How do Auto loan scores work?

[firemartinez1980]

I have learned alot from these forums, but I am still lost on a few things, such as.....How do Auto Loan scores work?

For example, for Mortgages your scores are based on the "Middle" of your scores, but is that the same for auto loans?

I am curious because I bought a vehicle a year ago and unfortunately my FICO 8 at the time was a 590 and the interest rate is horrible, however now my FICO 8 is a 658 and I would like to refinance, but not sure what score to go on and what rate I could get

Any advice/help??

[Anonymous]

The first thing you will need to figure out is your loan balance vs. the current value of your car.

It's quite possible with your high rate and credit at the time of purchase that you are underwater on the loan. In this case, you'll have to come up with cash to bridge the gap between the loan balance and car value in order to refinance.

Capital One Auto Navigator is a good place to start. Navy, PenFed and BECU are good options also.

If you are trying to buy a house you should apply for NOTHING else until that is squared away. NOTHING.