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Valued Contributor
Posts: 1,088
Registered: ‎03-18-2007
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Re: 22% Interest Rate

Sly the history and age will still be reflected on your CR's. The longer you pay on that loan with that interest the more upside down you will become. Cars, unlike homes do not appreciate they depreciate in value.

When you go to apply if you decide to refi, explain that you were in a high interest rate car loan and you wanted to free up more money to go towards the house -- that is the truth.
If at first you don't succeed... hang up and try again!!
Valued Contributor
Posts: 2,340
Registered: ‎04-08-2008
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Re: 22% Interest Rate

[ Edited ]
Called DW's step father...he said the car is worth $12000...easily...so I'm waiting on loan officer to call back...and see what he says...if I'm waiting for my credit to age..for the home loan...I don't want to mess that up by closing my second to oldest account...and starting a new one...my DTI ratio is good for the house...and after I get the house...the car will be 2 years...then I would get a 36 month loan...for the refinance...

Message Edited by slyhouse08 on 05-29-2008 10:34 AM
Valued Contributor
Posts: 1,088
Registered: ‎03-18-2007
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Re: 22% Interest Rate

I understood what you were saying. A year from now your car will possibly be worth 15-20% less than it is now more miles-- more interest, and wear and tear plays apart in that, which will cause you to be more upside down. Do what works best for you. Banks go bay Kelley Blue Book value, so you may want to try that to see what it is really worth.

Call mortgage lenders that you will possibly want to use for financing and ask them about it, everything else is speculation.

As we have all seen on here all banks have their own policies. What one company may accept another one will not. When/if you refi your car it will say transfered to another lender, so they (the mortgage company) will know that you just didn't just get a new car.

Good luck.
If at first you don't succeed... hang up and try again!!
Valued Contributor
Posts: 2,340
Registered: ‎04-08-2008
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Re: 22% Interest Rate

bump....SO I decided to go ahead and refinance...but seems like that is not going to happen....last night...I applied for....Capital One...DENIED...Roadloans...DENIED...

I'm in Houston, TX...is there any places that will refi me???...

TU-638
EX-600

I want a TU or EX puller....
Frequent Contributor
Posts: 489
Registered: ‎05-23-2007
0

Re: 22% Interest Rate

You could try HSBC. I get offers from them all the time to refinance. You should also reach out to a credit union also and see what they can do for you.
Valued Contributor
Posts: 2,340
Registered: ‎04-08-2008
0

Re: 22% Interest Rate

I posted another thread...got approved through Road Loan 18%...Rate Genius 12.59%...and Wachovia 10%...I think I'm going through Wachovia...payment will be lowered by about $100....and she said they do manual reviews...every 6 months...for another refi...but I plan on trading it in...in 6-12 months...

Everything is on hold now...I just found out...I have to transfer my car registration...and everything over to Texas...since it is now in Louisiana...before the loan is finished...

Loan expires...July 11,2008...
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