04-04-2013 05:12 PM
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?
04-04-2013 06:09 PM
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.
04-05-2013 08:26 PM
04-05-2013 10:26 PM - edited 04-05-2013 10:27 PM
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.
04-06-2013 09:21 AM
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.
04-06-2013 04:50 PM
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