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Refinance a bad option?
Hi All,

I am planning to buy a 30k car. I am waiting till next month to down 5k.
I have CK showing 670 score, showing 704.I would request for the yearly free credit report before applying for the car loan.I know the best thing is to get a pre approved loan before knowing the dealer finance.
I only have 700 limit BOFA credit card and I paid it off.Since my credit utilization is above 48, I am waiting for it to come down so that score could increase.Also my credit history is just 8 months old.

Do you think I can get a good Auto loan if I apply in DCU, or should I wait till my score increases?.......

Also If I finance an amount of 25k at 8% for 60 months.
How will refinance for 3-4% after some time benefit me?

My friend has told that you will be paying interest as it will be charged over the first year of any finance. So will it be like paying interest to the first lender and also again to the second lender with new apr.As I am new, I am not able to understand please explain to me.

Or do you suggest waiting another month and making 7k down payment would decrease my apr?

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