Car loan has a 15% interest rate

[Real World]

My car loan has a 15% interest rate. My credit score is now 641, should I refinance now or wait?

I got a car loan 3 months ago, on my first new car. My credit was in the 500's. How long should I wait to refinance the car? I have paid off my credit cards, and have no outstanding bad debt, so my credit should do nothing but improve. It is at 641 currently. How fast can my credit improve? And at what credit score should I refinance my loan?

[chane]

I would refinance it immediately. 640 is not that bad. I'm sure you could get a better rate than 15%.

I got a car loan from Capital One Auto Finance at like 6.59% with about the same scores.

Their refinance rate is currently as low as 7.20% APR. That would save you a lot of money. It's worth a try.

Meanwhile, you should start trying to repair your credit.

[stan c]

Since you already have the loan, why refi? If you want to reduce your interest, all you have to do is make an additional payment each month, thereby shorting the life of the loan.

[birkvye]

As a consumer who recently got his car loan refinanced and monthly payments reduced from $452 to $221 I would suggest you get refinanced soon. All this after I went to the dealer and asked about refi and he lied to me saying that I would literally have to pay taxes since I would have to sell the car first to the new lender. I used this website called rategenius.com and they had no alterier motive but get me a loan. Now I am happy and that stupid finance guy at the dealership could forget about his extra $10,000 he would have made on my loan if I just stupidly kept paying it