@Anonymous wrote:
I'm currently eight months into my contract with Consumer Portfolio Services. Since I bought this vehicle my credit has improved by a substantial amount, but still isn't what I would call good.
My interest rate is 20.45%, which needless to say, is a bit much. I bought it with intentions of refinancing later, but is there a certain time frame that is best? Would a lender look at me now and think that I'm looking for a lower rate due to financial strain, or would it be viewed as due dillegence in looking for a better interest rate? Is there any "prime" time to refinance a vehicle?
1. Is there a certain time frame that is best? No
2. Lender viewing you as financial strain or due diligence? Neither (based on time frame alone)
3. Is there any "prime" time to refinance? No magic time frame. I always tell my clients to refinance when they have had a 'significant' credit improvement.
I would recommend you applying for a refinance if your credit has improved by a substantial amount. The only concern is that you might be upside down on your loan. So figure out your LTV and make sure that's in check before you proceed.
