Due to really needing a vehicle, but having poor credit, I had to take an extremely predatory loan from Santander at 20.49%. I, of course, want to re-finance ASAP. I'd like to do so after 6 mos (long shot I know) but if I could even come down by 2-3 percentage points..it would make a difference . I was wondering if anyone has re-financed more than once to get even deeper interest rate drops as credit improves? Is this possible or does it look bad to lenders?
Thanks all! I'm hoping that a year from now..my first Refi will drop my interest by 1/2
@Chrisla2077 wrote:Thanks all! I'm hoping that a year from now..my first Refi will drop my interest by 1/2
You can look up some success stories right on this board and see that people have refi'ed their vehicles after working on their credit to very low rates 
Some people have managed to increase their scores tremendously in a short time. Head over to the rebuilding board and look at the tips there for increasing your score.
Keep in mind that you first need to get rid of the baddies that affect your score ('newer' baddies) and build up positive revolving tradelines (cc's).
Don't go to the same lender you have now to refi the loan. When you are ready, go to a credit union and you will get much better results. Some people try to refi with their same lender not realizing that the current lender doesn't want to reduce the interest you are paying them - they get an automatic no and get discouraged. A new lender will give you much better rates once you have shown that you can make your current payments on time and in full too.
The baddies are the hard part. They're all in the thousands so over the next year I'm going to be trying to save to get them settled/paid. At the same time, it's good because starting mid-2015 many of them will be aging off. I've gotten a fingerhut revolving, cap 1 secured , and Express Next CC to help with the good TLs ....However, searching for the car obliterated my INQs and "new credit" so now I've lost 40-something FICO pts so no -one will touch me. I'm going to wait a year....get my new auto loan paid down ...keep my current CCs under the 30% and hopefully my score will rebound.
@juggalo9er wrote:
@Chrisla2077 wrote:The baddies are the hard part. They're all in the thousands so over the next year I'm going to be trying to save to get them settled/paid. At the same time, it's good because starting mid-2015 many of them will be aging off. I've gotten a fingerhut revolving, cap 1 secured , and Express Next CC to help with the good TLs ....However, searching for the car obliterated my INQs and "new credit" so now I've lost 40-something FICO pts so no -one will touch me. I'm going to wait a year....get my new auto loan paid down ...keep my current CCs under the 30% and hopefully my score will rebound.
they will give it time....i year into an auto loan i refi'd from 20.57% down to 4.9%
That gives me sooooooo much hope!! Who did you refinance with if I may ask?