Where did you refinance?

[Metsfantransplant]

Hi everyone! I was wondering if I could get some input from people who have refinanced their card after bankruptcy and with whom? I'm currently 6 months out from a ch. 7 and got a car a few days after discharg from Capital One with a 19.9 apr. I've made 6 monthly payments on time and have obtained several credit cards to help with rebuilding. I'm a member of NFCU and have tried every month for the past 3 months and each time it is declined due to my wife and I's bankruptcy. I'm wondering if I need to wait a full year before trying anymore. I have also tried with a different credit union in the area and it was declined for the same reason. I'm getting offers through credit karma from IFS, but I'm highly skeptical about it since the reviews state that they do multiple hard pulls (don't want this) and mixed results. There one more credit union in the area that I can try, but I'm hesistant because they pull equifax and that's the one with the most inquiries. Thanks for any input and advice. Oh, and my fico score from this site is a 647.

[TRC_WA]

I bought a car in May 2013 right after discharge (8.9% rate) and refinanced it with my local CU in March 2014 at 3.99%.  I also filed Ch 13 instead of 7... my FICO scores at the time were around 660.

Sounds as if you need to hold off and try again in 3-6 months.  I wouldn't continuously apply and waste more INQs.

[0REDSOX7]

Had Chapter 7 BK discharged in February of 2014.  Financed two cars five days post discharge.  One was at 12.99% with GM Financial and the other was 18.99% with Santander. 

In September we refinanced both cars with a local credit union and got 2.69% for 60 months on both cars - so, was a nice savings.  My scores were around 680 and 670 (for my wife).  The loan officer had even said she was amazed at my rebuild and scores and said it was one of the best she had seen so close to discharge.

Hope that helps!

[TRC_WA]

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@0REDSOX7 wrote:

Had Chapter 7 BK discharged in February of 2014.  Financed two cars five days post discharge.  One was at 12.99% with GM Financial and the other was 18.99% with Santander. 

In September we refinanced both cars with a local credit union and got 2.69% for 60 months on both cars - so, was a nice savings.  My scores were around 680 and 670 (for my wife).  The loan officer had even said she was amazed at my rebuild and scores and said it was one of the best she had seen so close to discharge.

Hope that helps!

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@Anonymous my BECU rep said the same thing when I went in for financing in January for my car.  Unfortunately they would only go up to $30k and I needed more...  so I went with another CU and got the $43k for $0 down @ 4.49%.  My previous high limit auto loan was $22k so I guess I can see why they didn't want to go for double that amount but it all worked out in the end.

I actually went into BECU last week and the same rep was like "Man, I should have done this loan."  I asked him what I needed to do to get a refi and he said I should be golden when my BK13 stuff falls off TU... should be 10/1 with EE and I should be way over 700.

Their 700+ rate is 1.99%.

[Scupra]

I got my NFCU auto loan exactly 1 year post FILE and was approved for 4%

[Metsfantransplant]

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@Scupra wrote:

I got my NFCU auto loan exactly 1 year post FILE and was approved for 4%

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Did you do a refinance or a new loan? I bought a used Camaro and am tempted to wait until the fall anyway to get a loan for the next gen Camaro if I can get a decent rate. 

[Metsfantransplant]

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@TRC_WA wrote:

I bought a car in May 2013 right after discharge (8.9% rate) and refinanced it with my local CU in March 2014 at 3.99%.  I also filed Ch 13 instead of 7... my FICO scores at the time were around 660.

Sounds as if you need to hold off and try again in 3-6 months.  I wouldn't continuously apply and waste more INQs.

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Thanks for the advice. I really don't want anymore inquires. I'm probably going to wait until September/October. I just hate having to pay all this interest. Price I pay I guess.

[TRC_WA]

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@Metsfantransplant wrote:

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@TRC_WA wrote:

I bought a car in May 2013 right after discharge (8.9% rate) and refinanced it with my local CU in March 2014 at 3.99%.  I also filed Ch 13 instead of 7... my FICO scores at the time were around 660.

Sounds as if you need to hold off and try again in 3-6 months.  I wouldn't continuously apply and waste more INQs.

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Thanks for the advice. I really don't want anymore inquires. I'm probably going to wait until September/October. I just hate having to pay all this interest. Price I pay I guess.

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Yeah it sucks no doubt...  waiting 3-6 months is your best bet right now IMHO.  6 months preferably.

[0REDSOX7]

If you can, I would pay whatever you can as principle payments - with such a high interest rate, there is a chance you will be (or already are) underwater when you are eligible to refinance and won't qualify based on LTV requirements your selected credit union may have...

[Scupra]

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@Metsfantransplant wrote:

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@Scupra wrote:

I got my NFCU auto loan exactly 1 year post FILE and was approved for 4%

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Did you do a refinance or a new loan? I bought a used Camaro and am tempted to wait until the fall anyway to get a loan for the next gen Camaro if I can get a decent rate. 

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Purchased a used car, was told the only reason I didn't get the 1.99% at the time was because of model year haha.