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Posted in Auto Loans
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LearningTheHardWay

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I just got approved for an auto loan with 2.99% rate for a new car.
I have 1 dispute (collection account) on my credit report. Other than that there is nothing. I have a credit score of 719 (it dropped 3 points from 722 when I told the credit union to repull my credit report so they could see that 1 of the 2 accounts had been removed......long story) Anyway, this morning I was told my credit union that I have been approved for the loan but because of the 1 dispute my rate was 2.99% instead of 1.99% which isn't a bad rate but I'm trying to keep the payments low. How long before I can refinance my auto loan and how bad of a hit does your credit score take for something like that??? If you refinance a home loan does your score take a hit too?? Or doesn't it work that way??? I've always just paid off the car going through the 5 yr payment plan....lol...but if I can make it easier on my pocketbook then I'd like to at least have the option without killing my score.

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t

That's not a bad interest rate. I just bought a brand new car and the choice was 0% interest for 60 months or $2500 cash back and do my credit union's rate of 2.62% for 72 months.  The manager crunched the numbers and I came out ahead at the credit union's rate.  And my goal is to have this paid off sooner than the 72 months because I am able to.  If you would like to save money on the car, pay extra every month instead of waiting to refinance.  It works very well.

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