how long should i wait to refinance a vehicle that i bought in april with a rate of 8.99%?

Question

I have recently acquired a second job in july and i want to get a lower rate and if i can lower my monthly payments.

Answer 1

You are not going to lower your payments enough to make a real difference. Refinancing a 4 year car loan is not like refinancing a 30 year home loan. You just don't benefit much, if any. Besides you may not be able to find a new rate much lower than the rate you have, especially if you have less than a perfect credit score. Also be aware that used-car (your car) rates are higher than new-car rates (if your car was new when you bought it).

Use the following payment calculator to play around with your numbers to see how much you might benefit:

http://www.autoloancalculatoronline.com

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Answer 2

8.99 is not a bad rate. I think the lowest rate I've seen for used is 6.99 and that's Tier 1+ rate (> FICO 730).

So if you don't have stellar credit, it would be better not to damage your credit score by having your credit run but instead double your payments so it'll be paid off sooner. Send payments bi-weekly instead of monthly for example.

Answer 3

If you want to get a lower rate, refinance as soon as you feel comfortable. The sooner your refinance, the sooner you can appreciate the lower rate. But before refinancing, ask what rates you will qualify for.

Answer 4

It thoroughly relies upon on what fee it truly is financed at, and what fee you may get. maximum human beings would be procuring and promoting in a decrease fee for a more suitable fee now, as costs of interest have risen lots interior the final 2 years. in case you have a variable fee, nonetheless, you are able to look at getting a fastened fee as a replace. in case you desire to maintain your previous loan, look at getting a house fairness line of credit, and you are able to redesign with it. be careful approximately putting your automobile on it, as you do no longer desire to be paying on a automobile for 10 or greater years. i understand the interest deductibility seems effective, yet try to be sure you have the financial discipline to get it paid off. many all of us is refinancing to repay their credit enjoying cards, effectively paying for that lunch you had over 10 years.

Answer 5

if you have more money now make two payments a month and pay it off asap this is not a house

Answer 6

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