So, I got my first ever loan October 2017. Chrysler Capital gave me a loan for $25k or so at an incredibly high 19% interest rate. Finally, I applied for refinancing through USAA the other day.
USAA explained they can only lend up to 100% of the car's value, which they say is $20,800. On the phone, I learned that my payoff was STILL $24k something (high-interest installment loans suck) so I had to pay about $3k out of pocket to refinance it.
Anyway, I'm happy because it's PROGRESS!! ...and I no longer owe more on it than it's worth
Congrats on improving your interest rate. Not sure where your scores sit but hopefully you can get refinanced again to get that rate into the single digits!
My score is 722 right now. I actually was looking at numbers yesterday and decided it would be smarter to take money from my savings (earning a measly 1.75%) and pay down the loan. Lowered my principal balance from $21k to $9k this morning and then I ended up budgeting so that I can pay it off completely by the end of the year. No more interest for me!
From what I could tell, no one wanted to give me a better rate than that, but I didn't want a thousand dings on my credit report trying to find out. I'm planning on paying it off in full in the coming months and just moving on.
EDIT: I did want to go through Capital 1 but they wouldn't even give me an estimate because the truck is 2009. I ran into that a few times.