Old car, high interest rate. HELP!

[Anonymous]

Hi all, so I've been on the rebuilding path for about a year. I'm 13 months post BK and I currently my scores range from mid to high 600s.  I purchased the car a couple of months after my BK was discharged, so the interest rate is ridiculous (27%)! I know, I know.  But, at the time, I wanted to get the rebuilding started and I really liked the car.

Anyway, tha car is 8 years old and I basically owe twice what the KBB trade-in value is. Currently, I owe around $13k.  I'm fairly certain that a refi is not possible due to the car's age and the fact that I'm upside down.

I basically want to know if I have any possibility of getting away from this crazy interest rate.  I'm happy with the car, but not happy with the interest that I'm paying.

My data points:

Auto Loan (never late)

4 bank cards (Discover, Cap1 QS1, NFCU Platinum, Merrick)

Several store cards (All Comenity)

**UPDATE 8/4/17 -- Navy Federal strikes again! **

I thought I would be stuck with my 8 year old car with the ridiculously high interest rate, but no sir.  I apped for a refi of my car yesterday, it went in to review.  I got an email from them asking for more info, I called and they approved it!  Down from an interest rate of 27% to 7.84%. Woohoo!  I'll be saving around $175 per month.

[Anonymous]

Probably not looking good but one option is to put together enough to pay down the loan to 120% LTV and then see your local CU for a refi.  At that age, I'd guess it won't happen, but you never know.

Another option is if you can be approved for a personal installment loan or PLOC or something similar that will get you cash-out to just pay off the loan and then attack the new loan/LOC and pay that off at a lower interest rate.

What about a HELOC if you own a home with equity?

Do you have any CCs with very large credit limits and 0% BT offers?  Could always charge the balance off using Plastiq (2.5% tho ouch) and then BT that new balance to a 0% card offer?

[Anonymous]

I suggest going with a credit union but first you should determine the actual value of the car versus the loan payoff amount.  I suspect they won't give you 120 percent loan to value on a car that old but each lender varies.  Knowing the loan to value ratio is the first step here.  Many end up not being able to get a refinance done because of the loan to value being too high.  Capital One may be able to help out if the credit unions won't go for it.  DCU is probably your best bet for credit unions, if you can get into NFCU I would hit them up.

[Anonymous]

ABCD2199 and workingfor850, thanks for the suggestions. With the age of the car and the amount that I owe, I'm thinking my only option is to figure out a way to get a loan at a lower rate and pay it off.  I have been with NFCU for almost a year and just recently was able to get a Visa platinum with them.  My hope is that after my third statement drops, I can get a CLI and/or a CLOC with them.  We'll see what happens.