Help with up-side-down-loan!

[Anonymous]

Hi guys,

I need advice on a possible refinance.  Right now I have a loan with chrysler capital taken out march 2014 for around 23000 with a 16.9% rate.  My scores have risen significanlt in the last six months (low 700s now) and I am considering trying to refi again.  However the loan is upside down and I am in the hole 5-6K.  Do you think there is a possibility to get a lower rate without having to put money down?  The payoff amount is 23,554.  Kelly blue book says the car is only worth 17-18K.  I am paying 552 monthly with 300 going to interest.  I know this was a stupid decision but I needed reliable tranportation and no one would approve me for a used car loan at the time.  I was thinking of going to a credit union to get some general information and brief them on my situation.  I really dont want my credit ran 20 times again as when I tried to refi in Nov of last year and was turned down.  The result was over 15 new inq and still no refi.  My scores may also be changing in the next couple of months due to being approved for 3 new cards this week so I really want to get this done as soon as possible.  Any advice would be great.

thanks

[Anonymous]

Update- Went in to AFCU and was approved for 5.3% refi with the same term length.  $120 less a month and I save over 11,000 over the coarse of the loan! Didn't get approved for the A+ rate because of length of credit history.   Over all it has been a good week for me. 3 New card approvals (15k total) and a refi plus I joined a credit union!  Which leads me to my next question.  

Immediately after they ran my credit at the credit union I got an alert from CK saying I have a New inquiry.  I log in and see that my Equifax score went up 24 points.  Why would my score go up from a hard inquiry? Has this happened to anyone else? I have not got the alert from myfico yet so I will see what it says.

[Anonymous]

Congrats!  Great result, shows it can never hurt to try, some folks worry about the HP but this HP saved you 11k, pretty good trade off.

[joedtx]

@Anonymous wrote:

Update- Went in to AFCU and was approved for 5.3% refi with the same term length.  $120 less a month and I save over 11,000 over the coarse of the loan! Didn't get approved for the A+ rate because of length of credit history.   Over all it has been a good week for me. 3 New card approvals (15k total) and a refi plus I joined a credit union!  Which leads me to my next question.  

Immediately after they ran my credit at the credit union I got an alert from CK saying I have a New inquiry.  I log in and see that my Equifax score went up 24 points.  Why would my score go up from a hard inquiry? Has this happened to anyone else? I have not got the alert from myfico yet so I will see what it says.

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First congrats on getting your loan refinanced. I'm sure you know by now those multiple inquiries were the result of the Dealer shopping your credit NEVER allow anyone to do this stick with your credit union and negotiate your terms. The 24 point increase is likely the result of your recent credit lines reporting, you can possibly see this dip as well these change as your profile stabilizes.

[B335is]

Congrats, awesome savings!

[Anonymous]

Nice... That is a chunk of money you saved.  Good job!!!

[Kathy4NU]

Congrats!  Lots to be proud of.

Am I reading this right?  13 months ago you took out a loan, made payments every month and now you owe a few hundread more than when you signed the loan papers?  

The refinance is going to save you tons!  Way to go!

[black_citi]

Congrats on the refi!