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Hey everyone,
If some of you don't know, I'm having a baby (the due date is March 27th I think). Well, my current car payment is pretty high, about $350.00. I've paid off enough of the car that if I could refinance it for the same interest rate (9.9% or lower) I could knock my payment down to $200-$250.

I hate applying for car loans b/c the more inquiries into my credit the lower it goes. I have pretty bad credit, my score is probably between 550 and 580 depending on which credit bureau you check with. Story - I had a few credit cards and medical bills that went into collections 2 years ago when I lost my job and I just dug myself a few months ago.

My question is this, doesn anyone know enough about lending to tell me specifically what these lending institutions look for (ie. score, annual salary, current credit, etc.) so I can even see if it's worth it to try and refinance.

Otherwise I've decided on just paying off enough of the car that I'm not upside down in it (which isn't much since I bought it used for a good price) and just sell it and buy something cheap (2nd gen neon, honda or something) until I can afford a nicer car in a year or 2.

Thanks guys,

Greg
 
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