@Anonymous wrote:Hello,
I've been reading a lot on this forum and finally decided to make an account. I have had some credit troubles early on, and I'm working super hard to take care of everything. My topic is about my current auto loan though.
I currently work at a car dealership as a salesman. Coming into the job, I had been using my parents car. So obviously when the offer was brought up that I could get a brand new car at only 19 years old I went for it no questions asked. So I currently have a 2015 Nissan Sentra S that is financed through Santander at an insane interest rate of 21.12%. I took it, because I didn't have good credit (and not very much of it, other than the auto loan I have 2 credit cards) and because I really needed a car. My score was around a 560-570 when I got the loan. I had 2 late payments and a small collection of 112$ on my report.
I have only had this loan about 4 months, but in that short period of time I have continued on time payments, decreased some of my credit card debt, and also even managed to get my late payments taken off. As it stands, my credit is in the 640 range now. I actively use creditkarma just to moniter whats going on and keep my eye on things, and obviously the refinance "offers" caught my eye. "As low as 3.49% APR". Obviously I don't expect to be THAT low, but I was told even if I could get approval for something in the 10ish range, I would be saving over 100$/month just in interest.
On top of that, my big question is this. I still work at this dealership, and one of the "bonuses" of buying a new car from them is that they add an additional 250$/month onto my check, which is their way of paying a portion of my car payment. Which is slightly over half of what I pay per month. If I was able to show this to a potential lender, would it be relevant at all and help my case? And the biggest thing is, should I go for a refinance right away?
Thanks!
Dont know what the time frame is for refi maybe 6 months of good history? Have you talked with your F&I mgr? I understand he can't do a refi for you, however he/she may be able to give you guide lines for a chance for an approval maybe at a local CU. They have great rates and some work with mid-600 CS. As far a the car payment allotment, most lenders will look at it like a bonus/extra income. If this bonus is catagorized on your paystub, it may be a plus to lenders who ask for POI. You may also have to consider a down payment if your car NADA value is below what you owe on it at this time. BTW Nice bonus... do you get any discount on new car prices themselves? Sometimes I wonder what it would be like to work for a franchised dealer and spend my lunch hours sitting in all those nice brand new cars.... that I could NEVER afford. Good luck with your refi endeavor. 
I would be thrilled to get it to 10 or under but I have no idea how realistic that could be.
I tried the capital one thing and even though I select no I dont have a personal code it won't let me get past it. 