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After BK auto refinance questions

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Frequent Contributor

After BK auto refinance questions

I'm almost at my 6 month mark post BK. Our cars we purchased during open BK and once we hit 6 months post BK will have 8 payments made on each of them. I wnated to start calling around to the CUs and Savings and Loan bank in my area to see which one might be the best to work with to refinance. What questions would you reccommend that I ask when calling, such as just state I have a BK on record (but not say how old), and what my credit score is or??

Ch7 BK filed 7/5/16, DC 10/12/16
Message 1 of 7
6 REPLIES 6
Valued Contributor

Re: After BK auto refinance questions

You will have to apply to find out really.  Most lenders, credit unions or banks cannot answer hypotheticals like this.  I would join DCU and give them a shot with one of the loans.  Make sure your loan to value is pretty close to 100%, 110% at worse.  That is what keeps most folks from being qualified for refinance, they simply owe more than the car is worth.  This is common early in car loans and even more common for subprime because the dealers take advantage of subprime buyers.

Message 2 of 7
Regular Contributor

Re: After BK auto refinance questions

Penfed and Navy are both BK friendly if you havent messed up since.  You need to be going in a positive direction with your scores and payments.  

 

I too was able to get very good car loans with penfed while I was in an open 13.  I had no issue getting 3% rates on both cars.  

Message 3 of 7
Regular Contributor

Re: After BK auto refinance questions

Are both BK friendly, even if I had burned acocunts with them pre-BK?

TU: 738
EQ: 721
EX: 732 Plus score
Message 4 of 7
Frequent Contributor

Re: After BK auto refinance questions


@Raziel77 wrote:

Are both BK friendly, even if I had burned acocunts with them pre-BK?


If you've burn PenFed or NavyFed they won't lend to you after BK. You will have to pay them back completely before they will allow you to apply for a new loan.

Even with PenFed's risk based lending I'm 15 points outside their score requirements. I applied for a CC in my name and was denied, due to BK/length of accounts/inquiries over the last year - It would have been able to get overturned, but the reason they couldn't was due to the score. According to them I was 609, but I had to be a 624 for them to have overturned it.
I was able to get a store card in just my name using the SCT with Overstock, so I might just buy something small and immedetly pay it off so it reports and let that marinade for 2/3 months then go looking around at the local CUs. My friend who's not too far ahead of me in BK was able to get a refi at 6 months with Unitus CU, he had only 1 secured card and the auto loan when he was able to have them refi for him, so I might see what they say and go into a branch.

Ch7 BK filed 7/5/16, DC 10/12/16
Message 5 of 7
Valued Contributor

Re: After BK auto refinance questions

Where you located at? I thought I remember reading threads of yours and was thinking you were in the Oregon area???

 

I've heard Advantis was really good to work with for people with BK, but just usually request proof of income.  Another is Northwest Community CU, but you'll just have to call around and ask how BK friendly each one may be...a member on here "WadeDalton" did a bunch of legwork in the Portland area, and could probably shed some light on it. His thread is over in the BK forum. 

Learning from my past and rebuilding..

BK discharged 1/10/17
scores: EQ 659 | TU 630 | EX 659

QS 3.8K | WF 500 | Cabela's 3k | ACU 500 |

Message 6 of 7
Frequent Contributor

Re: After BK auto refinance questions


@j_casteel wrote:

Where you located at? I thought I remember reading threads of yours and was thinking you were in the Oregon area???

 

I've heard Advantis was really good to work with for people with BK, but just usually request proof of income.  Another is Northwest Community CU, but you'll just have to call around and ask how BK friendly each one may be...a member on here "WadeDalton" did a bunch of legwork in the Portland area, and could probably shed some light on it. His thread is over in the BK forum. 


Yeah, I'm in Oregon. I used to work at Northwest Comm CU, and have a person who still works there I might be able to ask her advice if I should even try or minimum scores. When I was working there back in 09 they weren't that friendly, however I know the CEO is trying to grow and doing so rather quickly so maybe their lending has changed.  I totally forgot about Advantis. I'm currently with Onpoint, but they aren't that friendly lending. My friend suggested Unitus and per their site they do lend to people with scores as low as 520 for auto loans, however I want to try to get us to the next tier so we can get interest rates around 9% vs 15% which we're paying now.

I'll have to try and find his thread, I don't think I've seen it. If you find it, can you send me a link?

 

Thanks J_Casteel!

Ch7 BK filed 7/5/16, DC 10/12/16
Message 7 of 7
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