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Auto loan refinance.

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Anonymous
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Auto loan refinance.

Hi All,
My mom and I recently purchased/financed an SUV using Capital one auto loans. I was initially trying to help her get approved through our local CU but they wouldn’t approve her due to her limited SS income and WOULDNT allow me to co-sign..... they’re weird like that. So we used Capital One and I co-signed with no issue. They gave us a 7.8% rate, which isn’t awful. I was thinking of refinancing it a little later down the line. My mom is rebuilding as well. No BK, but just a limited and negative credit history, so, she’s literally starting over from scratch. I have a 2 year old BK7. Can anyone share any info on refinancing a vehicle for a lower rate? I’ve never done that before. Also, does anyone have a car ins company they love? We currently have State Farm but I’d like to save some $$
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2 REPLIES 2
Anonymous
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Re: Auto loan refinance.

Speaking of insurance, State Farm will refinance vehicles and I have seen them give pretty competitive rates for people with less than perfect scores so you may actually try with them. Aside from them, many CU's offer refinancing and you may have some luck using many of the preferred CU's mentioned here on this site. You may build a little payment history with the current loan to boost scores for both you and your mother before trying though.

Message 2 of 3
Anonymous
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Re: Auto loan refinance.

Good advice. Thanks! They did tell me about their refinance options!
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