Will it be possible to refinance my vehicle in a year based on my situation?

[tryingtogarden04]

After being out of work for months after losing my job, I am just getting on my feet and paying off debts.

I have a monthly car payment, and eventually want to refinance because her interest rate is crazy high with Santander.

Give me your opinions or advice based on my situation:
3 credit cards
Victoria's Secret Comenity card: (overlimit--- credit line $500) $650
Capital One: (limit: $200) $196

Recently charged off >>>
First Premier Bank: (overlimit-- credit line $500) $550

I have $122.00 a week "extra" from my paycheck.


My absolute, ultimate goal (besides ridding myself of the cc debt) is to refinance my 3 year old car that I bought used in 2014 financed with the devil...ahem, Santander. 

I paid $17k TT&L for a 2012 Honda Accord but will end up paying $20k with my interest rate. + I could have bought new for the amount of my monthly paymentif my credit was decent.

Specifically, the interest rate on my auto loan is 12.90%.On my statement, it shows the Total Amount Financed is $20,364.75.

[Anonymous]

Get the cards paid down - ASAP especially the one overlimit.  

Work on the charge off - pay for delete possibly - that would help your score.

When you get things paid down - which shouldn't be too bad - then send extra to the car -because chances are - you are upside down (owe more than its worth) and you could have a hard time financing that way.

But a year down the road if things are caught up and you have on time payments with Santander - I would thing you should be able to refi the car at a lower rate - check credit unions - they usually are pretty good for that. 

[RobertEG]

In my opinion, your recent CO plus maxed or near maxed cards paints a picture of one who is already over-extended in credit.

My recommendation would be to show at least 6 months of reduced % util before apping for a large loan.

My secondary recommendation would be to attetmpt to avoid further score damage with the possible addition of a a collection.

Many creditors will either refer bad debt to a debt collector for collection assistance, or sell the bad debt, after taking a charge-off.

The CO represents the possibility of further score damage.  Can you settle that debt before it magnifies?

[Anonymous]

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@tryingtogarden04 wrote:

After being out of work for months after losing my job, I am just getting on my feet and paying off debts.

I have a monthly car payment, and eventually want to refinance because her interest rate is crazy high with Santander.

Give me your opinions or advice based on my situation:
3 credit cards
Victoria's Secret Comenity card: (overlimit--- credit line $500) $650
Capital One: (limit: $200) $196

Recently charged off >>>
First Premier Bank: (overlimit-- credit line $500) $550

I have $122.00 a week "extra" from my paycheck.


My absolute, ultimate goal (besides ridding myself of the cc debt) is to refinance my 3 year old car that I bought used in 2014. I paid $17k TT&L for a 2012 Honda Accord but will end up paying $20k with my interest rate. + I could have bought new for the amount of my monthly paymentif my credit was decent.

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What's your current interest rate? 

At $100 extra per week, it will take you 14 weeks to pay off that debt (not including what you can roll into the pay off by not having a minimum due). It would probably be wiser to roll that $100 week into the loan to pay it off early than to refi. A $17k loan will be paid down quickly with an extra $5,200 per year thrown at it on top of the regular payment. 

[Anonymous]

Your Santander account is a sub prime bank and is charging you 22% plus interest plus they charged a loan origination fee of anywhere from $1500 to $3500 to write your loan and that was added to your total loan amount. Unfortunately you are not going to be able to get your loan refinanced at a regular bank because you now owe thousands of dollars more than your car is worth and the bank goes by book value. The only thing to do is pay the Santander loan down where it will allow you to be at or below book value and refi then. This is a very bad mistake that I see people do that need vehicles is they go with predatory lenders such as Sandtander and there sister company Drive Time. 

[tryingtogarden04]

The interest rate on my auto loan is 12.90%.On my statement, it shows the Total Amount Financed is $20,364.75.

[Creditdreamer]

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@Anonymous wrote:

Your Santander account is a sub prime bank and is charging you 22% plus interest plus they charged a loan origination fee of anywhere from $1500 to $3500 to write your loan and that was added to your total loan amount. Unfortunately you are not going to be able to get your loan refinanced at a regular bank because you now owe thousands of dollars more than your car is worth and the bank goes by book value. The only thing to do is pay the Santander loan down where it will allow you to be at or below book value and refi then. This is a very bad mistake that I see people do that need vehicles is they go with predatory lenders such as Sandtander and there sister company Drive Time. 

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^THIS.

I have a 72 month loan with Santander at 16% interest (stupid stupid stupid!). I owe 22000 and the car is only worth 13000. No one will refi until I'm no longer underwater. That is one of the biggest factors on your ability to refinance. I have had the car for a little over 3 years and there's no end it sight. Hahah. No but seriously, I am just working extra and throwing everything I can toward it.