Credit Advice

Have a question? Have advice to share? The combined knowledge and experience of everyone in the Credit Karma community can help you. Enter your question or help others below to get started!

Question

Posted in Auto Loans
Profile Image

Question By
UniversityStudent101

0 Contributions
0 People Helped
Refinancing an Auto Loan
Hi everyone. So, I am a first-time car buyer, and it has been about six months since I've had the car. When I went to the dealership, they said in about this time I could try to refinance the car. So, I'm looking at options, but I'm still not sure what everything means. I'm going to give you guys some numbers and if you could, tell me what a good deal is.

The car balance is 14.5, the interest rate is 18.99, or somewhere there about. and yes, I'm aware that is horrifying. I'm between a 620-640 on here. So it could be higher or lower.

So, any advice on what good numbers would be, what good places to go would be (online vs in person), anything like that would be amazing.

Your Credit Scores Should Be Free. And Now They Are.

View your scores and reports anytime.

SIGN UP NOW
All Responses

Results 1-2 of 2Results per page: 5 | 10 | 25Page 1 of 1   Previous | Next
Top Contributor
1793 Contributions
3030 People Helped

Do you have any cash saved up to buy a nice used car and sell this car and get out of the loan.

with numbers like that you are not going to find any good interest rates.

you need to work on credit score and credit report on why are your numbers low.

Top Contributor
5038 Contributions
1136 People Helped

You should pull your FICO scores and see where you are there as a lender will most likely use a version of FICO (probably an auto version). If your scores are not great with FICO either, then I suggest putting off the refi for another six months and work hard to improve your scores and credit profile before you go to refi. There is a wealth of information on here and across the web to show you how to improve your credit. If you have any questions along the way, feel free to ask and I will try to help you.

Results 1-2 of 2Results per page: 5 | 10 | 25Page 1 of 1   Previous | Next

Your Credit Scores Should Be Free. And Now They Are.

View your scores and reports anytime.

SIGN UP NOW

Reply to this Question

Write your response:
Enter Your Comments

The Credit Advice pages of the Site may contain messages submitted by users over whom Credit Karma has no control. Credit Karma cannot guarantee the accuracy, integrity or quality of any such messages. Some users may post messages that are misleading, untrue or offensive. You must bear all risk associated with your use of the Credit Advice pages and should not rely on messages in making (or refraining from making) any specific financial or other decisions.