped off. You should qualify for one of the better rates available. I guarantee you could walk into a dealer today and get a car with a good rate. Op nobody is ever in need of a car so bad that they sign off on a contract that can absolutely wreck them financially. Refinance asap as the longer you wait the more underwater you will be, and then it will become near impossible to refinance.
Message 11 of 14
Valued Member

Re: When To Refinance!?!?!

I got a 2014 jeep grand cheroke limited, they tried bank of america, capital one, pretty much all the big ones mentioned and this was the best rate. I am a member of NFCU (just joined a couple weeks ago) have there saving and cash rewards card ($500 limit) Id like to refiance with them but not sure what rate i would get.

Starting Score: 580
Current Score: 640
Goal Score: 750


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Message 12 of 14
Frequent Contributor

Re: When To Refinance!?!?!

Wait a minimum of 6 months and work on everything else in the meantime if you can wait one year that will reflect best on you I had a 19% apr and refinanced in one year to 3.49% it sucks for the year BUT it does reflect better on you and doesn't drop your credit points as bad when you do refinance especially if you refinance to a different bank/lender (which is what I did) I went from Capital One to Georgia's Own CU Smiley Happy

Starting Score: 537
Current Score: 725
Goal Score: 775


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Message 13 of 14
Contributor

Re: When To Refinance!?!?!

Last October i refinanced with CAFCU for 41K @5.8% 10 months post bk 7 from GM Financial rate of 11ish%. I had the GM rate for only two months. Given your scores, you can a CU that can lower your rate of 20% which is pretty high and also lower your GAP insurance. All it takes is research and action. Good luck.


In the garden until 12/10/2019
Goal is 720+
11/15/17 EQ 591 TU 469 EX 545 FICO 8
12/25/18 EQ 676 TU 669 EX 659 FICO 8
EQ 16 INQ l TU 23 INQ l EX 36 INQ I
BK 7 Discharge 12/2017
Message 14 of 14
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