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Posted in Auto Loans
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NewToBigLoans

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How long before I should refinance my car loan?
I bought a new truck for $43,000 @ 7.79% with $1500 down(that is a story within it's self). My total amount due is about $54,600, over 84 months @ $650/month. I owe about 10k in CC debt across 15 accounts, amounting at 40% of the total limit. That drives my score down to an average of 675.
My question is how long should I give my car loan before I refinance? I can drive my score back up to 700 by throwing money at my debt over the next few months, but is there a magic credit score I should be watching for that would get me a better finance rate that is within my reach?

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Fix One then the other

I would start by paying down the CC's and increasing their limits if possible. This will raise your credit score. Then when you go to refinance your loan, you will get a better rate.

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Pay off all little cc and ask for credit increase on all cards this will help a lot

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