I have poor credit but was able to get approved for a new car (about $17000) in January. Of course the interest rate is terrible (18%) and I would like to refi the loan. I have been able to establish other good credit since then and have had only one late payment since January. How long should I wait until I try refinancing the auto loan and where is a good place to go? The bad reports on my credit history start dropping next January and will be all gone by the end of 2008.
Answer:
Refi as soon as the credit score starts to rise, then refi again if it goes up over 30 points. Thats what I did when I had problems a few years ago.
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