Should I wait to re-finance Car Loan?

I had to close out 3 accts: 2 cr cards 1 LOC, and I just learned that one of my chks from cr card was ret%26#039;d for insufficient cash. I want to sign up for a Credit Union in order to re-finance my car loan to a smaller APR (8.99% now). Should I wait until my credit history calms down before I join Credit Union? Or just not apply for a car loan until next yr when my credit settles a bit? I did sign up for a debt management solution which downsized my monthly pmt on the 3 closed accts.

Should I wait to re-finance Car Loan?

wait at least a month after the cards close so that your credit report is updated with the information. Also, it depends on where you are at with the current car loan. Most refi%26#039;s will only finance you upto 100% of the value of the car %26lt;www.kbb.com to find value%26gt; if you owe more than that, youll have to pay your current lender the difference before you can do the refi. Also, because you were on a debt management program, it will be looked at negatively, and will take several years for it to fall off, so you may qualify, but not for the best rate.

Should I wait to re-finance Car Loan?

good luck! Report It

Should I wait to re-finance Car Loan?

I doubt you would qualify for any better offers anytime soon. I definitely wouldn%26#039;t apply now. Remember that your credit reporting history and credit score will take a month or two to catch up with you. My point is if you think these changes you made will improve your score, hang in there for a bit!

Should I wait to re-finance Car Loan?

anything that is on your credit report now will remain there for 7 years, so unless you going to wait 8 years you just as well apply for that loan anytime it%26#039;s convenient for you to do so.

Should I wait to re-finance Car Loan?

You should investigate if you are in chexs systems, because that%26#039;ll blow it. Just go to any bank or call chexs systems, and yes your credit has to be good for the credit union to take over the loan with the car loan company, in most cases they won%26#039;t refinance it, they may give you a personal loan if the car is old or with high milage.