Car is 2018 Toyota Corolla LE, 18.5K miles on it, loan balance 21.5K, int rate 13.4, made 10 payments on loan so far.
Besides credit score factor and based on car LTV, at what point does anyone think it will be refinanciable if at all?
When your LTV is less than 120% you can refinance.
I looked at KBB real quick and it seems you are pretty far away from 120% LTV so you might be stuck with this loan for a while.
I made the same mistake a few years ago took a higher interest loan (mine was worse) and figured I would refinance in 6 months but new cars depreciate so fast it wasn't possible.
I feel your pain but refinancing doesn't look likely.
I don't have all of your loan details so specifics might be slightly off, but with what you provided, you can probably save 2,000 in interest of the term of the loan by making an extra $75 payment each month.
This will also help you get ahead of the depreciation and help you refinance earlier, exact timeline depending. Although with the remaining loan and the value of Corollas that might still be a few years.
I never really know what book they are using but DCU for example says
Qualified borrowers can finance up to 120% of the book value or 120% of the purchase price, whichever is less.
They need to protect their interest in the car and for example can't allow you to refinance $20,000 if it's worth 15K