Capital One Auto Refi

[Anonymous]

Hey All -

I got a Capital One auto loan July of 2014 and have been perfect on all my payments.  My first payment was in October, so I have 13 on time payments.  My current interest rate is 10.75%.

I'm certainly looking to refinance..  Is there a particular place I should look for a reputable refi?  Should I hold off a few more months?  Since last July my credit has improved tremendously (depending on the bureau, anywhere from 75-125 points).  I'm hovering around the 600 mark currently.  I've been basically doing all the right things, in addition to getting a few negatives off the reports, which I'm still in the process of (c'mon First Premier, work with me!).  I also have two Cap One credit cards that have both gotten CLI's.

In a perfect world I'd like to lower my interest and monthly payment.  I'd love to stay with Cap One but I understand they don't refi their own loans.

Any help is much appreciated, like usual, with everyone.

[datrucking210]

I would try a local credit union. I joined RBFCU and got my app aprroved for an auto refi at 2.99% down from 4.59%. I got that 4.59% last year from SSFCU when my scores were barely entering the 600's. A local union could probably get it down from that 10%.

[Anonymous]

I literally just went through this.  Weirdly, Cap 1 will not refi their own auto loans??  Anyway, my rate with them was like 15% and my scores are in the 550 range,  I submitted my refi applicaiton through Lendingtree.com. They then find lenders who are willing to approve you and provide you with offiers that you can accept if you want to.  They have a section for those with less than perfect credit and I've used them a few tiimes for other things.  I accepted an offer with Blue Harbor and they were WONDERFUL.  They were very prompt, they ended up getting me a rate of 7% and cut my payment in half. They called or emailed numerous times a day to update me, the document process was seamless and the whole process took maybe a week.  Now, my loan is not actually with Blue Harbor, it's with CarFinance.com.  My only issue with them is their website is archaic & useless so there is no good online access to my account. Also their auto payments run through Western Union which is cumbersome and weird.  I am only 3 payments in but so far, I have had no other issues.  

I never even considered a CU but my credit is too much of a mess for them to ever approve me. I have several baddies on my report still but that sounds like a good deal if they will approve.  

[ccpat]

I have the same issue.  I have a 12% interest rate through Carmax.  I have tried refi through a few credit unions and have been denied.  My score is hovering around 610 with a couple of baddies.  I still have 3 years left to pay on this loan and would really like to get from under this 12% interest rate.  

[Anonymous]

I know your post is a couple months old but I just thought I'd ask how much you owe on the car compared to its value. I've seen cu's approve lower scores than yours. Carmax is known to price their cars on the higher end of the spectrum so that may be the problem. Lenders will typically on refi 90-95% of a car's value if the borrowers' scores aren't great. Some will finance more, some less.