Bought a new car on finance for 10.64 % APR? - New Jersey - USA?

Bought a new car on finance for 10.64 % APR(very high) in FEB 07 - corolla LE. My credit score that time was in 600%26#039;s. I am planning to apply for refinance in mid or late 2008. During this period, i will try to take my credit score to 700%26#039;s. By how much my APR would go down if i apply for refinace in 2008 with a credit score in 700%26#039;s

Bought a new car on finance for 10.64 % APR? - New Jersey - USA?

that i cannot predict but i will say i was able to purchase a car with a similiar apr cause i rolled in negative equity and then refinance 7 months later for 4.75% so your chances of getting a similiar deal sound pretty good. I went through a credit union if that makes a difference.

Bought a new car on finance for 10.64 % APR? - New Jersey - USA?

You paid to much for your interest rate. You should go to your credit union to apply for a refinance of your loan. Sometimes a family member can sign you up to their credit union for a small deposit and they have great benefit%26#039;s such as direct deposit in which they pay your car loan for you out of your account. You should always try all the avenues you can before you buy a car so you get the best price and rate.Good Luck!

Bought a new car on finance for 10.64 % APR? - New Jersey - USA?

Probably not a lot as by then the car will be considered as a used car, not a new one. On top of that, the loan value on the car will likely be less than the car is worth. That may well make refinancing impossible and will certainly drive the rate up if you can get it refinanced. The best time to refinance an auto loan is immediately after you purchase.