Background: Had a ch7 BKcy in early 2016. Got an auto loan for 8.9% july 2017 through ally (only bank that would approve me) for 75 months. Did this at hyundai dealership for an elantra.
Today: Got pre approved for refinance through capitol one at 7.02%.
Is this even worth it? Are there fees involved like there is when refi a house? Should i just wait and find something better?
Also i applied for refi through US bank but they are currently reviewing it. Maybe theyll come back with a better rate?
Experian score: 699
Where is the 699 score from? What are your other scores?
The Capital One offer is actually close to 2% less . . but if you are truly sitting at 699, I would think you could do even better. Look into DCU and PenFed. Also NFCU if you have a way in.
If those are your true Fico scores I would try NFCU/Penfed/DCU to refinance as they should be able to beat your current rate and the Cap One rate. However in regards to US Bank, from my experience they will not touch anybody for auto lending with a BK on their reports. I have seen folks who are 2 month's away from their BK falling off get auto declined from US Bank due to BK on report.
I'm not sure about immediate, but you will get an answer rather quickly (within a couple business days.) NFCU will require you to be eligible for membership via a family member or one of the other ways. PenFed can be joined by donating to an organization one time to make you eligible, and I haven't looked into DCU to see what they require for membership.
May not be worth the hassle through Cap One, but I would definately check around and see if any of the CU's I suggested can help you lower it. You may very well be able to lower the rate, and term while remaining at the same payment and saving hundred's if not thousand's in interest throughout the duration of the loan.
Sorry correction, equifax, not experian: According to credit karma (i know its just a rough estimate):
You need to get your real scores.
Credit Karma will have me in the 740s sometimes and my true FICOs have never broken 700.
Also, what all is going on with your profile? It's crazy important for us BK'ers to be optimized with at least 3 credit cards (two reporting a $0 balance, one reporting less than 9% of the limit) and an installment loan. You have to get this precisely right in order to get the best rate possible.