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I need car refinancing help? Any experts?


Guest pjmac
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Guest pjmac

I need help with a loan I am in. What would you guys recommend, is there anything I can do to save money? When I bought the car I had 4k cash as a down payment, but the dealer I went to told me my credit was so bad that I could only get a loan at high interest. My credit was bad because of a cell phone bill I refused to pay for years, and 3 thirty day late payments on my previous car loan (which was paid off in full early, which I thought would help my credit, but didn't).

My credit score is 643.

I have a loan with chase bank at 18.44% interest

The loan was originally at $11,600 for 6 years. I've paid it down to $7800.

I got the loan in January 2010 and haven't made any late payments on it. I try to pay extra into principle when I can afford it. I was hoping I could build my credit up enough to where I can refinance and save money.

The car is a 2008 mazda, 40k miles on it, and is a good machine. I don't want to trade it in or anything like that unless it saves me a boatload of money.

I know absolutely nothing about refinancing and the entire process. Is my credit score good enough to even get an interest rate low enough to justify refinancing?

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Do you belong to a credit union? Your rate is high considering your current score.

Do as Bingo suggests and check out the value of your vehicle first, then visit your credit union and refi that loan. If you don't have a CU, there are many you can join. I don't know where you are in Fl, but GTEFCU in Tampa is great for car loan refi's - and you don't have to be anywhere close to them to refi.

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