Refinance a car or leave as is?

  • Thread starter Thread starter Diapercakse86
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Diapercakse86

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I have 0 credit...I graduated collge last year and worked three jobs to pay for it up front each semester so I wouldn't be making someone else rich off the interest. I had a decent car until someone with out insurance drove through my front yard and smashed into it. Its completly totalled, of course my insurance wont pay for it and the person who smashed into was some druggy who stole a car and went for a drunken high joy ride. I have to buy a new car this week, I have a job that I need to get to...the dealer ship has a grad program for people who recently graduated college with not horrible interest rates. I can make almost double the car payment each month, can I refinance in a year to lower the interst rate once I have esatblished good credit with them...is this worth doing?
 
The dealer will tell you that you can refinance in a year or so with a lower rate. That is total BS, especially in this day and age. I bought a Pathfinder 3 years ago for a high rate and paid on it every month(never late) for two full years. I then went to my bank and tried to refinance it. They told me I didnt have enough credit to get a loan through them. I tried refinancing the loan through the current lender and they said no. The lady was nice and told me they really dont refinance often because they are making so much off of me as it is. I ended up trading it in on a new truck and got a lesser rate. Car dealers are 100% liars.
 
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