Refinancing Auto Loan

[Anonymous]

Hello All, 

I am looking at refinancing my auto loan with Santander Consumer.  Background on the loan:

72 term loan

16%

Made 17 straight payments and have only paid off about 2k (380/month)

Did not have good credit when I recieved the loan, have fair credit now and would like to refinance.

I applied with Blue Harbor just now.  My questions is since this loan is my longest credit history of on time payments, will it affect my credit if I refinance with a different company?  Assuming the other business will take on the loan and pay off Sandander, that will close it out on my CR's and start new payments with a different company.  Am I thinking about this all wrong?

[fury1995]

Usually auto loans/installment loans have a threshold of 18 months to make a full impact on FICO.

[Anonymous]

So I should wait another month before I refinance to hit that 18 months?

[jhtrico1850]

I don't think your score is going to dramatically increase if you wait a month. I would start looking now.

Good luck refinancing from Santander.  I know someone with a Santander loan at 20%. Trying to refinance out of it now, no luck with Bank of America and Capital One so far (~2.5 years credit, 720 CreditKarma score). I am sure it can be refinanced, but having a hard time finding out who will.

[Anonymous]

JHTRICO, 

Why did they have such a time tough refinancing?  My APR is 16.05 so it isn't as bad but that still makes me extremely nervous.  This is my only real shot because I have too many inquiries to keep getting my credit pulled; hopefully blue harbor can help.  I only have a 640 CK (646 Equifax).  

[Anonymous]

Welp nevermind, I was shot down pretty quickly!  I am suprised by this since I have looked at reviews of refinancing places and my scores and loan history correlate with other people who were approved.  Whatever, guess I continue to play 380 a month with 200 going to freaking interest.  Got myself into this though, cannot blame anybody but myself.  At least the loan helps my credit.  

February 28, 2015

Status of Your Loan Request

Dear XXXXXXXXXXXXXX:

You recently completed a loan application for vehicle financing. We are unable to match your application with our current network of lenders.

We are continually adding new lenders to our program. Although we are unable to help at this time, we ask that you contact us in the future for assistance with your financing needs.

If you have any questions regarding your request, please feel free to contact us.

Thank You,

BlueHarbor Service Team
E-Mail: loanassistance@blueyield.com

[fury1995]

Try preapproval with Capital One Auto Finance. You should be good with them and the approval is good for at least 30 days.

[Anonymous]

Was approved with Cap one just now, wished I didn't try Blue Harbor before.  Cap one ran Equifax, came back with 662 credit score.  But suprised still at the high refinance 13.5%.  I guess nobody wants to buy that Sandanter loan for a better price so I will take it.  Lowers my payments 60 bucks from 380 to 320 and I am with a more reputable company now.  Also, correct me if I am wrong but this will also help my credit since it is another account?  They will pay Sandanter and that will close, but it will still report pos for 10 years?  Cap one will open up my new loan, which will add another account.  Let me know if that is the case or if I am completely off here.  

[jhtrico1850]

Congrats on Capital One. I think my friend is having trouble because he has young credit, and not that many accounts (just 2 credit cards and the 1 Santander).

Try DCU (Digital Federal Credit Union). I hear alot of good things about them here. I think you should be good for the 3.99%.

Can I ask how many accounts you have and how old is your credit in total and on average?

[cartwrna]

As the previous poster said try DCU. They will pull your EQ04 for loan considerations. 650-660 range will get you 3.99%. If you could get your score above 675 on EQ04 you would be good for their lowest rate of 1.99%. They will also refinance upto 120% LTV.