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Posted in Auto Loans
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3ccr

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New car w/ loan from dealership, too early to refinance for something better?
I just got a used 2010 Prius from a dealership and did my financing there. I knew that was a bad idea and I ended up with a %10.99 interest rate. My first payment isn't for another month. My credit score has improved ~40 points since I got the car for other reasons, and Credit Karma is telling me that RateGenius can get me a %3.99 interest rate. Is it worth it to apply if it takes a hard hit on my credit? (Btw I have never missed a payment for anything I only have 1 credit card and student loans so my credit isn't built up yet). Thanks for any help!!

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Top Contributor
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Dealerships can often get the best rates and, since you said your credit score is low, a 10.99% interest rate isn't a bad deal.  Hang on to the car and work kon building your score better.  I don't advise trying for any of the recommendations f rom Credit Karma since the info is not based on your toital credit.  I have not accepted any of their recommendations since the site is strictly for teaching how credit works, and is not a credit bureau.

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