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Hello everyone!! I am new and I figured I would start out by adding a little bit of insight to the community. This is advice for poor to average credit in regards to my car situation and I am sharing my experience with Capital One Auto Refinance.
I bought my 3rd financed car brand new in February 2018. It is a 2018 Honda Civic Si and I rolled over $4,198 of negative equity from my previous BMW and Honda. I owed $15,198 on my 2012 Honda Civic Si and owned my BMW 335i outright. To summarize, my 3rd loan through Honda financial looked like: total trade in value $11,000, Loan payoff $15,198 which meant a net trade in of $-4,198, I put $1,000 down which meant my total loan was $30,263.33 for a 2018 Honda Civic Si... Monthly payments were $540 a month for 72 months. I am a GENIOUS, I know it's what you're thinking
Anyways, 1 year and 6 months later I have it paid down to $23,788.52. Which I think is pretty dang good... So I get an email from Capital One about refinancing. Now I already have two cards from them, the platinum and the quicksilver one. Both with $500 credit limits, but great payment history. My score was not good at all, at 586 at the time. I figured what the heck, I will try and apply to erase the past as I am starting to grow my credit. Low and behold I was approved for 3 variations, a 42 month, 60 month, and a 72 month. I opted for the shortest as I make decent money and know I can make the payments. Now I am locked in at 7.91% for 42 months at $651.55 a month. It's been 4 months and I'm down to $21,822.23 thanks to the shorter term.
To sumarize I was just so surprised that they even approved me with such a low score. I am sharing as I am in the process of growing my credit and wanted to share that this is an option for lower credit individuals. I currently just consolidated my debt into a loan and now I am hoping my credit slingshots from mid to low 600s into the 700s *fingers crossed*