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Any chance of a lower APR after being declined?

Established Member

Any chance of a lower APR after being declined?

I have had a new car through Toyota Motor Credit for almost 2 years now, with an absolutely horrid APR of 18.5%. I make monthly payments of $375.09 and after interest, only about $150 comes off my principal. The loan ends June 2016, so a long way to go still. I was out of a car at the time, back in mid-2010 and the closest dealer to me was the one I financed from. Wish I could take it back and would have had more time to shop around for something used, but it's the past and I can only focus on the "now." I tried refinancing through Capital One and was declined. I saw it coming, because my score stinks. I currently(ran it today 10-30) stand at a TransUnion FICO score of 597. Does anyone know of any companies that are known for helping people with less than good credit, refinance?

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Senior Contributor

Re: Any chance of a lower APR after being declined?

Hi JerseyJeff.  I was sitting at a real craphole of a score, too.  Paying 24.99% interest - that should make u feel better.  I've spent about 4 months rebuilding my credit and was just ref-ied at the credit union at 6.9%.  The payment is half of what it was, so that now I can buy myself a car and get rid of my 94 pathfinder.


I think if you figured out what is causing your scores to be so low, your best bet is to put some time and money into credit rebuilding, and then refinance.  If you havent already, I suggest you head on over to the "rebuilding your credit" section and get to work!  Good Luck!!

STARTING: 11/24/10 EQ-584 EXP-648 TU04-595
CLOSED FIRST HOME 8/19/11 EQ-630 EXP-691 TU04-653
CURRENT: EQ-701 EXP-??? TU08-720
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