[MrGatsby]

Hi all,

When I had initially purchased my M3, I unfortunately fell for the salesman's rhetoric. This being my first large purchase through financing, I was sold a high rate (9.9%) with the promise that 6 months of on time payments, I could refinance to a lower rate. The 6 months have since passed, so I attempted to refi with my current bank with no luck. I have spent as much energy as I am willing to try to have them to stick to their word. I no longer want to give them my business.

So I have been exploring other lenders. I have received a quote for 7.49% which is less than my current rate, however they were "requiring gap insurance" in order to get that rate. This seemed very shady to me, as I have positive equity in the vehicle of about $3,000.

My current car payments make up just 6.5% of my monthly pre-tax income, my credit score is a 675, and I owe less than 2k on all other debts including credit cards. I am young, with only 4 years of credit history, so perhaps this plays a part into why I am seeing rates like these.

Looking for some guidance on how to find the best rates here, as I do not want to make another mistake with a bad lender.

Best,

Gatsby