Sexytime

Hi, like most expats I had to rebuild my credit when I moved to the US. Maybe finance companies wouldn't take me on when I was purchasing my first car here. I ended up going with CPS and I'm paying almost $400 a month car payment, which I'm sure is due to my 'high risk' and 'lack of credit history'.

Since then, my credit has improved and I have a good score. I wanted to know if I can refinance my car and get a lower payment? Does anyone have any advice? Any scams to be aware of? Will I see a decent drop or is it barely worth the hassle?

Thanks for any help anyone has.

Titchski

I had the same problem with my first car - 18% interest due to no credit (the wife had crappy credit, now fixed up ).

Speak to your bank - I ended up with a loan that was less than half the rate think it was 8% or so.

Pony

"$400 a month car payment" does not fully explain your situation. A far more pertinent point is what APR are you paying.

$400 a month at 1.8% APR and $400 at %30 APR are very different positions

Also, the length left on the loan, and penalties for early repayment etc are all very important factors

Bluegrass Lass

I had to refinance a car a few years ago, cuz I needed to get my payments lowered. I actually wound up with a higher interest rate (and I have pretty good credit). Payments were lowered because I extended the loan period.

Moral: refinancing does not necessarily get you a better interest rate (if that's one of your goals)

Bob

look at AAA, as they are pretty good with deals and no penalties...

Pony

makes sure thats three A's, the alternative is a sobering experience . . .