some background information:
- bought 2008 toyota yaris on 3/28/08, interest of 15% for 71 month & no down
- payments started on 5/9/08, with a co-borrower who's current credit score is 590
- didn't check my own credit beforehand, recently disputed some errors and my own credit score increased to a range of 703-719 from trans union, experian, and equifax.
- i only make about 700 a month. (im only nineteen..)
i was looking into refinancing and wanted to know when is the right time.
i recently joined a credit union and was informed that they can possibly refinance my car as a new car, meaning a lower interest if the mileage is under 5000, which is currently at 2400. however, since i didn't make a down payment, i'm capable of making an extra payment of about a thousand to have a better value to owe ratio, ONLY if i can get approved for a re-finance for sure. are my chances of getting approved high, even though i haven't made payments for at least 6 months to a year without a co-borrower (considering my low income)?
OR should i wait at least 6 months, which means my 2008 car would be refinanced as a USED car, thus higher interest. im willing to do this as well, along with an extra payment of about one thousand, ONLY if my chances of getting approved are higher and more certain.
what should i do? my monthly payments are 375, with only 100 going towards my principal balance ):
thanks for taking the time to read and any suggestions will help.