Best answer from question by urbaninja54:
Answer by stubbywonder
You will need to make sure you are not upside down on the loan. It also would not hurt if you had some money to pay off a bit of the first loan. Be prepared to to pay a higher % rate.
try credit union
I work at a credit union and do this everyday….while this is no way a guarantee that you’d be approved, this may point you towards what might get you approved.
The first couple of things that a lender will look for is work history.
How long have you been with your current employer? It looks okay at around 6 months but the longer the better….and its okay if its been less if you changed jobs but stayed in the same job field. Another thing is your ability to repay.Most lenders like the debt to income to be low. To find out the debt to income just divide your monthly net pay from your total monthly debt. If its say 30 or less your okay….31 or more and its not looking so good. Lastly that I would look for is loan to value of the auto your trying to refi. Go to either Kelly Blue Book or NADA and see what they value your auto for. Then see how much your going to refi for. Take the amount of the refi and divide it by the value of the auto, that would be your loan to value……the lower the better. If your loan to value is over 100% you are upside down in the loan and the lender might ask if you can put some money towards the auto……..The biggest thing is your credit history, but since you said you have none they may factor that in as well. Those are the road blocks that I see the most when people come in….I hope this helps.
upside down on a loan means that you owe more on the vehicle than it is worth. You can not refinance a loan without the co-signer. A refinanced loan has to have the same signers as the original loan.