To Refinance or not?

[JPeanut503]

So I have an auto loan through Santander at over 15%; my payments are $377/month.  I was just looking at my Credit Karma and they say I should be able to qualify for a refinance through Capital One at 6.6%, which would take my payments down to $282/month.  Is this a good move?  I am in the process of rebuilding my credit, so I do not want to do more harm to it than good; but I coudl use that extra $95/mo to help that cause.....if I am approved that is.  I am nervous because I don't want to harm my credit even more.  Any advice would be appreciated.

[Remember0]

What's your current FICO scores and what bureau are they from? CK FAKO scores do not count.

[JPeanut503]

My score on EQ is 526.  I have not actually pulled the FICO scores.

[Remember0]

Probably worthwhile to pull one bureau's (the one with the fewest baddies) FICO just to see your progress. But it's not necessary. If you apply to refi, they'll tell you free of charge.

In general, I imagine your auto enhanced might be pushing 600 if you have good reported history on that Santander loan. Looking at the big picture, applying to refi is just 1 or 2 inquiries. Probably worth it. Not like that'll hurt your credit much if any at all...defintiely worth the 90+/month potential savings! I'd see what Cap One says, though I don't think it'll happen at 6.6% (click through the ad that said 6.6% anyways). If they give you a much higher APR, any chance you have a local bank/CU that you know to be easy with approvals?

[JPeanut503]

Thanks!  I will see what they tell me.  My husband does have a auto loan through a local CU, maybe they can be of some assistance.

I appreciate the advice.