topic Re: refinance woes in Auto Loans

refinance woes

LeTired — Wed, 10 Sep 2008 16:13:45 GMT

I have a 08 Toyota Camry hybrid that I bought a year ago in October. I had so-so credit (upper 500s i think) and I ended up with a 12.13% loan from BoA, the only bank that would approve my loan (I rolled over some negative equity from my gas guzzling Envoy).

My scores are below... long story short I have been applying for refi loans lately and I haven't been approved for a single one. My DTI has gone down and my credit has gone way up, but still I can't get a loan for the life of me.

I've tried Roadloans, cap1, chase, etc. I thought with auto refinances you're just trading debt for debt, so I don't know why I'm not getting approved.

Message Edited by ktlane on 09-10-2008 09:13 AM

Re: refinance woes

Anonymous — Thu, 11 Sep 2008 00:06:01 GMT

Can you bring your reports and scores in to a credit union and see if they can give you a good idea before pulling your credit? Maybe if they can't approve you they could tell you what needs to happen before they can approve you. Perhaps part of the problem is the negative equity. Have you looked at how much you owe vs KBB value?

Re: refinance woes

Takunda1 — Thu, 11 Sep 2008 02:08:01 GMT

ktlane wrote:
I have a 08 Toyota Camry hybrid that I bought a year ago in October. I had so-so credit (upper 500s i think) and I ended up with a 12.13% loan from BoA, the only bank that would approve my loan (I rolled over some negative equity from my gas guzzling Envoy).

My scores are below... long story short I have been applying for refi loans lately and I haven't been approved for a single one. My DTI has gone down and my credit has gone way up, but still I can't get a loan for the life of me.

I've tried Roadloans, cap1, chase, etc. I thought with auto refinances you're just trading debt for debt, so I don't know why I'm not getting approved.

Message Edited by ktlane on 09-10-2008 09:13 AM

Nobody is refinancing anything with negative equity right now. If you have the difference between the current value of your vehicle & your negative equity then they'll take you. I refied my Ford Explorer with Credit Union of Texas but i had to pay $2000 upfront. It was still worth it though.