topic Re: Auto loan 1 week post discharge in Auto Loans

Auto loan 1 week post discharge

1prettyorchid — Thu, 05 Aug 2021 20:11:31 GMT

I was approved on the Capital One website for up to $45,000 less than one week after my discharge.

Today I purchased a 2021 Mazda CX-5 Grand Touring at 9.54%. I will attempt to refinance in 6 to 12 months. Should I try to pay down the principal as much as possible to better my odds? Should I try sooner that 6 to 12 months?

Please provide advice on how put myself in a better position to refi. Thanks!

Re: Auto loan 1 week post discharge

Loquat — Thu, 05 Aug 2021 22:26:45 GMT

@1prettyorchid wrote:
I was approved on the Capital One website for up to $45,000 less than one week after my discharge.
Today I purchased a 2021 Mazda CX-5 Grand Touring at 9.54%. I will attempt to refinance in 6 to 12 months. Should I try to pay down the principal as much as possible to better my odds? Should I try sooner that 6 to 12 months?
Please provide advice on how put myself in a better position to refi. Thanks!

@1prettyorchid Sounds like you have a plan. And yes, I would pay down as much as possible to better your chances for a refinance in the next year or so. I emphasize this even more if you didn't put any money down. Make as large of payments as you can to better your chance of getting the refi because your discharged BK will still be a high bar to cross even a year from now so whatever you can do to make yourself look better in the eye of the lender, the better off you'll be.

Congrats on the new vehicle and here's to hoping for better rates in due time.

Re: Auto loan 1 week post discharge

1prettyorchid — Thu, 05 Aug 2021 22:33:02 GMT

Thank you! I traded a vehicle and they gave me $5700 for it. But I will aggressively pay this down. Thanks!