Help with auto refinance!?

Question

I have a 2000 Chevrolet Silverado priced at $10,000 and APR at 16.9% It was financed at $16,000. I have owned the truck for 6 months now and made payments on time. Would it be a good idea to refinance now or should I wait a while longer more? Thank you =)

Answer 1

If you have an interest rate of 16.9% it means you had (have) a low credit score.

Even though you have made payments on time for the last 6 months, you won't see much if any improvement in your score and you won't do much if any better on interest rate, although it wouldn't hurt to shop around and get quotes from banks, credit unions, and online loan companies.

Negative incidents (late payments, etc.) take as much as 7 years to disappear from your credit report.