I've found some great information on the myFICO forums and it seems that there are many knowledgable users on here. From a newbie like myself, I would like to apologize in advanced for what may seem like another repetitive "refinancing" post.
I got my first car financed through BB&T back in January (2012), financing approx. $10.8k @ 16.4% APR. I know this APR is super high, BUT I was going to need a car sooner rather than later, had no possible cosigners, and I knew I could afford the payments, while having it help to build my credit from a non sub-prime lender. At this point my credit was shot, as I had charged off about $4k worth of credit cards sent to collections in 2010, along with numerous late payments.
I began closely monitoring my credit score through myFICO Score Watch in August, starting at 535 and today I just got up to 588. I currently have two credit cards I've had for about a year with low credit limits, one secured. Use them lightly and typically pay off entire balance each month. I've also made every car payment to BB&T on time over the past 10 months and have payed more than due on several occassions.
So, I was wondering at what point should I consider refinancing this loan? I'm kind of nervous, because I don't want to draw negative attention to myself, but I have show a better credit history, I'm just not sure if it's long enough. My credit score still isn't great yet.