I have a search in progress too on this subject, but I would appreciate info, advice, personal experience on refinancing a vehicle. We have a 2002 GMC Sierra. Owe $26000. It books retail at $30,000 and trade in at $23,000. Our scores are below, however, DH has a current round of disputes that will be done mid-June. The refi is about interest rate and payment. Our current rate is 14.9% and our payment is $604 a month. We'd like the payment down to $500ish. We have 13 months (since the beginning of the loan) of never late. Will this be hard to accomplish?
I'm not an expert but we refi'd our auto loan through our credit union. Our rate went down to 7.5% and we were about 15 months into the loan. At the time I'd say both of our scores were 640ish with the bureau they pulled. If you belong to a credit union that's a good place to start. A few years ago we joined this credit union just to refinance a car and had no problem then either (lower scores at the time). Good luck!
just a question - why did you buy a brand new car if you have bad credit why not just buy an older car - this way its paid off sooner and less interest to pay... hmmm....
Hmmm... well, lets see. We had hiccups in our past. Since then we've worked our butts off at getting our credit and lives back in order. Making a combined income of well into the 6 figures and living on a dirt road on a ranch in Wyoming at the time, we needed a truck that we knew was reliable and could handle not only snow and ice but -40 and lower temps. We've made all the payments on time and gone above and beyond. Actually just under 15% was a great rate considering our credit scores were all in the 500s when we did it. Now with hard work and credit that is improving daily still, we'd really like to refinance and get a better rate. If that's okay with you, of course?
Luscious... I wanted to say thanks. We have been told that our credit union is likely our best option. I think we might try that first.
