I’m 30. Had nothing but unpaid medical bills on my credit and had bought all of my vehicles used in cash. I bought my first car through a dealership last year (2016 Jeep Compass, 41,000 miles) for about 16,500. Only interest rate I could get at the time was 15.6%. I pay 382 a month for the car. I have never missed a payment and got a credit card since that I pay on time every month as well. I had virtually no positive credit before this and it’s still rough, at 634. Fico auto is better but still under 700. I make 80-90k a year depending on performance. I’d like to refinance and get out from under the interest. Im in San Diego CA.
1. Im ignorant, so forgive me if this is assumed, but my lender won’t refinance the loan, I will need to go elsewhere. Any advice on what to/not to do? I’m thinking credit union?
2. Should I just look to sell/trade in the car I’m paying off and start from scratch with a new loan on a vehicle I might enjoy more? Is there a downside to this?
3. Would selling and leasing make sense in the current market?