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jim532 · #1 07-26-2005, 06:05 PM

earlier this year I financed the purchase of a truck through a credit union and I had to get co-signer. I was wondering if later on if it would help my credit to refinance the loan throught the same credit union in order to take the co-signer off the loan. If it would help any how long should I wait? What steps would I have to take? What are the pros/cons of this?

JoshJohnson · #2 07-26-2005, 06:10 PM

Hi Jim,

I did the same thing a few years back and it seemed to improve my score quite a bit. Plus, it's just nice to have a car without a co-signer.

jim532 · #3 07-26-2005, 06:44 PM

ok, I've been paying for this car for 6 or 7 months now, how long should I wait to re-finance? Is my interest rate or monthly payment going to go up? are they going to want another down payment?

sexione · #4 08-03-2005, 09:36 AM

I heard to wait a year. If your credit is good then your interest and payments should be low.

anchorbob · #5 08-03-2005, 02:14 PM

Always compare the numbers. Sometimes even a lower interest rate won't get you better overall terms.