Refinance without POI?

[hellohum]

I bought my first car in December 2021, I'm 33 so am not new to credit, just hadn't bought a car before and didn't know what I was really doing. Anyway, afterward I realized (like an idiot) there was a collection account on experian so I got a high interest rate. I had never heard of it, disputed it so now it's gone and my score has boosted from 660ish to 705ish (only using free trackers atm which is why I say ish). 

Anyway, I want to refinance for a lower interest rate but am self-employed and want to refinance somewhere where I won't need to provide income simply because it's an absolute pain. 

Any experiences or recommendations?

[Red1Blue]

I am not sure. I am sure others would chime in and give you suggestions. From my experience most credit unions might ask for POI or paychecks. Did you try asking your current lender and see if they would reduce the interest rates?

[increasingmyfico]

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@hellohum wrote:

I bought my first car in December 2021, I'm 33 so am not new to credit, just hadn't bought a car before and didn't know what I was really doing. Anyway, afterward I realized (like an idiot) there was a collection account on experian so I got a high interest rate. I had never heard of it, disputed it so now it's gone and my score has boosted from 660ish to 705ish (only using free trackers atm which is why I say ish). 

Anyway, I want to refinance for a lower interest rate but am self-employed and want to refinance somewhere where I won't need to provide income simply because it's an absolute pain. 

Any experiences or recommendations?

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   With your scores I would think you'd be fine. Cap1 has a prequal on their website. So you can see rate and necessary docs upfront. I don't see a credit union asking you for poi. Is the free score a Fico or vantage? Also do you know for all three bureaus or just one?

[SouthernCredit]

First, get your auto scores from MyFico. Then shop around the auto preapprovals and see what you have access to. Some will give you terms with only a soft pull. 

[mgs2010]

I refinanced my auto with Alliant and it was a super easy process - they never asked for POI or any docs from me. Anyone can join Alliant CU so that might be worth looking into.

Bank of America - I've worked with them in the past as well but I don't find their rates to be super competitive

Chase- same thing

Capital One - they offer pretty competitive rates in my opinion

[dunn2500]

had 5 auto loans with credit unions in last 3 years and scores starting at 660 all way to 780 recently and was never asked for POI.....also am self employed......FWIW

my credit is clean though

[SouthernCredit]

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@mgs2010 wrote:

I refinanced my auto with Alliant and it was a super easy process - they never asked for POI or any docs from me. Anyone can join Alliant CU so that might be worth looking into.

Bank of America - I've worked with them in the past as well but I don't find their rates to be super competitive

Chase- same thing

Capital One - they offer pretty competitive rates in my opinion

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I just refied my car with BoA not that long ago, and they beat CapOne by over a point, Chase by half a point. I do bank with them, and scores below are basically what they were when I refied. 

[ldkcivilservant]

Navy didn't ask for POI on my Truck refi.

[moto4man]

NFCU didn't ask for POI when I app'd for a refi.  However, the rate they offered was a joke!  It was higher then the 18k SC card they approved me for.