Refinancing

[PlasticOrPlastic]

I posted yesterday about possibly trading in my car and starting a lease, the numbers I'm getting from the dealers for trade are pretty low.  I owe $21,840 on my current car and they are offering $15,000-$15,500 trade, leaving me almost 7k worth of negative equity.  They will however roll this into my lease taking it from 348 to 555 (insane).  My question is would I be better off refinancing the vehicle?  I'm currently at 4.99% with WFDS with about 4 years left on the loan.  Is it hard to qualify for refinancing at a low rate?  I'm currently seeing 2.74% +/-.  Any advice on this situation would be great!

[sccredit]

It's going to be tough to beat that rate on a USED car but is probably possible.  You can probably do it through DCU but the LTV is likely to be the biggest issue.  

[PlasticOrPlastic]

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@sccredit wrote:

It's going to be tough to beat that rate on a USED car but is probably possible.  You can probably do it through DCU but the LTV is likely to be the biggest issue.  

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I kinda wondered this as well, as 4.99% isnt to bad considering I was only 1.5 years out of BK when I obtained the loan.  Thank you for the response.  And DCU has pretty tough membership requirements doesnt it?

[sccredit]

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@PlasticOrPlastic wrote:

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@sccredit wrote:

It's going to be tough to beat that rate on a USED car but is probably possible.  You can probably do it through DCU but the LTV is likely to be the biggest issue.  

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I kinda wondered this as well, as 4.99% isnt to bad considering I was only 1.5 years out of BK when I obtained the loan.  Thank you for the response.  And DCU has pretty tough membership requirements doesnt it?

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Not in my experience, I joined by joining a third party organization.   I did have to email a utility bill because I had just bought my house and the address did not match.