My current auto loan payment is $428.60, and I have 5 years left on the auto loan. My principle balance is $16,519.66. My interest rate is terrible obviously, but I've improved my scores by about 80 points since I obtained the loan. I already do business with Wells Fargo, but I'm trying to obtain the lowest interest rate I possibly can, and need some advice on where to start.
My current scores are:
Any advice would be helpful, thanks!!!
My car is a 2011 Mazda 3, with 80,000 miles on it. I bought it with 40000 last year and have put an additional 40000 due to work on it if this matters at all.
Not to be the bearer of bad news, but you probably owe too much compared to the book value of that car with that many miles on it. You're likely not going to find a bank to do a refinance without putting a little bit of money down on the principal balance first. Try looking into a credit union. Maybe Navy Federal if you qualify? Or any local credit union really. I refinanced with a local credit union and my scores weren't the best (i filed a ch 7 bankruptcy in 2010) and I currently have 4.74 I believe? would be 5.74 but I get a 1.00% rate cut for having automatic payments and paperless statements. Again though, you might have a hard time getting that car refinanced just based on the Loan to Value ratio alone - and it may not have anything at all to do with your credit scores. Look around though, see what you can find.
That's going to be tough. People aren't paying more than $11,000.00 for 80K mile 2011 Mazda 3's. Like mentioned, your going to need about 3-4,000.00 to drop the balance down before you could get approved for a refinace.