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 auto 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.
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. |
