Need a lender for refinance first time buyer

[jostles]

I bought a used vehicle $25k with Lexus financial for 9%.  FICO auto score 688 adequate income but short work history (8 months), 22 yrs old.  No derogs , low balance, no credit issues other than lack of history.  I tried a local credit union (calcoastcu) they denied due to lack of credit history and employment history.   Can someone refer a lender that'll approve at much lower rate?

[increasingmyfico]

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@jostles wrote:

I bought a used vehicle $25k with Lexus financial for 9%.  FICO auto score 688 adequate income but short work history (8 months), 22 yrs old.  No derogs , low balance, no credit issues other than lack of history.  I tried a local credit union (calcoastcu) they denied due to lack of credit history and employment history.   Can someone refer a lender that'll approve at much lower rate?

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    How many payments have you made to Lexus? With a short file you will find it hard to get it refinanced. You need to make 12-18 payments on the current loan and establish yourself first. 

[Harvey26]

@jostles I would say 9% for a first time car loan is actually pretty decent. I would honestly say just ride it out. I mean with your score you would probably get maybe a 6 or 7% maybe 5 if your lucky. But as advised make at least a year or two of on time payments and you can certainly try then. 

[Mdowning30]

Check with Penfed, or even go into Credit Karma and they will offer pre approvals through Caribou for car refinancing that actually worked out for me. They connected me with Tower Federal Credit Union and i went from 21% APR to 5.5% even with fair credit, i just dont like using their app, and not easy to use like Capital One.