Credit Score

[Saru Inc]

Ok. Hi people.


So I got my first car loan back in January. Before that I had absolutely 0 credit. So naturally, I wasn't about to get the biggest deal. Well for a $6,200 loan, I got an interest of 18% with non existent credit. Now, after getting a crappy MasterCard in August, I just checked my score using FreeCredit Report. And I have a 696 credit score.

Now I have some questions... If you wouldn't mind.

Is it worth refinancing now? Or should I wait? My dad said "good job" but that's too ambiguous to me. I want to get like... at least an 8% interest or lower preferably. I have a loan with Chartway Federal Credit Union, and while I was there making my payment the other day I did see a sign for apr "as low as" 2.49% Now I know that's most likely for those lucky ducks in the 900s of credit. I understand that no one here is a credit expert, but from anyone who has refinanced loans (specifically car loans) have you noticed a decently sized difference? And is it better to go with the same institution, or go for a different one?

Thanks

 

[894tt3h9]

I wish I could help but I know nothing about credit. I got my car at 0% interest brand new, so I guess I've never had to think about refinancing, either.

 

[NeverAmI]

Wait at least until you are over 700 with a little padding, so like 710 or 715. 700 is a pretty common cutoff number for lower APR financing.

If you go somewhere local and talk to someone they might give you APR that would normally be reserved for 700 since you are only 4 points off.

 

[bamf]

Also, make sure to cancel your free trial with free credit report or else you'll start getting charged.

 

[Saru Inc]

Yep haha, I'm going to cancel during my lunch break in a bit. They said no obligation, so if they are going to be like "well sir, why do you want to cancel?"


BECAUSE I CAN@!!!!!


I can't stand when companies do that


Btw thanks guys