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Need a lender for refinance first time buyer

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jostles
Established Member

Need a lender for refinance first time buyer

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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increasingmyfico
Regular Contributor

Re: Need a lender for refinance first time buyer


@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?


    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. 


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Harvey26
Valued Contributor

Re: Need a lender for refinance first time buyer

@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. 

Amex ED: 9K, Macys Amex: 8K , Bloomingdales Amex: 1K , BOA Premium Rewards: 59.9K , Best Buy Visa: 7K , Banana Republic Mastercard: 5K VACU Mastercard: 11.5K Discover: 25K, Penfed Platinum Rewards: 12.5K, Apple Card:3K, TD Double Up: 15K, Langley FCU: 20K
Message 3 of 4
Mdowning30
Established Contributor

Re: Need a lender for refinance first time buyer

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.

Chase Freedom Unlimited : $6000 | Discover It Chrome : $3500 | AmEx CS Investor : $6000 | Chase Sapphire Preferred : $5000 | Chase Amazon Prime : $2000 | AmEx Hilton Surpass : $1000 | AmEx Business Plus : $2000 | AmEx Platinum CS : POT $2800 | Tower Federal CU : $15,000 | Lowes Commercial Account : $1,000 | WF Bilt Mastercard : $4,000 | Shell Fleet Plus : $1,000
Total Credit Limit : $42500
Experian FICO 8 : 700
| TransUnion FICO 8 : 688 | Experian FICO 9 : 665
Starting Score: 512
Current Score: 700
Goal Score: 700+

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