Hey all, long time lurker, new poster. About a year ago I got into a subprime loan, my credit was still rebuilding and it still is but I'm in a much better place currently as far as credit goes. (I know, but I needed a new car and I could and can still afford it even though I'm just throwing money away on interest). I got pre-qualified with Capital one at 6%, I accepted everything then i got a phone call from them... They won't be able to refinance because my current loan holder apparently isn't FDIC insured (as to why this matters to capt one if they are taking the loan over, doesn't make sense to me). Any suggestions? I was hoping to get my interest down, change the loan term to a much shorter length.
Income: $85,000
Car was brand new in 2017, est value around $29,000 (FICO around the time was low 500's)
Owe $26,000
Interest 15% (really want sub 10%, goal is around 6%) | Monthly payment $621
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Current Fico 650-660's at the 3 CRA's (Experian may actually be a little lower, haven't checked in a while)
9 CC - Util 10% on 1 card, rest don't have a balance
Car Loan - Never late, paid off on time every month for 1.5years since the car was acquired
Other Debt - 10k Student loans, paying monthly on time
I have lots of Inqs currently, while I was trying to get better cards and then garden/let the inqs fall off (Currently 2 best are Discover IT and Uber Visa)
2 derogatories still on file (Both are about to fall off, and PFD was denied at both)
Thanks for any help/suggestions!
