I bought a car almost a year ago, my mother cosigned for me, and I am wondering if it is even worth it for me to try to refinance so it’s only under my name. With the economy the way it is and all I have been hearing about banks tightening their guidelines, I don’t want to risk hard pulls on my report for no reason.
I’ve been making payments for 11mos now and have always been on time and above the minimum. The rate as of now is 8.9% and my credit report is in better shape than it was when I first took out the loan.
Hopefully someone who works as a loan officer/processor can help me out!
Thanks!
Go into your bank or credit union and discuss this. Make it clear up front that you don’t want them to pull your credit report without your authorization. In fact, why not get your free credit report online (annualcreditreport.com) and take it in with you? That doesn’t count against your score and it should give them enough idea of your creditworthiness to quote you a rate.
This assumes you have a good banking relationship with no recent overdrafts or other problems. Credit unions are usually your best source for an auto loan but many community banks are also good.
Well you are right as they are making it harder to get loans but the only way to know is if you go apply. You might want to ask your current lender about refinancing I know nissan (my lender) told me that if I made my payments on time for about a year and wanted to buy a new car they wont check my credit again.