This month I thought I would write you about when it is beneficial to refinance a vehicle.The truth is that many people who financed a vehicle in 2008, 2009 or 2010 are paying a higher rate than...
Coleen Luque's insight:
Good advice | Assuming you decide that your current vehicle is ideal for your driving needs refinancing is an excellent option to lower your payment. There are three simple things to consider when choosing this option:
1. How much longer do you reasonably expect the car to last?
2. When would be the ideal time to trade, sell or exchange the vehicle?
3. Are you on pace to payoff the car before the car starts wearing out or do you need to start paying it off faster?
A few words from our finance guru: As an automobile finance expert I am always asked by clients to explain to them why they score where they do. In the automotive industry it is always disheartening to see consumers who deserve a 700 + credit score, which entitles one to the absolute lowest rate and highest loan amounts, only score a 610 and have to pay 2 percent more because they didn't understand the rules of credit scoring. While the actual algorithms used by Trans Union, Experian and Equifax are secret and vary by company, let me give you some hard, fast rules to bump your score.
1. Least important factors. Since 2011, the least important items to make payments on have been your home or medical bills. While one obviously shoots to have a perfect payment history and score an 800 score, these are the two items which scoring agencies concern themselves with least.
2. Debt to income ratio. Agencies are terrified of people that are "maxed out" on their credit. While it is really healthy to have as many open credit cards as possible, your score will improve dramatically if you keep zero balances on them.
3. Pay as agreed, especially on auto and discretionary loans. Paying things off early is a truly freeing feeling. That said, it can also ding your credit. Try and make payments as agreed for at least 60 percent of the loan's term.
4. Tax Liens, past due child/spousal support obligations, and judgments. These items can really plummet an otherwise strong score so try and avoid them showing up if possible.
In closing, do your best to make all of your payments and open as much available credit as possible without using it to super charge your credit score. If you run into a snag, remember what impacts your score. I hope this quick summary helps you in the credit world, and feel free to contact me anytime at 760 245 3451.
Thanks, and remember I can always get you financed, regardless of your score.
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