I have a credit score of 700. why cant i get my car refinanced????

Question

all my payments are on time and never missed...ever! im just trying to get a lower interest rate on my car which is 15.8% and have been turned down by two different lenders.

Answer 1

When you are turned down by a bank they should give you a reason along with what credit report agency they used.  Is it possible there is something on your credit you don't know about? FYI - 720 or better  is usually considered the top score for car loans but this shouldn't matter.

If you can afford to add extra principal payments to your car note you can accomplish the same thing as refinancing (lower interest, pay off sooner).  If you were looking to get a lower interest rate to lower the payments, I would guess that you may already be overextended and that's the reason you were turned down for a loan.

Answer 2

Is the car worth less than your balance?  That's one reason.

Your income or other debt could also be factors.

Answer 3

You don't say how much you owe on the car and how much it's worth. If you're upside down (owe more on it than it's worth) nobody is going to refinance for you. Sorry about that.