I'm going to refinance my auto loan (19.75%-ouch) through a credit union. What kind of rates should I expect? I only need to refinance about 75% of the value of the car. My scores are low 600s. I have a 30 day late that will be a year old in June. Should I wait until its a year old? Does it hurt my score less after a year?? What rates do you all have from credit unions, and what were your scores?? Btw, my debt to income ratios are fine, so that shouldn't be any problem.
With my credit union, prime customers can get 4.99% for 48 months (it was 6.4% a while ago, but recently lowered). Score required = 670+. For your scores (which you said low 600's), I'd expect 6.99% for 48 months ... tops!! The only condition is that, they won't (re-)finance negative equity. The car's market value must be worth at least the amount of money you are asking for. Yes wait until June ... it's only 1 more month anyway. FICO places great emphasis on "anniversaries" ... both positive and negative. If a negative is more than one year old, your scores will increase. {Edit} They pull Equifax always.
