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Posted in Auto Loans
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Question By
pmoore51

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credit karma is letting me know i can get a low payment on my car if i refinace. is this true?

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refinance auto loan

Helpful to 38 out of 39 people

I just used this credit karma information and refinanced my auto loan.  My interest rate was 12.18% and I refinanced at a rate of

6.25%.  My payment went from $526.00 to $438.00.  Since joining Credit Karma and following their recomindations, my credit score

has raised 60 points in about 8 months.

Reply by
Lirock1

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Hello, What company did you use to refinance with an what was the required credited score ?  I really need to do something that could be done a.s.a.p.  Thank You

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DON'T CO SIGN AGAIN! ! ! 

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Help

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My cosigner filed bankruptcy and will not sign reaffirmation because her attorney advised her not to. I have had my car for three years never late and no missed payments. I pleaded with Santander to continue to report my ontime payments to the credit bureaus. But they are unwilling to do so. My credit has dropped 3 points on TU because it no longer shows so my score with TU is 646 and Experian 646 not sure about Equifax. I dont think I can refinance becaue of my income which is why I needted a cosigner in the first place. Is there anything I can do ? I read that they should still be reporting since I am the primary borrower and to dispute this with the credit bureaus. Any advice ?  The only positive items I had are my student loans and Santander which is now removed. Please help I would like to bring my score back to a 720 ASAP which is where I was when I signed up with CK. 

Thanks

Reply by
domingueza

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Refinancing may be the only option you have.  You may have to go to a banm that specializes in auto finance and explain the situation.  Maybe ask for a history of payments letter from your current bank.  I think that would not be an unreasonable request and take that to your bank.  They can look at your paymeny history and see that you're a good payor.  As long as your paymeny goes down, they should approve it if the income is not horribley low.

Hope this helps.

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How do I refinance??

I have a truck I've paid on it six months straight do I fill out a application and if so any suggestions?

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JOHN S

Helpful to 2 out of 4 people

I COSIGNED A CAR LOAN FOR MY STEPDAUGHTER, AND SHE HASEN'T BEEN ABLE TO MAKE THE PAYMENTS ON TIME DUE TO BEING OUT OF WORK FOR ALMOST A YEAR. SHE NOW HAS A GOOD JOB AND IS NOW GETTING BACK ON HER FEET, BUT MY CREDIT SCORE HAS SUFFERED DREMATICALY! HOW CAN I GET IT BACK TO A DECENT LEVEL? 

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