Credit score is 603 right now. Dealer rate on the current loan is 17.8% from about 14 months ago when the score was even worse. Have been paying on time every month since then and the score has moved up from 571.
Is 603 high enough to get any refinancing offers or is there a hard floor somewhere that makes this a waste of time until the score improves more?
Auto refinance bad credit, what's the actual floor on credit score before lenders stop looking at you?
byu/TH_UNDER_BOI inCreditCards
Posted by TH_UNDER_BOI
1 Comment
most refinance lenders won’t touch anything below 620-630, but there’s always few who specialize in higher risk stuff. at 603 you’re in weird middle ground where traditional banks will pass but subprime lenders might still work with you
i had similar situation couple years back when my score was around 610. tried like 8-9 different lenders and only got approved with one credit union, but their rate was only slightly better than what i already had. saved maybe 2% which wasn’t worth the hassle and fees they wanted upfront
your score is moving in right direction though – 32 points in 14 months is solid progress. might be worth waiting until you hit that 620-630 range where you’ll have way more options and actually see meaningful rate drops. at your current score most offers will probably be marginal improvements at best