Car refi question for avg credit

[swaymonae]

Where should I refinance my car loan with fair/avg credit?

I started off with an incredibly high rate (21%) , refinance 6 months later for I think I'm at 14-16%, and now that it has been another 6 months, and my fico has steadily climbed, I would like to refi again to get a lower rate.

With average credit, and a fico of 640, + a BK in 2006, where should I start applying? I'm currently with Citi, and before that it was Americredit.

[reptile411]

I am siting at about 700 and after 13 hits on my report and the endless denial letters I gave up. I will try again when the credit market improves. I am paying 11%

[swaymonae]

Wow... 700 and denied? That's crazy.

[Joan.of.the.Arch]

I seem to be a booster of credit unions lately. Mine still actively advertises car re-financing. I think they were offering around 5.5% on shorter term loans. They seem to be an okay place to get financing.

[reptile411]

Yup, that's what I thought. I was given 136,000 for my house but they would not give me 12,000 to refi the car. Its beyond me lol.

Wow... 700 and denied? That's crazy.

[swanson719]

A house in an appreciating investment, a car is an actively depreciating investment. People are willing to lose cars, not houses. Hence, the bank sees $136,000 on a good credit person as not much of a risk, as opposed to the same person getting a $12,000 loan and totaling the car driving off the lot, and doesn't pay the loan because they don't have a car to get repo'd. One of my co-workers recently did this - beyond me why, but they did.

[swaymonae]

Any specific names anyone can give? Is Capital One any good?