How long should you want until you try to refinance an car loan?
My wife had no credit when I got the loan, but she has credit now and I want to add her to the loan, but to do so I will have to refinance. This could hurt my score? But could help my intrest rate. (Currently 13%) My credit has also gotten better since the loan. It’s been 7 months now, I heard I should wait until a year.
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March 5th, 2010 at 7:57 am
If you have only made 7 months worth of payments, believe me, you are upside down in the loan. Even at a year of making payments, you are upside down. Which means unless you put a hefty down payment on the car, and have some sort of equity, you are not going to refinance it.
Go ahead and call some lenders and see for yourself. I highly doubt any of them will be able to do anything at this point. How long was the original loan anyways? 36 mos? 48? 60? The longer the term you took, the less that would be paid to the principal, and would keep you underwater (owe more than it is worth) longer.
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