New Contributor
Posts: 71
Registered: ‎02-21-2012

Refinancing auto loans

[ Edited ]

My current auto loan payment is $428.60, and I have 5 years left on the auto loan. My principle balance is $16,519.66.  My interest rate is terrible obviously, but I've improved my scores by about 80 points since I obtained the loan. I already do business with Wells Fargo, but I'm trying to obtain the lowest interest rate I possibly can, and need some advice on where to start.  


My current scores are:


Equifax: 626

Experian: 657

Transunion: 641


Any advice would be helpful, thanks!!!


My car is a 2011 Mazda 3, with 80,000 miles on it. I bought it with 40000 last year and have put an additional 40000 due to work on it if this matters at all.

Starting Score: TU: 641 EQ: 626 EX: 641
Current Score My FIco Pulls :TU: 659 EQ: 650 EX: 657
Creditor Pulls: TU 613
Goal Score: 750s Across the Board

Started this gardening thing on 12/4/13.
Regular Contributor
Posts: 185
Registered: ‎07-26-2009

Re: Refinancing auto loans

Not to be the bearer of bad news, but you probably owe too much compared to the book value of that car with that many miles on it. You're likely not going to find a bank to do a refinance without putting a little bit of money down on the principal balance first. Try looking into a credit union. Maybe Navy Federal if you qualify? Or any local credit union really. I refinanced with a local credit union and my scores weren't the best (i filed a ch 7 bankruptcy in 2010) and I currently have 4.74 I believe? would be 5.74 but I get a 1.00% rate cut for having automatic payments and paperless statements. Again though, you might have a hard time getting that car refinanced just based on the Loan to Value ratio alone - and it may not have anything at all to do with your credit scores. Look around though, see what you can find.

Epic Contributor
Posts: 22,093
Registered: ‎10-23-2007

Re: Refinancing auto loans

Have you looked up kbb on it?
I agree with other poster... Look into any credit union you qualify for and get away from wells and see if you push money to them you can get them to approve your refi but it sounds like you are way upside down and wells is not going to touch that would be my guess but I do hate them so I'm slightly impartial
Fico Scores: EQ- 626 Overstck., TU 696 Walmart, EX 695 Chase (11-05-14)
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Frequent Contributor
Posts: 356
Registered: ‎07-27-2008

Re: Refinancing auto loans

What were your scores @mgs2010 when you applied with the credit union?

Frequent Contributor
Posts: 335
Registered: ‎07-27-2011

Re: Refinancing auto loans

That's going to be tough.  People aren't paying more than $11,000.00 for 80K mile 2011 Mazda 3's.  Like mentioned, your going to need about 3-4,000.00 to drop the balance down before you could get approved for a refinace.

Starting Score: 521 TU, 597 EQ, 574 EX on 6/20/2011
Current Score: 753 TU, 748 EQ, 766 EX on 11/13/2014
Goal Score: 720-740 Across the board

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