Looking to refinance my 2015 Jeep Renegade. I bought it in 2016, when I was young, dumb, and stubborn (yes, I've grown a lot the past 3 years...), so please try your hardest not to judge me for what I'm about to tell you...
Lender: Capital One
Orig Loan Amount: $22,169
Term: 73 Months
Interest: 20.66% APR
Today's Payoff Amount: $13,757.14
Monthly Payment: $544.17 (although I always pay more, whether it's $550 or $600)
Needless to say, I'll be paying on this for what feels like the rest of my life. My poor credit (and lack of intelligence) lead me to this. I have built my credit up to Fair now, but just barely. I have already tried to refinance with Capital One, but they will not refinance if you're already a current borrower (new only). When should I try to refinance, and who do you recommend? Also, my FICO is a 618 atm. Should I wait until I build it a little more, orrrr what??? TIA
Congrats to starting on your journey to make smarter financial decisions! Unless you have a concerted plan to increase your credit over the next ~3 months, and you really think it's going to be, say, 680+ in the near-term, you should be able to save a lot by refinancing now. Your positive history with this car loan should make your auto specific credit score better than when you bought the Jeep.
If you're already a member of a credit union, start there. Lots of people on this forum have had success with DCU. I also like RateGenius (https://www.rategenius.com/) because they aggregate rates from lots of different credit unions, although just know that they will do a hard pull of your credit to show you rates.
Credit union rates are on average 2 bps lower than for banks or finance companies. They might be able to get you a lower rate on your car loan.