I was in a really bad financial position a year and a half ago and due to a car accident at that same time, I had to buy a reliable new car because I drive 100+ miles/day, work full time, and go to school full time and can't afford to take any risks witha used car that may turn into a nightmare. To keep costs as low as possible, I placed the $4.400 I received from the insurance company down to finance a 2006 Nissan Sentra "Special Edition" @ $16K.
At the time, my credit was horrendous (high 400's to low 500's), so it came as no surprise when I was slapped with an 18% APR. My monthly payment on the car is currently $415.83 and is going on 17 months with no late payments.
Currently, my FICO scores are TU - 631, EX - 614, and EQ - 659 (a vast improvement since I started to repair my credit since April 2007).
I'm currently working with HSBC to delete the remaining tradeline on Equifax which should wrap up within the next few weeks. I was thinking when that's removed, I will try to refinance my car in hopes to save money by dropping the APR some.
Based off the following information, am I likely to even get a decent APR, let alone approval?
My account status with TU, EX, and EQ are as follows respectively:
Total accounts: 3, 6, 5
Open accounts: 1, ,1, 1
Closed Accounts: 2, 5, 4
Delinquent: 0, 0, 0
Derogatory: 1, 0, 1
Balances: $13,660, $13,660, $13,660
Payments: $415, $415, $415
Public Records: 0, 0, 0
Inquiries (2 yrs): 0, 9, 0
TransUnion:
Real Estate accounts: n/a
Revolving accounts: Macys: current, closed by grantor; Capital 1: collection/chargeoff; settlement
Installment accounts: AmeriCredit: current
Other accounts: n/a
Collection accounts: n/a
Experian:
Real Estate accounts: n/a
Revolving accounts: Macys: current, closed by grantor; Capital 1: collection/chargeoff; settlement; Wells Fargo: closed, settlement
Installment accounts: AmeriCredit: current; GTE Southwest: current, closed at consumer request; Worth National Bank: current, closed, paid in full
Other accounts: n/a
Collection accounts: n/a
Equifax:
Real Estate accounts: n/a
Revolving accounts: Macys: current, closed by grantor; Capital 1: collection/chargeoff; settlement; Wells Fargo: closed, settlement; HSBC: current, closed, settlement
Installment accounts: AmeriCredit: current
Other accounts: n/a
Collection accounts: n/a
Full Version: Refinancing: now or later?
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We have an Automotive FAQ (Frequently Asked Questions) section that should prove to be very helpful in your automotive knowledge quest.
In the Reading and Resource Section of this forum, which is a read only forum, you can look up information regarding Sales Tax by State, Lemon Laws by State, along with a number of industry specific topics very relevant from the dealership's perspective.
In the main section of this forum, there are two pinned topics both of which are read only topics. The first concerns Bank and Credit Union rates and tiers. You might find this useful in predicting an interest rate on your next vehicle purchase. The second is a general purpose credit application that you can use to get an idea if you might qualify for an automotive product loan based on an insider's perspective of the information you provide.
You, as a consumer, have a unique advantage to "pick my brain"as I have been in the Automotive Industry since 1972. I will endeavor my utmost to give you up to the minute information and explain any insider workings you may question.
Due to time constraints on my part, I may not always be available to answer your question right away. Don't be discouraged, this is a very busy board. If some extended time goes by without a reply, feel free to reply to your own post by typing the word *bump*. This will *bump* your post back up to the top of the forum where it is more easily seen.
We make every effort to maintain a warm and friendly, and particularly non-judgmental attitude here on CreditBoards. If you find someone is discourteous to you, use the REPORT button located at the bottom of every post-that will ensure that either I or another moderator or Admin looks at the post and decides if it is against our TOS.
Off-topic posts should go in the General Forum. And if you are a credit newbie, take a glance at our Newbies Section.
Come get your new keys!
HAPPY
MOTORING
CB Admin: LKH, Pam, radi8, breeze
CB Mods: cotterpin, CargoJon, CramitCCCA's, fla-tan, MarvBear, psp, pryan67,
Forum Leads: TeeSharice, orangecrush, Four20Nik and Neen
To a certain extent, unless the approving creditor uses ONLY scores to assess a pricing structure, then whatever LTV model your approving lenders uses will have an impact on your rate.
try a credit union. I have low to mid 600's as well and just refianced my loan from 21.75% to 5.5% at Port City credit union. 
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