I’m looking at refinancing my auto loan after a bankrupcy. The orig. company reports to the credit beurus but is at 13.5 % I’ve been offered a refi at 10.72% but they don’t report to credit bueru until after 1 year am I better of with the original or the refi.
I have an auto loan after a bankruptcy that is at 13.25% and reports to the credit beuru. I’ve been offered a refi. at 10.72% after fees but they will not report during the first year of the loan. Which choice has the best benefit overall I’d like to rebuild my credit but would like to pay down this loan as well. The original loan is reported and i always pay on time but the refi. would save in interest over the loan and give a slightly lower payment. Which choice provides the best option overall for my needs? Thanks
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It depends on how much longer you’ll be paying off your loan. By the way, both of those rates seem very high.
only if there is no hidden fine print should you go with the lower precent.
If you’re trying to rebuild your credit, the “no report” loan will do NOTHING for you. You’ll pay a bit less interest in the long run with it, but it won’t help your credit record at all for over a year.
I would say the best bet is to pay your debt down with the lower interest loan and pay off other debt to. This will help more with your credit score and your budget if you can lower all your debt. You have to be thinking more long term. If you are considering getting another loan in the short term you probably really aren’t concerned to much about your credit score.
I would say it depends on if you have an underlying reason for wanting your credit score to improve. Are you planning on making any purchases on credit in the near future? If not I think I would go with the lower interest rate and the year will pass by quickly. GOOD LUCK
no report means no history. abot 6 months of history (good history) should be able to drop your interest rate below 7% with a reputable lender and thus save about the same money (that is if it’s a long term loan)