Auto Refinance question?
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My credit score is pretty low (around 580) . I got a car loan at around 17.4% and I've been paying on time for the past 4 months. I wanted to know if it would be a good time for me to refinance because I know I'm paying way too much per month ($400) on a $16,000 loan. Also, i'm not sure if this factors in but since that time, I changed into a much higher paying job, I was making 42k now i'm at 65k.
Auto Refinance question?Auto finance is what I do for a living and unless you can get the vehicle financed through your own bank or credit union there is not much chance that you will be able to lower your interest rate.
Lenders look for at least 12-payments made as agreed before they will refinance a car.
And with a 580 score 17.4% is really not that bad.
Auto Refinance question?Cal the bank who has the loan and ask. I doubt they will be willing to redo the deal so quickly.
Auto Refinance question?You might need to hold off a little longer than 4 months. Since you're making so much more money, you can afford to pay down the principle balance a bit. Any extra payments you make, make a notation on the payment coupon AND on your check that X amount of $$ to pay toward principle. This is very important, otherwise they will apply the extra payment to pay down interest.
Auto Refinance question?Take this situation and your income to the NEAREST CREDIT UNION and see if they can work out a better refinance package.
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