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Refinancing Car Loan After Chapter 7

New Member

Refinancing Car Loan After Chapter 7

Hi Everyone!

I was wondering if anyone who recent experience with trying to refinance a car loan after discharge from Chapter 7. I discharged in 1/2017, and almost immediately had to get a car loan due to a car accident. My loan is through Prestige Financial currently with a super high interest rate of 18.9%. I have been paying on the car on time since then and also got a unsecured Credit One card, and my scores are currently 676 -Equifax, 669 -Transunion, and 610 -Experian according to myfico.com account.

I applied yesterday on the pre-qualifier for Capital One and the interest rate they offered is 16%. (Burned them with a CC in BK for 2500.)

I’ve looked through the threads, but not finding too much helpful stuff.

Any advice or success with anyone else?

Thanks!
2 REPLIES
Community Leader
Super Contributor

Re: Refinancing Car Loan After Chapter 7

Do you belong to any of the popular CU's here on the forums like....Penfed, DCU, etc?? If not, Id join one, probably PF and inquire. Have you tried talking to you local LO at your bank?

Same thing happened to me....needed a car before BK, but credit was already in the toilet due to letting everything go, and the only person who would finance me perk was Santander at 23%!!!

I did that non-sense for a year, filed BK, 6 months later post DC refinanced at my local bank for 6.9%, then a few months later refinanced at Navy CU for 3.29%.
(BK7 d/c-08/2013/FICO-400's) ~ 07/2017 FICO 08- EQ-669, TU-676, EX-681
Scores being held down by tons of INQ/New acts Smiley Wink
Established Member

Re: Refinancing Car Loan After Chapter 7

Your scores are not bad. 

 

I filed for Ch 7 BK and got my CR-V at 22% with Consumer Portfolio Services while in bankruptcy, in April 2017. My Ch 7 BK was discharged in July 2017.

 

During the last week of October, 3 months post discharge, I applied for auto refinance loan with RBFCU in Central Texas. I was offered 13.3%. They pulled my TransUnion and used my FICO8 score, which was 595 at the time. 

 

I didn't refi because the loan amount was more than my car value, though down payment requirement was really small. I think I will hold out a little bit longer.

 

Bottom line, open banking account with CU and see what you can do from there.

Filed BK7 04/16/2017 | Discharge 07/20/2017
FICO Start               | Current
EQ 589 07/31/2017 | 621 11/4/2017
TU 561 07/31/2017 | 603 11/10/2017
EX 570 07/31/2017   | 609 10/20/2017
$300 CreditOne