Any Good Refi Companies for Bad Credit?

[anca21bi]

I have been with Santander since Nov.2012. My payment is $412 and my interest is at a high 24.99 %. My loan was for a little over $15K. They were the only one I could get a loan with since I just had a repo and terrible overall credit. I since been working on my credit and never paid my payment late. They said I needed to refinance outside of Santander and I don't know where to go. My fico is only in the mid to high end of 500's but I have very stable income.

[pizzadude]

How much do you owe on the loan and what's the approx book value of the car?

[anca21bi]

My balance is 14,747.31 for the loan and the value is pretty close to the same give or take $300-$400 less.

[pizzadude]

Well that's good if you aren't underwater on the loan. Are there any local CUs or banks that you could talk with ?

Is your auto history ok ( other than the previous repo ) ?

[trying_to_B_good]

i found several places online by googleing "best auto refinance for bad credit" due toforum rules i can't post'em but try it

[anca21bi]

My auto history is great, just the repo that isn't even reporting on my credit report as a repo but just a default on an installment loan (I think). But I did apply at one CU and got denied and then talked with another about my situation and they said all my scores need to be at least 575-which maybe 1 is and a couple others are close. I did google some but I am not sure if they are subprime are just reputable and I try to always look at reviews. Maybe I will wait a few more months when I hit the 1 year payment history mark with Santander?

[StartingOver10]

Have you visited the rebuilding section at all to increase your score?

Paying on time for an installment loan is okay and the right thing to do, but it won't really increase your score much because installment loans (vehicle loans are installment loans) are only 10% of the scoring formula.

To see real advances, you would need to get a revolving account: a credit card. You can get a secured card and by the time you have paid on it a 3 to 6 months you ought to see big strides in your score, especially if it is your first credit card. I only suggested secured because of your current scores. The credit line doesn't have to be large. You can get a small $500 card and as long as you pay on time each and every month and have a balance of 10% or less of the credit line report, you should see a jump in your scores.

There is a thread, I think it's in the rebulding section, that talks about the best secured credit cards. Check it out.

[StartingOver10]

I meant to say also, stay away from the "bad credit, no credit" type companies.

Those are lead in lines to get you to call. They will sock it to you both in the price of the vehicle and in the very high rate. Most of the time those companies have old cars with high mileage that they sell for 2 or 3 times the KBB value to people that are desperate for a vehicle.

You are much better off going to a credit union for financing. Work on your credit until you get it to at least meet their minimum criteria and then go find a vehicle with a legitimate dealership - or even private party purchase if the CU will finance it.