Military Significant Others and Spouse Support - MilitarySOS.com
Page 1 of 2 12 LastLast
Results 1 to 10 of 11

Thread: refinancing a car?

  1. Senior Member
    cassadilla's Avatar
    cassadilla is offline
    Senior Member
    Join Date
    Sep 2010
    Location
    NJ
    Posts
    17,907
    #1

    refinancing a car?

    Advertisements
    I basically know nothing about this, so I'm just looking for some insight. I bought my car a year ago and my mom co signed. At the time, i basically didnt have credit and my mom has bad credit so i got a 9.5% interest rate. i had no choice but to finance a car because i had no money saved so i went for it and ive been paying it off for year. Since then theres been some other things that will have helped my credit, and i just recently started paying off student loans. Im never late on any payments for anything. Anyways, i know in the future i wanna try and refinance. Now how do i know when is a good time to do that? How long should i wait before looking into it? Again, I honestly really know nothing, so any insight would be great.
  2. Banned
    gunsgirl's Avatar
    gunsgirl is offline
    Banned
    Join Date
    Jul 2007
    Location
    lost
    Posts
    17,275
    #2
    look at your credit score, see if it has changed and gone up. if it has changed more than 50 points refi as soon as possible.
  3. Senior Member
    bdizzle's Avatar
    bdizzle is offline
    Senior Member
    Join Date
    Sep 2011
    Posts
    19,693
    #3
    Quote Originally Posted by gunsgirl View Post
    look at your credit score, see if it has changed and gone up. if it has changed more than 50 points refi as soon as possible.


    And make sure you shop around when it comes to interest rates. USAA tried offer us 9% the first time, and I ended up getting 4% through Nissan.


  4. Anchored2aSailor's Avatar
    Anchored2aSailor is offline
    Banned
    Join Date
    Jun 2010
    Location
    Connecticut Bitches!
    Posts
    8,438
    #4
    You want to make sure that your credit score is as close to 700 as possible. 700+ will get you the best rates. Also, don't be afraid to bank shop. Check out all sorts of banks, and see what they offer, and go from there. Also check out to see what their penalties are and whatnot.
  5. Senior Member
    cassadilla's Avatar
    cassadilla is offline
    Senior Member
    Join Date
    Sep 2010
    Location
    NJ
    Posts
    17,907
    #5
    thanks guys. i really need to find out my credit score
  6. Señor Member
    Ashley.'s Avatar
    Ashley. is offline
    Señor Member
    Join Date
    Mar 2008
    Location
    Okinawa, Japan
    Posts
    25,785
    #6
    Quote Originally Posted by cassadilla View Post
    thanks guys. i really need to find out my credit score
    You should be able to see it through your bank. I'm pretty sure they'll give it to you free for a year?

    be cool.
  7. Senior Member
    cassadilla's Avatar
    cassadilla is offline
    Senior Member
    Join Date
    Sep 2010
    Location
    NJ
    Posts
    17,907
    #7
    Quote Originally Posted by Oh, Baby♥ View Post
    You should be able to see it through your bank. I'm pretty sure they'll give it to you free for a year?
    oh cool. i didnt know that. ill have to look into it
  8. Senior Member
    Glamorous's Avatar
    Glamorous is offline
    Senior Member
    Join Date
    Sep 2010
    Location
    Silverdale, Washington
    Posts
    4,065
    #8
    Nobody else has mentioned this, but usually you have to put money down on the principle in order to refinance. When I had my car with my credit union (BECU), they wanted $1k down in order to refinance. Just keep that in mind. If you don't have anything to put down, it may not be worth your effort right now.
  9. Senior Member
    cassadilla's Avatar
    cassadilla is offline
    Senior Member
    Join Date
    Sep 2010
    Location
    NJ
    Posts
    17,907
    #9
    Quote Originally Posted by Glamorous View Post
    Nobody else has mentioned this, but usually you have to put money down on the principle in order to refinance. When I had my car with my credit union (BECU), they wanted $1k down in order to refinance. Just keep that in mind. If you don't have anything to put down, it may not be worth your effort right now.
    i didnt know that either. thanks for the heads up!
  10. Mouse Addict
    hockeyprincess13's Avatar
    hockeyprincess13 is offline
    Mouse Addict
    Join Date
    Jun 2011
    Location
    Ramstein, Germany!
    Posts
    3,671
    #10
    Quote Originally Posted by Glamorous View Post
    Nobody else has mentioned this, but usually you have to put money down on the principle in order to refinance. When I had my car with my credit union (BECU), they wanted $1k down in order to refinance. Just keep that in mind. If you don't have anything to put down, it may not be worth your effort right now.
    We didn't have to put anything down when we just refinanced DF's car through USAA.
Page 1 of 2 12 LastLast

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •