1500 upside down

[Anonymous]

I got a car in March at %25 interest, 19, no co-signer 550 credit. My credit score has gone up 120 points since then and I’m trying to refinance but realized I’m 1500 upside down on a $9700 loan. Would a credit union refinance without me paying that off? I have the money to do so but if I don’t id rather not at the moment.

[Anonymous]

Other elements play into it

Heck i have a 750 credit score and Kia Fianace gave me a hard time about my upside of $8000.

It really depends on the finance company - but credit unions are usually a lot more flexible but can be conservative. Shop around to be honest

[Brian_Earl_Spilner]

Probably not, but it depends on how much the car is worth and what Loan To Value (LTV) they go by. For example, Cap1 only does an 80% LTV or better, so at 84%, they won't touch it. Credit unions can go as high as 125%.

[Anonymous]

I tried capital one and they valued my car at the lowest KBB value. But it’s not that. It has more then 1/2 the miles it’s supposed to for a 2011. 48k. And in immaculate condition. The Median witch is what I would assume it should be apprised as is 9200. I’m going to a credit union tommrow to find out what to do. If I have to pay the 1500 I will I just don’t want to.

[Anonymous]

DCU will allow you to finance up to 120% of the car's value.  

When I recently refinanced with them value they gave for my car seemed to be higher than the Galves book (what dealers use for trade ins).

With DCU you could find yourself at less than 1/2 the interest rate potentially saving $100/month or more.  Even if you had to meet them 1/2 way and pay $750 to get it refinanced with them at IDK lets say 4.74% it's a huge win.

Join DCU and that credit inquiry they use to open the account is used for that car loan too.  

Eventually you will be right side up but at 25% I think the next year or so it's just going to get worse and you are better off refinancing as soon as possible.

They have  a car loan hotline maybe call them first before applying see if they can tell you the value they put on the car or the max they would loan on it?