Why can't I refinance my car?

[Dianamarie1013]

Good evening!

I need help! So I bought a car right after bankruptcy in Aug of 2013 with a horrible rate of 21%. Its a 2008 Rav4 which recently hit the 100k mark. It was a loan for 12k and 66 months. Terrible. We have been trying to refinance for forever and no one would ever approve us not even nfcu which we both have 2 8k ccs with and do all of our banking with them.

So I realised maybe its because Im under now. We still owe 9500 on it. So I figured I needed to do this now before the end of the year which tech hits the 8 year mark. Anyways..we got a second car through wells fargo for a 5 year payment period at an APR of 8% showing our scores right between 670 and 695. Why am I getting denied to refi?

I finally apped to pay it off at 8k. And the only would to approve us was Capital One at 12.5. Im about to cut my loses and take it. Nfcu turned u down again and so did DCU (I did app before I was a member tho)

Any Ideas? I tried to keep it with people we banked with and DCU because of all the boards about them.

We did move to Tx so our debt is pretty high..using about 15k with a total of 40k limit. Help please!!

[Jeff532003]

It's an older car that your underwater on in payments. It's not going to be easy. Do you know your scores? I would say before you take the cap one offer, go into your local credit union and talk to them. I know DCU and NASA and PenFed get all the love on here but that's because they are "big" like big banks so many of us dislike so they're able to service more customers in larger areas oftentimes nationwide. I use my local credit union not only because they're good to me but also because they only do buisness in my county. I know all the loans they make and all the money they make off investing my deposits goes back to helping my local community. Anyone who is eligible for membership can walk into a local credit union and explain their situation which will often be taken into account besides just your credit profile. You tend to be more than just a number there. Stop in to yours and you might be surprised.

[ineedadvise]

The main reason that jumped right out is 100k. If you look under refi criteria that's typically the cut off.