Swampthing, a lot of credit unions will refinance upto 120% of LTV. Banks use NADA clean retail for their appraisals. I also though I was super upside down on my two cars due to 19% interest rates, lo and behold I was only a few grand under and DCUS just refinanced me at 1.49% with nothing down! If your EQ04 score (they pull that) is above 675 you will get there best rate. 640 or so will get you around 3.99%, below that is upto 7-8% I believe. I would think about refinancing now! Currently all of your payment besides a small bit is going to interest and nothing more, in order to pay down you would need to make a double + payment monthly to even touch the principal. I would think about it sooner than later! The worst they could say is no. DCU can tell you over the phone within minutes if you are approved, and as long as you have no bad payment history on the current loan and a score above 600 I think you would be fine. They overlook baddies as well, I'm not sure how many but I had 1 unpaid $1200 collection from 2013.
Don’t take your credit for granted, use it with care! These days, catch me in the bankruptcy forum!?
