Overhaulin'

Who is the best company to refinance a car loan though?

I am financing a 2010 toyota, the car was at a good price, only has 14000 miles, my car payment is on point but my apr was a little high and now im feeling a little buyers remorse. Who would be the best company to refinance my auto loan though that can give me a good rate below 16% and doesnt have a lot of requirments?

Public Comments

1. A credit union.
2. ANyone who will consider it. The second you drove the car off the lot, you were upside down value to debt and it has only gotten worse. In short, there is no security to back the amount of the debt you need to refincance. You owe far more than the car is worth. Pretty much no one is going to touch this.
3. A great credit score gets you a great rate. Also rates are generally higher on previously owned vehicles as they don't hold their value for as long as new vehicles and are this not as valuable collateral. If you have great credit, then the place to get the lowest-interest loan in usually at your own bank. You get some "credit" for your account relationship, but not much. 16% indicates that you have a poor credit history, as the best rates right now for used cars start around 4.5% for people with perfect credit who finance with their own banks. Poor credit history (or no credit history) is a sign that you are a higher risk of not paying off the loan than people who have established a long history of always paying their bills on time and paying off their loans.
4. If you have bad credit you will have to show a good repayment history before you will be considered for a refinance. How long have you been paying on this loan? Six months would be minimum, but a year would be best, with no late payments. Also, you need to make sure the value of your car is more than the balance of your current loan to be considered for a refinance. You can go to kbb.com to get your car's value. The best place for a refi would be your own bank or credit union. Good luck.