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@Anonymous wrote:CHawk,Want to try to refi hubby's car loan but it is an upside down loan. When we traded our van in for the car we had a balance that carried forward to the new car loan. Loan rate is about 14% and payment is $550. Eating us up. FICO scores are 603 Tu, 604 EQ, 593 EX. We are currently working on GW letters for lates that we had from 03-04. This was the time when we were having a hard time financially and could barely make payments. Suggestions please?
CreditHawk wrote:
CHall, with scores in the 600's (and don't worry too much about that 6-yr old BK), you should actually AVOID Roadloans. They're set up for sub-prime borrowers and I've read too many reports of them treating their customers like trash. You would do well to stay away from bottom-feeders like Roadloans.
You would probably snag a decent rate from Capital One Auto online, and perhaps even some very favorable rates with a bank or credit union. If you choose to go through a dealer for your financing, just be sure to have them SHOW YOU YOUR SCORES so you know if they're shooting straight with you on your rate capability. And then, negotiate to get that financing at the dealer's "buy rate"... and if they won't show you what that is, tell them you'll get your own financing.
A dealer will shop you to a few lenders (Ford, GMAC, banks, etc) and they might get an offer back, say for example, of 6.9%, but the dealer will then tell you that the lender approved you at 7.9%, which just made the dealer a nice profit just on your car loan in addition to the vehicle you just bought.
Once again, do what you can to AVOID Roadloans. They are a division of "Triad Financial" which is widely known to be a "loan-shark" type of finance company. Good luck and let us know how things work out for you!
@Anonymous wrote:
@Anonymous wrote:CHawk,Want to try to refi hubby's car loan but it is an upside down loan. When we traded our van in for the car we had a balance that carried forward to the new car loan. Loan rate is about 14% and payment is $550. Eating us up. FICO scores are 603 Tu, 604 EQ, 593 EX. We are currently working on GW letters for lates that we had from 03-04. This was the time when we were having a hard time financially and could barely make payments. Suggestions please?
Don't panic. First, if you aren't upside down on your CURRENT car, you should consider trading it in for something less expensive. That would be your best option in my opinion.
If you ARE upside down, perhaps you can still trade it in for something less expensive and still come out with a smaller payment, but it might not be a whole lot smaller. It all depends on what you're trying to buy. REMEMBER THIS: a vehicle is just a set of wheels and a motor to get you from point A to point B. Just get something safe, reliable and somewhat comfortable.
So if the trade-in thing isn't an option to save you money, look to see if you can refinance with a lender. AVOID the sub-prime people like RoadLoans, etc. and try to first work with your bank or credit union. Hope this works out for you. Let us all know.