Refinancing Questions

[reereetx]

Hello, I am looking into refinancing my current auto loan.  Right now it is in mine and my husband's name through Wells Fargo and is 16.18%!  I've had it since Dec. 2011 and my first payment was Jan. 2012.  I've made 17 payments.  My husband's credit score is in the mid to upper 600's.  He actually just bought a new vehicle yesterday and got financing on his own.  I was wanting to try to refinance in just my name if possible but my scores are in low 600's.  I'm working on rebuilding credit.  I tried applying through Capital One and also through Wells Fargo and they both denied.  Should I continue to wait and keep rebuilding credit or just try to refinance in mine and my husband's name?  My other option was to go to my local bank and try to go through them.  I just don't want to run a bunch of different credit apps and risk hurting my score any more.  Even if it's just a few points.  Advice (nice advice please and not condescending advice....I already know where I've made mistakes!)  Trying to reduce payment and pay off other debts. 

[bahbahd]

I think even refinancing inquiries all done near the same time will count as one inquiry since they are still auto loan inquiries. Auto loan inquiries from the same time period are grouped together.

So, if I were you I would go to your bank and also to any local credit unions that you might feel like joining. More apps now should not hurt any further. You seem to have already started the process and your husband has been also. What would hurt by having a co-sign app ran also? As long as all his auto inquiries have been in the past week or two.

I feel like getting out of the high interest rate now is a good course of action.

[pizzadude]

I agree that getting out of that interest rate is a good idea ~ hopefully you can find a local CU that will work with you to refinance into a better rate.