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I need help with trying to refi my current auto loan with santander at a ridiculous rate of 21%!
Here is my credit profile
3 CC's with a total of 3300 total CL only showing about 9% util on all 3
647 transunion score (lender pulled)
BK7 discharged on 3/12
Never been late on anything post chapter 7 BK
Santander Loan Feb. 2012 @21% with a remaining balance of 11,250
So I talked with my local CU and they said that I owe more than its worth and that I would have to come up with that before they could refi. NFCU denied me for the same reason. Am I stuck with the 21% until I can pay the balance down? Or is there another lender out there that will allow me to refi with a better rate with a value of a car that's going to be worth less than the loan?
Almost all places won't do more than 100% of the value. At that rate it's gonna be awhile before you could even refinance.
What is the exact year, make, model, and trim of the car? How many miles?
So, you still owe $11,250?
Capital One refinanced my Jeep at a much lower rate than the Santander loan (well the loan that Santander bought from Fifth Third Bank). Dropped my payments by about $75 per month. I had only made one payment on the previous loan and thought "what the heck, might as well give it a shot" because the Capital One auto refinance offer came up when I logged in to pay my credit card bill.
After e-signing the documents and submitting paystubs for income verification they called and dropped it another 0.8% because apparently mu income was higher than I claimed on the application.
@svtthis wrote:
2006 Chevy cobalt ss 2 door 73k and yea I do financed 12.5k
@nws2002 thanks for the info I'll give them a shot and see what they say
Cap One would only refinance you for about $7-8K. So if you still owe $12.5K you'll have to come up with the difference. Also they don't refinance cars that are 7 years or older and/or 100k miles so that also might be a factor.
You need to throw an extra $4k at it. Then apply for a refi at a credit union.