paparoach429 wrote:I don't know anybody who has refinanced a car that is/was in a similar situation as me. I bought my car when I was 20, with no cosigner and was given a 8.9% loan. I still owe 48 months left on the loan but my credit has risen a decent amount. I don't remember what it was when I bought my car, probably somewhere around 690. Its now at 760 according to creditkarma and 750 according to Citibank. Income has gotten better and inquiries have gone way down. If I do refinance whats the best way to go about it without adding too many inquiries? Just shoot out one or two inquiries to like Citibank and Bank of America and just go with the better rate? Also what sort of fees are associated with refinancing?
What is it that you want to accomplish with the refi? Shorten the length of the loan? Lower payments?
What were the original terms of the loan, besides 8.9%? (Car/cost of said car/amount financed/length of the loan).
As previously stated, you may be upside down on this. Talk to your current lender about what you can do, depending on what you want to accomplish. You may be able to keep the terms to the current 48months owed, but lower your APR. Your CreditKarma score is meaningless, since it's a VantageScore 3.0 (says so on the Dashboard - few lenders use it), the Citi score is Equifax FICO, so that is a better indicator, but just one of the three. Find out what your current lender used and what that score is. I've done refi's in the past to lower payments over the same term length as that of the time of the refi as my scores have increased, but I've also always used my credit union, since rates are far better than anything offered commercially, and there were no fees at all for the refi.