Refinance or wait? Advice needed

[remarc]

I need to refinance my car.. Purchased two years ago this coming August , I had no credit and no history at the time.  I put $5000 down and financed a car that was worth $17500 for $13000 at 21% APR.. Way too high, my plan was when I got better credit to refinance or exchange the car.. Right now my credit scores are all in the 700 to 720 Mark.

I just got a Chase freedom and Discover 3 months ago and a Citi card December of last year.. My CC limit on all cards is $9000 and I hold a balance on two cards that = $1300, currently UTI is around 14% but that may of got smaller.I have one collections for $68 from 2010 (hostpital bill that i moved and never got the bill and passed to collections)

 As for my Auto loan.. Ive never missed a payment and always been on time , perfect repayment history on my auto loan

My car is a Volkswagon Yet.. 2007.. perfect inside and out. 55000 miles on it.. Worth I think $14 thousand private around $10 thousand trade!!

Now...

Wells Fargo just sent me a pre approval refinance letter.. I have a few questions.. Should I go for this now?? Or wait till August which will be 2 years on my car?

Will a company refinance if your mileage is over 60.000? Wells Fargo say they will not refinance a car with over 60000 miles?

If I decide to refinance should I try multiple company and CU's? To get the best APR? I hear it will only be classed as two Hard hits on my credit report? 

What kind of APR do you think I would be looking at with my scores and history? Do you think I could get below 10%???

Do you think I should sit tight for a while and change the car ?? 

Refinance now and maybe change the car next year?

So many ideas and not sure which direction to go...I certainly want to get out of 21% 

[remarc]

Any ideas??? much appreciated 

[Anonymous]

Wells Fargo is probably looking at the subprime rate you started with and will not lower it significantly. At least that was my experience when I was in that position. I would get offers to lower my rate (I was at 22.99 with Capital One) and when I called a few they offered to take it to 18 - 19%. I think your credit profile is good enough that you should be able to get a significant rate reduction from some lender at this point. I would guess 10% or slightly under would not be an unreasonable expectation.

If you have an existing relationship with a bank or better yet a credit union I would start with them rather than responding to Wells Fargo. If you do not then look at the auto loan approvals thread and you will get an idea of where members got approved and with what credit profile. You can always call a specific credit union and ask them what their guidelines are for auto refinance as far as age and mileage of the vehicle.

[iCoop]

If your FICO scores, not FAKOs, are truly within the range of 700-720 then you should be able to get an auto loan that is under 5% from certain institutions. My FICO scores ranged from 670-685 when I applied for a refinance through Chase. I was approved for a 4.06% APR so you should get this and/or better. But of course YMMV.

You could try PenFed for the 1.99% APR but I don't know how they will go on the derog showing for the medical bill. Have you tried negotiating or disputing the derog off?