When can i Refinance my car loan?
Ok so i got a new car in July with my mom as co-signer. I have good credit since i have been making my payments. I also just got a small loan through a credit union to help increase my credit score. I wanted to know when i can and should refinance my car to lower the rate. Started making payments in September of 08′ is it too early?
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February 28th, 2010 at 7:53 am
It probably won’t cost you anything to refinance so what do you have to lose? You should talk with your credit union since you have an account there and the rates are usually better than at a bank and credit unions are usually more personal because you are a member. You can also consider applying for a car loan through Capital One. Check out bankrate.com for the best rates on car loans. Try to get your Mom off that loan to free up her credit usage. If you can’t get approved now, try again in 6 months and then another 6 until you get the refinance. For now pay as much as you can to build equity in the car or at least build some form of savings account. Cars are debts, not assets.
February 28th, 2010 at 7:55 am
You may not be able to refinance. It depends upon the loan value of the car. In many cases, the loan value of the car is much less than the outstanding balance on the loan. You probably won’t be able to get it refinanced through your current lien holder. You can try through a different bank or credit union.
February 28th, 2010 at 8:51 am
“John Clarke” is a criminal. The poorly written post and bad email is a give away. He is a scammer. He will not help you except to relieve you of your money. DO NOT talk to him.
Ditto “Betty”, “Mr. Clarke William”,”Rose Smith, “Maureen”.
They just keep stacking up!