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Auto Loan Approval...and how soon can I refinance?


Auto Loan Approval...and how soon can I refinance?

First...I had said I would keep my old car until it stopped running. Well, it stopped. Dead. Couldn't get it started after replacing battery and some other items. So went to "look" at cars and ended up getting a 2021 Buick Envision. Financed at HNB with interest rate of 6%. My payment a little higher than I'd like ($600). 


Interesting enough, my auto fico scores were: Equifax 668; Trans 675; Experian 765. However, the dealership said they submitted to approx. 62 places at a time and HNB gave best financing using Trans score. None of the 62 used the Experian score. How is that possible? Needless to say, I would like to refinance. I would love to have a lower rate i.e. 3 - 4% or lower. 


Question - what is the earliest I can refinance? Can I refinance at HNB or will I need to go to another lending source? 


Also, the adverse letter I have received so far stated that I have an "insufficient number of credit references provided." I have two credit cards - Discover It ($1500) and Cap1 ($10k). 


Everyone has also been helpful on this journey of recovery for me., so thank you in advance. 





Message 1 of 7
Established Contributor

Re: Auto Loan Approval...and how soon can I refinance?

I refinanced my Chrysler Capitol auto loan with NFCU within a couple of weeks.  There's no time limit on it per se.  

Message 2 of 7

Re: Auto Loan Approval...and how soon can I refinance?

Thank you @RobertJ ! 

Message 3 of 7
Established Member

Re: Auto Loan Approval...and how soon can I refinance?

6% isn't too bad, could be better on a new car.


62 lenders? I hope that wasn't an inquiry spree - you did end up with a loan, so they don't hurt as much. For the future, don't ever let a dealer send it out to 'everyone'.


Seems like you might have a thin file - how long have your cards been open?


You can refi at any time, but the car market is wild right now. Down here in Florida, credit unions are refinacing at good rates up to 125% of car value. CU's are usually the best for refinancing.


Find a lender to pull your strongest credit file if you want to refi.

Rebuild start: Late 2020 (Low 500's).
- Settled & Removed 9 collections
- Over 12 new cards
- Mid 600
- 5 year old Chase repo with balance is killing me

Citi $200 | WF Active Cash $300 | FirstPremier $900 | BlazeCC, FirstNational, FirstSavings $850 each | Aspire $300 | Cap1 Plat $600 | Avant $300 | Surge $1k | Kohls $300 | CreditOne $500 & $1k | Jasper MC $1k | Petal1 $500 | OppFi $1k
Message 4 of 7
Frequent Contributor

Re: Auto Loan Approval...and how soon can I refinance?

find a lender who uses your experian score and check your auto scores......find your highest and submit to lenders using that score...when you submit blind you have no idea where they are going so steer them into the direction you want..


this is what i did and it worked like a charm, i had a thin file as well......but i used the system to my advantage


this requires some homework but it pays......


like anything in life information is key to receiving the best outcome.....use it for you not against


i was at 17% and now @ a short timeframe

Message 5 of 7
Valued Contributor

Re: Auto Loan Approval...and how soon can I refinance?

Depends on the lender. Back in 2013 I refinanced a 3.9% auto loan with Wells Fargo Dealer Services to a 2.79% loan with Logix. We applied the week after buying the vehicle but we had to wait for registration to come in before they would finalize. 

Ch 7 Discharge 3/12/2018
Cap One VentureOne $3,500, CapOne Savor $5,300, Kohls $3,000, Comenity MC $4,900
Infiniti Financial Lease (Ends 11/2021
California Coast CU Auto Loan $36k 2.48%

Goal: New Mortgage 3/2022
Message 6 of 7

Re: Auto Loan Approval...and how soon can I refinance?

You can refinance whenever you like. There's no time limit on which you have to hold a loan before doing such. I would think along the lines of a credit union if you're looking for decent rates. PenFed and DCU come to mind if you want to give them a look.
Message 7 of 7
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