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Posted in Auto Loans
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Question By
ajones6805

9 Contributions
18 People Helped
Should I refinance or keep paying current car loan?
This July will be two years since I purchased my car. I had really bad credit at 535 when I was approved for a loan but with 22% interest.. :( I wanted to at least show good payment history since I have cleared up my credit pretty much entirely. I now have a 685 credit score, but owe estimated 7k for two remaining years. Is this worth trying to refinance since I only have two years left? Or should I just keep the current loan? I do not want to extend the years and may start paying principal only to speed up the loan payoff if staying with the loan is better.
Also, my husband and I would like to buy a house next spring. If I refinance will that jeopardize the loan?

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Top Contributor
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7 grand with 2 years left at 22% would definitely be enough to warrant checking into a refi. As long as you are waiting until next spring to look for a house, there should be enough time between now and then that the refi wouldn't affect it.

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