Refinancing a car
I bought a 2005 Toyota Corolla for ~$12,000 last year with ~$7,000 down payment. I was 19, had a credit score of 711, with no co-signer (I didn't know anyone who I was close enough to ask. My parents could not as they have terrible credit). Although my credit score was an overall 711, the dealership said that because they only look under ONE specific credit bureaus out of the three, it showed that I had a credit score of 0. The dealership had said that I would have had a score under this bureau if I had taken a prior loan out or mortgage or something or other (seriously?! I was just 19!). Anyways, to cut one long story short, I was approved of a car loan at 18% interest through Chase. The dealership gave me 3 days to find a bank who would give me a better deal. I went EVERYWHERE around town and was turned down for ALL. I sucked it up just because I needed a car, my dad was keen on my getting a Toyota, etc. I don't regret buying the car at all. I am now 20 y/o and a therapist traveling to clients' homes for in-home therapy. I am getting good mileage out of it, and with the gas price increases, I am saving money on gas than my previous car. I am able to keep up with the car payments, but the 18% interest is just too insane. Anyways, this November will be a year since I have bought it. I have been trying to find a place that will let me refinance with them. So far, I have done the online applications and they have all come up denied. I have only done this option, because I remembered when I was trying to find a place with lower interest, they kept telling me to do it online first. I just checked my credit report and everything is up to date. I have been paying in full and extra each month for the car payment as well as in full for all of my other bills. I don't know why I keep getting denied! I still plan on going into banks in person, but is it usual that if I am denied online that I will also be denied in person, too? Can someone explain to me why I may be getting rejected even though I have been up to date with my payments? Do you have any advices on what I could do to better my chances at getting my car refinanced?