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Established Member
Posts: 22
Registered: ‎07-27-2012
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Refinance Auto Loan in Pennsylvania

I currently have an auto loan for a 2010 Chevy Aveo through GM Financial. I've had it for about 16 months and need to refinance. The current APR is 17.80%. I have no late payments but my credit still isn't great EQ:570 TU:606 and somewhere around 580 for experian (maybe). Does anyone know of any banks that would likely approve for refinance? I have applied at Wells Fargo, my local credit union, and Capital One, but I'm waiting on replies. I'm not expecting great rates, but something better than what I have now would be great. Thanks for your help!


Starting Score: 555
Current Score: 663
Goal Score: 800


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Moderator Emeritus
Posts: 14,868
Registered: ‎12-30-2011
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Re: Refinance Auto Loan in Pennsylvania

If you're in PA, perhaps PSECU?

 

I don't know of their car loans, but they're pretty popular on this forum (free EX FICO score with an account) and supposedly a reasonable lender too.  You'll likely get something from one of the lenders you've already applied with, that's a pretty good list.

Starting Score: EQ 04 561, TU 98 567, EX 98 599 (12/30/11)
Current Score: EQ 04 693, EQ 8 716, TU 8 713, EX 8 740 (09/06/16)
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Regular Contributor
Posts: 214
Registered: ‎07-04-2012
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Re: Refinance Auto Loan in Pennsylvania

You need to do credit repair before you will qualify for a better rate.

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Established Member
Posts: 22
Registered: ‎07-27-2012
0

Re: Refinance Auto Loan in Pennsylvania


Cellice wrote:

You need to do credit repair before you will qualify for a better rate.



I do, but I needed to try. My scores were a little off before... Ex-601 EQ-580 TU-606. I was unsuccessful with all the banks. They were asking for an additional down payment on my car because the loan is for more than it is worth. It makes sense, but honestly, if I had an additional 2 thousand I would have just put it toward the principal amount of my loan anyway. Its a little disheartening because I've been trying to fix my credit, as most people know its not easy. But I'm getting there.


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Current Score: 663
Goal Score: 800


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