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Refinancing a car payment?

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M

Mr Pickles

Diamond Member
Not a garage thread, but a car finance thread, so I'm sorry if this should have just been thrown into ATOT or something.

I'm totally oblivious to things like this. So I'm looking through my payments and realizing a few years back that I agreed to pay 9.95% interest on my car payments. I've got something like 16,000 left to go and doing well with it actually. I was wondering if I could do better and re-finance to achieve a lower interest rate. Is that possible?
 
Yes, you can, obviously. But one assumption is that your credit got much better.

Since you are paying 9.95% from few years ago, I guess your FICO at that time was low-mid 600. If your credit is now in Tier 0/1 (710+), I am sure you can refinance it @ 6% from most banks, or even 4.75% from PenFed.

But again, everything works only if your credit got better.
 
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