Botched
If I have something to say is that this is so “not cricket”. When you want to refinance your car, you’re a responsible diligent worker that make an honest living. However, unfortunately, just because a person happens to be on the lower income bracket and for the most part, shows up for work. But that doesn’t pay the bills- enough. My credit score is more than just “good”. It’s not stellar, but “epic.” And, it’s still not good enough because of the three credit bureaus who use- Debt to income ratio! Which in translation is a percentage of monthly income that goes toward debt payments! It’s so BOTCHED. Currently paying the car at $218.88 for six years at 12%.
I love my car but went to a Credit Union for hlep and attempted re-financing it to pay off in about three years, but I do not meet the income bracket of what is “required”. Hence, I would have to potentially pay 5.25% for five years at $185-190. It is what it is. But, originally, I shot for 5.12% at three years, but it would bring payments higher.
I wish I can hear what others think about this or have to say! Is anyone else encountered this? What are your thoughts? Provide your opinion, judge me, it’s ok.