About a year ago, I bought nissan rogue 2008 and took a loan from them of 25000 with 7.5% interest rate. At that time my credit was not so good. People have been telling me that its a lot. Now my credit score is 720. Can you tell me which bank can give me low interest rate if i refinance my car?
I’ll appreciate your responses.
Thanks
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I’m not entirely certain, but I believe an auto refinance would be done as a used car loan. The current value of the car would probably have to exceed the amount you want to refinance, and interest rates for used car loans are usually higher than those for new cars.
Do the numbers if you get a loan offer – you may be better off just paying off the original loan… and doing so as quickly as possible.
Auto refinance is a bad bad idea. it’s not the solution you need. It’s not solving your problem.
Simply pay off this loan as quickly as you can, making extra payments if possible. You have zero equity, so pay the loan down quickly, get into equity, then pay it off completely.
7.5% is not a bad rate. Just let it be. If you made 12 payments, your credit score went up by now. If you have a 5 year loan, when you make 20 more payments, you paid about 70% of your interest. That’s how banks make their money.