2007-09-05 10:17:21 · 6 answers · asked by Roosevelt M 1 in Cars & Transportation ➔ Buying & Selling
Refinance as soon as you get a better rate/deal. Just check to make sure that you're current loan doesn't have any prepayment penalties! Also, avoid any loan origination fees, etc.
2007-09-05 10:23:17 · answer #1 · answered by Emory V 1 · 0⤊ 1⤋
it depends a lot on what caused the rate to be so high in the first place.
If you are late or over the limit on credit accounts, your credit rating is probably low.
Untill you get that up you're probably stuck with a high rate.
The best thing to do is to get your credit in order by catching up on accounts that are past due, making payments on time every time, and not using any credit cards or charge accounts for a while. (By a while I mean a MINIMUM of 6 months after you are caught up on them all)
I am guessing at the reason for the high rate not making accusations btw so if I am mistaken, please don't take ofense.
If you have a high rate because of lack of credit, make sure to be on time with all of your payments and if possible pay a little extra any time you can to get the principle dow.
The key thing to remember is the value of the car will be going down over time too so be sure to not get upside down on it. (owe more than the Kelly Blue Book value)
if you end up being upside down, you will find it nearly impossible to refinance.
2007-09-05 10:29:36 · answer #2 · answered by Will Y 3 · 0⤊ 0⤋
You probley are not going to be ever able to refinance. You got a high interrest rate due to being a credit risk. If you do try to refinace your best bet is to join a credit union and they apply for a new loan.
2007-09-05 10:23:12 · answer #3 · answered by arizonalandshark 2 · 0⤊ 0⤋
If you can pay the current balance with no penalty any time is fine.
The sooner the better.
Try to find a loan through a credit union. the good thing with car loans is they carry no points or fees like real estate do.
2007-09-05 10:24:36 · answer #4 · answered by Anonymous · 0⤊ 0⤋
u should wait at least until after 8 months to refinance...
2007-09-05 10:21:21 · answer #5 · answered by Anonymous · 0⤊ 0⤋
6 Months? or a year? then shop a round made dealer can give you better deal....thats what i did got them come down about 3 clicks from 12% to9% to help me out. lower my payments $100.07 a month. try it??
2007-09-05 10:22:52 · answer #6 · answered by ? 7 · 0⤊ 0⤋