So after 6 months with my current auto loan with WF I attempted to refinance, and to my surprise, I was offered I higher interest rate than what I currently have(12.62% vs 11.72%). I was a bit dumbfounded since my credit score is higher than when I first took out the loan, my credit utilization is less than it was before, the loan I had outstanding at the time I took out the loan was paid off, I have never been late on any payments, and my debt to income ratio is lower than before. The only thing that the representative stated was the reason for a higher rate was because of Wells Fargo's higher interest rates, and did not get me in touch with a credit analyst after I asked on multiple occassions. I originally started with a $12,099 dollar loan 6 months ago and now I owe a little less than $7,500 since I have been paying extra since I started. Any insight on my situation or suggestions? I am now strongly considering a local credit union(I live in GA) for the refinance of my current loan.
