I want to refi my auto loan for lower apr. I’m also going to be looking for a new apartment in the next few months. Will one effect the other credit wise. Any advice is great. Thanks
Related Resources
- What You Should Do Before Moving To Another Apartment? « From Classics to the New Age
- Wooden Desks Make a Perfect Addition to a New Apartment | L Shaped Computer Desk
- LASCO FORD FENTON GUARANTEED AUTO LOANS | xForce Articles
Mail this post
Two separate issues; your FICO Score will set the interest rate that you will qualify for the auto loan. Getting accepted for a new apartment if based on your FICO score, job history, rental history, collection items, repossessions, and how many people do you owe currently.
When I was an apartment manager the owner would not accept any new tenant with a FICO Score under 650. They had to have been on their job for at least one year or more. No collection items, repossessions, or criminal history.
careful refinancing…. i saw a friend get jerked.. i.e. he took out a loan for 7600 and his payoff became 9500 with interest included.. after making payments he paid off mostly interest causing the principal to decrease a lil at a time. in the end he will pay more then 9500 from a 7600 loan… refinancing it may push the interest accumulated into another loan and will accrued more… refinancing wont effect credit as long as you make your payments….
most likely you’ll be better off selling it to payoff lien and getting a new one using equity if any towards a new car/contract with a lower rate if you want
Well man the credit industry is pretty shady, and just about everything that has to do with consumer commerce in this country runs off of your credit score. Insurance, background checks, rental agencies, and even some medical insurance all ties back to your credit score in some way. Isn’t that some bullshit or what?
So, to answer your question, trying to refinance your auto loan will not have an effect on your apartment approval. The ORCA report that the rental agency runs looks for overdue payments, credit limits and loans, so no it shouldn’t effect you there.
Why on earth would you want to refi a auto loan. The max it should be is a 7 year loan. If you have paid on it for more than a year, your just now paying down the principle. Why would you want to pay another year of almost 95% or more interest only. It does not make since. If you cant afford the payment you cant afford it.