Refinancing Car???

I am looking to refinance my car next month (I would have had my car a year Aug 17) I have made my payments on time with the exception of one (it was 2 days late to the company, and before the grace period of 10 days ended) What are my chances of getting a better rate (current rate 16%) and with my credit score being 585?

Also does anyone with low credit score and have a car loan thru a credit union let me know your experience. I would really like my credit union to refinance but I%26#039;m not too confidant

My current loan is with HSBC Auto Finance

Refinancing Car???

Auto finance is what I do for a living and it will depend on how much you owe verse what the car books for now.

With your score H.S.B.C. would have carried 115% of trade value, a year later depending on how long you financed for, you could be looking at refinanceing 125% to 135% of trade value.

Your own credit union would be the place I would start, they normally go off of retail and this would reduce your carry.

If this doe%26#039;s not work try Wells Fargo and Citifinancial Auto, they both will do large carrys.

Actually, 16% for a 585 score is not all that bad.

Refinancing Car???

I realize 16% is a high rate but I would stay where you%26#039;re at. If you want to lower your interest, you can always pay more towards the principle each month.