I've been approved to refinance my existing auto loan through Capital One (Yes they pull all three reports-just like applying for a credit card). My current loan is through Americredit 17% I have 53 payments left They have offered 14% for 53 months Savings of $20 even a month I'm trying to figure out if it is worth it. I could accept it then just continue to pay what I pay now thus applying $20 to principal (not much I know) But then I will take a hit for a new tradeline,correct? I probably won't keep the car the entire length of the loan honestly. I currently have a paid off loan through Americredit now (for the car I had before). Would they even consider changing my current terms if I tell them I am going to refinance? Probably not, huh? Anyways any thoughts?
If your Trans Union report is decent, and your car has a good resale value, you may want to try Generations Bank before agreeing with Capital One.
I don't mean to take over the thread but I didn't think a new thread was warranted since it's the same subject - I've got an auto loan through American Investment Bank. I got it exactly 2 years ago this month. It's got a single 30-day late back in Aug of 2000. I'm paying a wopping 21% - any suggestions regarding a bank to refinance through? My scores range from 594 - 597.
No, TU just reinserted 4 accounts on me (all neg of course, I am contacting an attorney to file a lawsuit now - plus a BK from 98) I currently have 1 paid auto loan (Americredit from 2000) 1 auto loan from 3/00 that is just about paid off (about 7 more months) Then the open Americredit I owe $25,000 and thats about what the car is worth. TU-541 now (inquiry + new negs) EX-607 now (inquiry) EQ-634 now (inquiry)
Join a local credit union. Before you apply to refinance your car, I would suggest that you work on your credit a little more. Thus giving you an excellent chance at a great rate.
Just a funny note... I got the Americredit loan through E-loan. I figured I'd try there to refinance.....nope denied......however Americredit gave me another loan for same 17% $35,500 max. amount to spend ($5,000 more than they gave me last time) hhmm........
Donna, Apply for the Cap One refi now. The worst that you're doing is saving money; $20 a month is better than nothing. Work on TU to improve it and then try for Generations or, as Reshod suggested, try a credit union. Speaking of the $20 a month, keep paying that to Cap One if you do refi. That will help get you into a positive equity situation on the car, which is a good place to be from the eyes of the bank. Tmitchell, I would ask the car lender to do a goodwill adjustment on the credit report and remove the 30 day late. Keep asking until you get the right person. Then try your credit union, Cap One, or Household Auto Finance for a good refi rate. If your TU report is in good shape - try Generations.
