High Mileage Auto Refi Options?

[Anonymous]

Hi everyone!

I've been working on my journey for the past 4 years and made great progress in recovery (4 years ago I had scores in the 500's with multiple collections and zero credit; built 4 slow moving credit card accounts and worked through collections to be able to get to mid 700's with multiple credit cards and CLI's, and my biggest part of the journey in purchasing a house last week). Back in 2018 I purchased a vehicle (2014 Ford Explorer) through GM Finance for a ridiculous 22% interest rate. I've been hesitant to shop as I was trying to keep inquires and new accounts down to purchase a house. 

Now that the house is purchased, I'd really like to refinance the Explorer. I have $12K left on the loan (at the 22% interest rate). It is in good condition, but has 160k miles. My score is in the mid-700's, but I'm struggling to find any comments around someone who would finance a vehicle with this many miles. 

Does anyone have any suggestions? Thanks in advance!!

[Harvey26]

@Anonymous Congrats on your home purchase! I would say if you can pay extra then just keep going you quite close to the end. But if you cannot then a personal loan would be the route for you to take. Not sure who you bank with maybe they have decent persoanl loan rates or even a local credit union in the area. Even if you got a 10% or 12% loan you would save quite alot in interest. 

[pizzadude]

I second the advice above on looking at an unsecured / personal loan, you should be able to do better than 22%.  

Additionally if you have any 0% BT offers upcoming on credit cards you might consider going that route, or some combination of both.