Refi Help

[Chrisla2077]

Here's my situation: 

   Long story short...I was in bad need of a car back in June and the only...and I do mean only financing that would touch me was Roadloans at a 72 month rate of 20.49%. Of course I realize this is horrible..but it's the best I was able to do. When I purchased, my scores were in the 560s, but once the loan reported...my scores dropped back into the mid 550s. I am hoping to not pay the $13,000  of interest following this entire term would take...and am praying for a refinance opportunity in the next 12 months.  My question is:  Is this possible? 

Right now I owe about $1,000 above the NADA value of the vehicle, but I'm planning to get "above water" with a large payment upon receiving my tax return next year. With the large payment this loan requires, and an equally as nasty insurance payment,  I don't have much money to contribute to the numerous collections, charge-offs, and 1 open judgement on my report. 

On the positive side...I do have 3 Credit Cards...Cap 1 Secured, Express, and Fingerhut ...all in good standing never late. I am hoping this in addition to on-time payments over the next year on this loan...will help my scores improve. All of the dealers/finance compaines I dealt with told me that I should have no issue refinancing in a year. 

Does anyone have a similar experience?   I'd even be happy to get down to 10%.

[Ragelog]

Chrisla,

I financed a 2012 Ford Fusion from a dealer in August 2013 at 72 months 17.25% APR 19,200.00. I don't know my score at the time of my auto loan in August 2013 but know it was 604 EQ Fico on 3/11/2014 and was 645 EQ Fico when I applied with DCU Monday. My TU Fico was a 600 in october 2013. Typically my EQ has been my lowest so I would guess I had a sub 580 ish EQ Fico score when I got my original loan. So fast forward 11 timely payments and none of my major blemishes have fallen off just some newer accounts reporting positive.

I was approved for a 1.49% Rate with DCU for 48 months on 17641.00. I was going to wait until my fico score was 650 or higher but it was time to make my payment again and the patience wore off and I decided even if I get approved at 7 percent it would be a huge drop. I was amazed when I was given the best rate they offer.

So yes it is possible. I still have a Paid Tax lien reporting, Paid Judgement, CO 5 Year old Repo, and a CO old Credit card that will fall off in December or so. So far from perfect however they saw the last 5 years basically had no new negative items and although a good portion of my current revolving credit is pretty new I have handled it responsibly.

I hope this helps.

Sam

[Chrisla2077]

That is great to hear!