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"Why am I not able to refinance my car at a lower rate after improving my credit score? "
"I got a car loan a year ago at seven percent with a 700 credit score. Now my score has gone up. I applied for a refinance loan and was approved for the same exact interest rate as before.
While it doesn’t make financial sense to make a lateral move like that, I would like to understand the lender's logic here.
"
Johnny Puckett · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
“Put simply, the lender has likely decided that the refinance loan is only a good deal for them if they can charge you a seven percent interest rate.
You should check the value of the car you are trying to refinance. If you are not upside-down on the car—meaning the market value of your vehicle is not less than the amount you owe—you should check with a different lender to see if you can get a better rate.“
View full answer
- Gregory R.
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