should I refinance?

[Anonymous]

I dont think right now is a good idea...but please let me know what you think:

current auto loan on my '03 honda is $17500, which the car is kkb @ 10k. (I know..that sucks)

anyways I have had the current loan with WFargo for 24 months (never late and always paid $500) and current APR is 15.6%!!  making my monthly payments $497. 

No other loans or CC debt and my EQ FICO is 720.

I want to apply for a VA loan to purchase 1st house, but am not sure if my monthly payments of $497 for a car is going to effect the max I can get on my home loan.

On the other hand...I know lenders look at recent credit inquires and new accounts, so maybe that would backfire?

If I refinance with the same company (Wells Fargo) will it show up as a new loan or line of credit or simply stay the same on my credit report??

Can I call WF and simply ask them to lower my interest rate?? 

Thank you In advance for any help.

[moondog7324]

How the hell did you end up owin $17500 on a 6 year old Honda? Do they even sell cars over $17500? Just kidding. Yo've got excellent scores you should be able to reduce your interest rate. I would call Wells Fargo and tell them you want to re-finance at a better rate. Your problem with refinanceing somewhere else is two-fold your collateral is a 6 year old car- and your upside down 6G's on the car. You may have to go for a signature loan at a credit union.

[shalane85]

If your car has under 70K miles you may be able to refinance with Capital One. With a credit score like yours you should qualify for their 6% interest rate. Should know $150 off your mnothly payment. Since you are trying to buy a house you will have to strategically figure out when you refi b/c you dont want to mess up your preapproval with a mortg lender. Exactly when are you trying to buy a house?