I wanted to make a post because I was recently approved for an auto refinance through Capital One. I had bought a vehicle through Carvana back in July that was at an astonishing interest rate of 17%. Obviously, I only agreed to that because I needed the car, but I always planned to refinance or just rush to pay it off within 2 years. The Carvana loan (BridgeCrest was the lender) financed my loan at $545 for 72 months (the total amount financed was about $24,100).
After I've been working on my credit and settling debt for the past couple of months, I decided to try the Cap1 prequalifier for refinancing. It found my car and loan and they approved me to refinance to 10%! That makes my payment go down to $455, saving me $90 per month in interest, which is about $6,100 over the full life of the loan. I had previously tried using RBFCU, but they denied me outright, so I am very glad for this approval. I actually already have my spouse's car financed through Cap1 (in my name) and have had a good experience with them, so I am happy to have the other car with them now too. The other loan is almost paid off ($2,500 left, which will be done in 2-3 months).
In terms of the approval, the pulled a hard inquiry on Experian and TransUnion. The discolsure says they used my Experian FICO score, which is listed as 564. They don't say the version, but it says the range is 250-900. I personally think they used my TU information, which has a much higher score and only 2 negative items showing. On Experian, I had 7 inquiries, pretty high cc utilization, 4 settled charge-offs from 2 years ago, and 2 unpaid charged-off credit cards (also 2 years ago). Other than that, I have 4-5 auto loans showing, always paid on time, some student loans, and several open and positive credit cards.