started this february with a 6 year loan for 23,232 @18.99% when my scores were in the low 500s/high 400s.
FICO scores are better now but current balance is still 22,444 with current car value of 24K.
i am getting a bonus in 2 weeks and can bring balance down to 19K.
does it matter? can i go ahead and refi now? it will be with navy fed.
Starting Score: EQ FICO 588 EX FICO 587 TU FICO 588
I'd pull the trigger with the bonus check in hand. It won't matter if you pay it to the old lender or the new, and you have more flexibility with it than without it.
If you can get refi'd at that point, take it absolutely. I'm stuck waiting till the end of August so I can easily prove income, but kick that 18% loan to the curb ASAP - you can always refinance down again later if hte number moves to something you don't really care for, but your finances will be in remarkably better shape even if you can refi down to 12-13, and NFCU will probably do better than that.
Edit: make sure you get the 6th reported payment showing up on your credit reports before pulling the trigger. 
. I'm past that date but income was delayed months past what I expected so.... hanging out sadly. You may need to wait till next month depending on the reporting cycle, but it's worth doing FICO wise since you're extremely close if not already there.
what were your before and after scores if you don't mind my asking?
I'm sort of in the same boat, but at the beginning lol I just purchased a Jeep at the end of July. Financed $20,000 at a 15% interest rate. Hoping that after 6 months or so I can refinance into a lower interest rate. My payment is just under $500.00 for 5 years. I can afford to pay double that each month. Am I further ahead to do that, reducing the principal owed faster, or put it into savings as a downpayment when applying for a refi?
Thanks!
Starting Score: 577 EX 9/9/2015at 15% i would put all my extra money after employer match 401(K) into that car payment. that's what i was doing
@CasperJack14 wrote:I'm sort of in the same boat, but at the beginning lol I just purchased a Jeep at the end of July. Financed $20,000 at a 15% interest rate. Hoping that after 6 months or so I can refinance into a lower interest rate. My payment is just under $500.00 for 5 years. I can afford to pay double that each month. Am I further ahead to do that, reducing the principal owed faster, or put it into savings as a downpayment when applying for a refi?
Thanks!
Keep paying extra: Ms. Chang's situation is a little different being right at the refi point. You wind up way further ahead paying double, that's what I was doing till my income fell flat, but I'm still well ahead of the curve now (21 -> 16K total even after a few months of non-payment when my income fell flat... ah the magic of paying more than needed early!)
