Possibly Refinance?

[TinaP]

I'm wondering if I should try to refinance after I get my credit under control. I'm not 100% sure on the APR on my vehicle, but it's high, probably 21%ish.

 

The vehicle is a 2003 Buick Rendezvous with 33K on it. It's still in great shape, no problems whatsoever. I will have had it a year in October. No lates on the loan. The payment is $450 a month which hurts as DH's car is $318. They're also high because we weren't able to put big down payments on either vehicle. I've been thinking of purchasing another cheaper vehicle, but I think it's too soon. I'd lose more money that way.

 

Is there any chance I can refinance? Either now or in the future? Any thoughts?

[MarvBear]

A refinance is always possible. Whether it would be feasable for you would depend on a significant number of factors.

[TinaP]

A refinance is always possible. Whether it would be feasable for you would depend on a significant number of factors.

 

Such as? Should I fill a credit app out?

Edited September 13, 2006 by TinaP

[MarvBear]

such as:

 

your dti

your pti

your loan amount

the value of the vehicle as determined by a particular lender

your ability to pay

your stability

your willingness to pay as judged by a particular lender.

your score from the bureau accessed

your internal score from a particular lender.

[TinaP]

such as:

 

your dti - 30%

your pti - Payment is $450/month, DH's gross monthly income is $4167 The terms was $18K at 60 months.

your loan amount - right now it's about $15K and change

the value of the vehicle as determined by a particular lender - Kelley Blue Book Retail Value is $14,090

your ability to pay - yes

your stability - DH has been at current place of employment for over 1 year. Before that, it was 3 years.

your willingness to pay as judged by a particular lender.

your score from the bureau accessed

your internal score from a particular lender.

[MarvBear]

who would use kelly blue book retail for a loan value?

[TinaP]

who would use kelly blue book retail for a loan value?

 

What am I supposed to use? I went to the link you supplied (http://www.cudlautosmart.com/Research/TradeInValues.aspx) to someone else and Kelley was the first. KBB is all I know.

 

NADA states the value is Trade-in: $12,475. Retail: $14,925.

 

If this still isn't correct, can you please steer me in the right direction?

[MarvBear]

Each bank you might apply to, will have it's own method of calculating a LTV.

 

There are enough bank rate sheets posted in the reading & resource section so you can look and see what several of the lenders might use in order to calculate a LTV.

 

Cap One will use Kelly Blue book, is the only one I know, and even they limit that to just certain states.