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Naterz asked in Business & FinanceCredit · 1 decade ago

Credit Unions?

I financed a 2005 Toyota Corolla CE @ 17.49%...=/ Even though I have not made my first payment with the bank, which isn't due until Jan 1 2008; Is it possible to refinance the vehicle with a credit union at a lower rate (American Heritage)...

I dont mind the same payments; just shorter term

My monthly payment is $380.31/75 months, which is about $28,000 for a car 1/4 worth what it is...

Luckily Mom pays it!

As for my credit score, it's ranges from 590 - 602 with the three credit companies, which everything is postive...

2 Answers

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  • 1 decade ago
    Favorite Answer

    Yes, you can try to refinance it with a credit union. It's very likely your current loan does not have any prepayment penalty but you should read your loan documents to be sure. You would have to talk to American Heritage to see what they would charge you.

    Based on your information, you financed about $17,500. If you can get a rate of 7% at American Heritage, you could have a similar payment while reducing your loan term to 4.5 years.

    But your credit scores are very low for someone with no negative marks on your record. Are you sure everything on your report is positive? I would double-check to make sure, because it will affect the interest rate you get from the credit union.

  • ?
    Lv 4
    5 years ago

    This has many angles! one million. Many employers evaluation your credit as area of your history verify. in the experience that your credit is undesirable; it somewhat is an illustration of instability. they won't hire you (because it somewhat is there determination) or would commence you off on the backside salary attainable. sparkling up your credit (somewhat in case you paintings at a financial enterprise (while you're working with my money you greater effectual understand the thank you to guard yours)). 2. How do you by risk provide out $3,000.00? except somebody from the hot potential organization unearths out approximately this so reported as "twist of fate" you ought to no longer have something to rigidity approximately. 3. Is the credit union keeping YOU answerable for the misplaced/stolen money? if it is the case, and you signed something once you have been employed, they'd have the excellent to checklist this to the credit bureau as properly as sue you for the restoration of the money. solid success and prefer I pronounced, sparkling up your credit!

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