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03-06-2009, 11:21 AM
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Car refi question for avg credit
Where should I refinance my car loan with fair/avg credit?
I started off with an incredibly high rate (21%) , refinance 6 months later for I think I'm at 14-16%, and now that it has been another 6 months, and my fico has steadily climbed, I would like to refi again to get a lower rate. With average credit, and a fico of 640, + a BK in 2006, where should I start applying? I'm currently with Citi, and before that it was Americredit. 
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03-06-2009, 11:23 AM
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I am siting at about 700 and after 13 hits on my report and the endless denial letters I gave up. I will try again when the credit market improves. I am paying 11%
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03-06-2009, 03:11 PM
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I seem to be a booster of credit unions lately. Mine still actively advertises car re-financing. I think they were offering around 5.5% on shorter term loans. They seem to be an okay place to get financing.
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03-08-2009, 12:05 AM
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Yup, that's what I thought. I was given 136,000 for my house but they would not give me 12,000 to refi the car. Its beyond me lol.
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03-08-2009, 08:21 AM
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A house in an appreciating investment, a car is an actively depreciating investment. People are willing to lose cars, not houses. Hence, the bank sees $136,000 on a good credit person as not much of a risk, as opposed to the same person getting a $12,000 loan and totaling the car driving off the lot, and doesn't pay the loan because they don't have a car to get repo'd. One of my co-workers recently did this - beyond me why, but they did.
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