About a year ago, I bought a new 2017 GMC Canyon. I was financed though Ally at 14.34%. Just out of curiosity, I tried Cap One's prequalification for a refinance, and was approved at 9.36% for the same 62 months that I have left on my original loan. Payments went from $500 down to $460.
Another benefit is that when I originally bought the truck, my name was on an existing loan though Exeter, for my ex-gf's car. Ally wouldn't approve me without her name being on my loan. Of course we broke up shortly after that, and Capital One didn't require her to be on my new loan. I chatted with an agent online to verify before I went ahead with the actual application. He was able to tell me that I'd be 100% approved with no caveats.
FICO 8:
EQ: 1/2018: 494 | 4/2021: 652 (+158)
TU: 1/2018: 536 | 4/2021: 657 (+121)
EX: 1/2018: 499 | 4/2021: 641 (+142)
Mortgage Scores:
EQ: 9/2020: 560 | 4/2021: 648 (+88)
TU: 9/2020: 564 | 4/2021: 649 (+85)
EX: 9/2020: 576 | 4/2021: 672 (+96)
