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Posted in Auto Loans
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blupinkgreenmal1

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When is a good time to refinance my car?
I have a terrible auto loan, and don't know much about them. I've only been loaning money for about 9 months from coastal credit, and at 23% APR (i think) they are gouging me pretty hard, because i had 0 credit. My credit is now "fair", which isnt great but it's okay. Am i able to refinance now? Do i have to wait? Does anyone have suggestions on where to go and how to do this?

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Do you currently have any credit cards? If not, you may want to get a couple as it would give you an automatic boost to your fico scores. I would work on building your credit up a little better (watch your Fico scores) and make sure that your car is worth what is remaining on the loan. Lenders usually wont refi a loan that is underwater. You can try to refi now, but if there are any easy ways to boost your scores in the short term, I would do that first to make sure that you can get the best refi rate possible.

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