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Discussion Starter · #1 · (Edited)
What's a good rate to refinance my loan now that I've knocked down some credit card debt? Credit score is 715. I NEEDED a car when I picked up the FG2, so I didn't have the most ideal credit for purchasing a new car at the time.

My fiancé got a rate of 1.9% on a 2010 EX-L with like a 740 when she purchased her car, but that was from Honda and that was when she got the car, not a refinance. Doubt they're comparable (new purchase vs. refinance) but I am just throwing it out there.

I see some places advertising 4-5 percent. Decent, or could I go lower?

I hate this credit score crap....lol....wish I'd have gotten 1.9% like the woman....
 

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For a refi on a used car I don't believe you'll really see lower than 4 or 5%. But then again, I could be wrong. I would just go to a few different places and see what they can work out for you, whatever you do just don't refi through a dealership. Good luck man!
 

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Just a warning, everytime you get your credit report ran you are going to lose points off your credit score. So before you run around spewing your SS #, be careful.
 

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They are generally soft hits if you are shopping around for the same thing, if you start doin it for different things then it definitely will. But he's right, just choose a few places and see what they can do for you.
 

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I thought viewing your credit score doesn't ding your score? So when the bank asked me to apply for a credit card and I said sure and they ran a check, my credit score went down!?!!?!

But back to seriousness you'll probably not get anything lower than a 4, my car which is under my moms name was financed at 4.9 (She still had her car financed, so I can see why it was 4.9), she went into the credit union which issued the loan after about 2 months and they adjusted it to 3.9, 75$ fee, but I'll save that over my life of my finance.
 

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Just a warning, everytime you get your credit report ran you are going to lose points off your credit score. So before you run around spewing your SS #, be careful.
Uhm, if it's all car related and within a short amount of time, you have nothing to worry about. This isn't 1999 yo!
 

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They are generally soft hits if you are shopping around for the same thing, if you start doin it for different things then it definitely will. But he's right, just choose a few places and see what they can do for you.
Myth my friend. i work for a bank. ANY TIME anyone looks at your credit history for the PURPOSE of credit (AKA "hard hit"). Your score will drop. A "soft hit" is when you personally look at your score for your free annual credit report check, or you are pre-approved for credit by your bank.

Its usually only 2 pts but if you goto 10 diff places that a 20 point drop. So be careful when u give out your Social #:usa: or SIN in canada
 

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I dunno how they do it up North, but here in the State's you do get hit ever so slightly on the first application that's car related, but within a very short time, anyother car related inquiry application isn't going to ding you any further. Before, back in the day, inquiries were made because you couldn't get bought from the previous inquiry, so thus lowering your score. So now, with hundreds and hundreds of banks, they changed that up because people were getting dinged for shopping around for the best one. In the opinion of the government, that wasn't a bad thing about an individual. What smart person with their money doesn't look for the best deal for their budget?

...but like I said, it could be different up there.
 

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Discussion Starter · #13 ·
Check with a credit union where you live. We have America's First here and I refinanced my Si at 4.75%.
Good call on this one....I'll have to check out the Indiana University Credit Union.

Good info in this thread. Thanks for the replies folks!
 

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Myth my friend. i work for a bank. ANY TIME anyone looks at your credit history for the PURPOSE of credit (AKA "hard hit"). Your score will drop. A "soft hit" is when you personally look at your score for your free annual credit report check, or you are pre-approved for credit by your bank.

Its usually only 2 pts but if you goto 10 diff places that a 20 point drop. So be careful when u give out your Social #:usa: or SIN in canada
Good to know, thanks.
 

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Well, I run credit checks all day every day for customers here in California (in regards to a vehicle purchases), and I surely don't see a drop in points from customers shopping around until they get the best deal for their money, ...within a short period of time of course. Here in California when an establishment runs your credit, they have to give you a copy of your score. Customers who've been shopping within a two week period show me paperwork that they did in fact get the same score pulled.
 
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