What is a good company to Refi my auto loan with?

[SiRyan]

Ok. I've owned my Si for roughly 7 months now and I want to refinance it to a better rate and term because initially when I purchased it my credit wasn't all that good (low 600). Now I think that I've built my credit to where I can at least get a better rate. I always paid my bills on time and everything. I'm thinking my credit score should have raised to be about 620+. Just to let you guys now this is the first car that I actually financed, every other car I had was paid off in full, I'm not really knowledgeable to know who to refi with. So, does anyone know what good credit union or bank I should apply with and try to refinance for a good rate? Thanks for all your help!!!

[Mikey6p]

Shop your local credit unions....and see if your employer has a credit union. I just shopped around, found some good deals but no one could really beat the deal I already had.

[Jester FPS]

Originally Posted by Mikey6p

Shop your local credit unions....and see if your employer has a credit union. I just shopped around, found some good deals but no one could really beat the deal I already had.

I second the local credit union motion.

Mikey, what apr are you getting and for how many months?

I got a good refinance through https://www.oefcu.org/ 48 months with 7.1% apr I believe.

[SiRyan]

^ Whoa. GOod deal! I'll give them a try.

[SiRyan]

oecfu.org not a site.

[Jester FPS]

My bad, fixed..

[SiRyan]

THanks!

[SiRyan]

I think you have to be a member.

[Mikey6p]

Pmed... dont feel like sharing my loan terms with the world.

[uscgbeachbum]

A low 600 to ~620 credit score won't change anything. In order to even make a difference you'll need ~50 point change. And that kind of change doesn't happen in 7 months unless you are actively doing credit repair. And I don't mean those scam "companies" that consolidate your bills or "repair" your credit. Also, if you apply for a loan at one place and you decide to go somewhere else (whether its bad terms or not approved) your credit score will instantly be lower (5-10 points) since someone has recently pulled your credit. Oh, there is a bunch of information out there on credit repair (assuming you've had credit since you were 18) that you can do yourself. Best of luck.

[doug piston]

Originally Posted by uscgbeachbum

A low 600 to ~620 credit score won't change anything. In order to even make a difference you'll need ~50 point change. And that kind of change doesn't happen in 7 months unless you are actively doing credit repair. And I don't mean those scam "companies" that consolidate your bills or "repair" your credit. Also, if you apply for a loan at one place and you decide to go somewhere else (whether its bad terms or not approved) your credit score will instantly be lower (5-10 points) since someone has recently pulled your credit. Oh, there is a bunch of information out there on credit repair (assuming you've had credit since you were 18) that you can do yourself. Best of luck.

thats what i was thinkin, that it hasnt gone up enough. but regardless a local credit unon should be better the like honda finacial, or a regular bank i think

[webby]

moved to the water cooler

[hatchbac_smokin_you]

well it still depends what rate he is at now.. he can shop around and get a better rate most likely at a credit union.. and yes you have to be a member at any credit union to take a loan out.. but all that means is open a account.. better to have savings in a credit union as the apr is better.. i would shop around and find one.. there is a good one in san jose called technology credit union.. you just have to search..good luck

[SiRyan]

Thanks people!

[marc-o-lishuz]

At 600-620, you're still only going to qualify with B-lenders. You'll need 700+ to get a good rate with an A-lender.