Question : How fast should i refinance my car loan?
Car loan is 17000 dollars apr is 17 %. Dealer told me that i can refinance in 4-6 months, but i think he lied to me. Bank told me that i can refinance only once.So 4 months passed.SHould i try to refinance it or wait at least 12 months???Thank you.
- asked by rustik23
All Answers:
Answer #1
You cannot refinance your car loan if it is lessthan 12 months payment recrd.Your apr indicatesyour credit challenges therefore, until youreestablish your self in thatloan banks, will seeyou as a high risk. It is best to stay with thatone bankand pay it off. Bite the bullet and knowthat you purchased this credit. It will be easiernext time around.
- answered by monkeymanhowareyou
Answer #2
At that apr and assuming the 17000 was the valueof the car, you will be "upside-down" for 2-3years, i.e., your car will be worth less than theloan balance. Make double--even triple--paymentsas you can, or you will need thousands torefinance.
- answered by kev
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