Overhaulin'

When should I refinance my car loan?

I have poor credit but was able to get approved for a new car (about $17000) in January. Of course the interest rate is terrible (18%) and I would like to refi the loan. I have been able to establish other good credit since then and have had only one late payment since January. How long should I wait until I try refinancing the car loan and where is a good place to go? The bad reports on my credit history start dropping next January and will be all gone by the end of 2008.

Public Comments

1. when i bought my car they gave me 9% that still high,but the dealer told me to go back after i made 10 payments to refinance it again to lower the interest rate i'm about to do it but all my payments have been on time,that payment you send late could affect you,if you are stablishing your credit,one thing pay everything on time.
2. Wait until the end of 2008 when your credit score improves. Have you checked your credit reports lately? If not I would suggest that you do. You can get a free one every year and I think you just pay a fee if you want to see your credit score. They sometimes will give you suggestions on how to improve your score. That way you can see if there are any mistakes on the reports that will need to be corrected.
3. If you think that you are paying a higher repayment amount for your existing car loan<!--then you can bring it down. With the help of refinance car loans, you can switch the loan plan with effective loan management. http://best-loans.awardspace.com/refinance-car-loan-bad-credit.htm If you think your lender is charging a higher interest rate on your car loans then you can look at the refinance car loans option. With the help of a refinance car loan, you can avail multiple benefits. Firstly, you may reduce-->your monthly costs. Secondly, you may avail a competitive interest rate. Thirdly, you could be getting a flexible repayment period. Overall, you will be managing your loan a lot better.
4. Refi as soon as the credit score starts to rise, then refi again if it goes up over 30 points. Thats what I did when I had problems a few years ago. I've had good luck here... http://auto.deal4-you.com Best of luck to you.