cancel
Showing results for 
Search instead for 
Did you mean: 

Auto refinance

Auto Loans for ANY Credit Situation. Immediate Response.
Advertiser disclosure
Highlighted
Regular Contributor

Auto refinance

I’m trying to help my mother refinance her auto loan. began October 2017 and it was taken through carvana at a rate around 24% so it’s extremely high. Trying to help her refinance into a much lower rate lending club offered 16% but I want to see if anyone could suggest any better options. Her utilization is low she has a couple of collections and one recently missed payment from earlier this year that I’m trying to help her get removed. Ex: 618 tu: 617 eq:561
Bk Chp. 7 Discharged 04/13/2018
Date of filing: 01/11/2018
Message 1 of 7
6 REPLIES 6
Highlighted
Frequent Contributor

Re: Auto refinance

DCU.

 

If she gets accepted she could get a much better rate.


Have you tried Capital One Auto Navigator for pre-approval too.

Message 2 of 7
Highlighted
Regular Contributor

Re: Auto refinance

Cap one was a no go, and DCU said she'll get the results in the mail, I'm assumin its a no as well. So far lending club is 16% and IFS is 14.24% trying to hopefully find something a little lower

Bk Chp. 7 Discharged 04/13/2018
Date of filing: 01/11/2018
Message 3 of 7
Highlighted
Valued Contributor

Re: Auto refinance

I would have her take the best you have currently.

 

The collection and lates along with additional credit pulls make me think that she will not likely get a better deal. There is always a chance one of the original approvals could rescind their offer if they see a bunch of new credit pulls.

 

I think she is headed in a great direction going from 24% to 16% or so. Maybe with some more time at the lower rate she will be in even a better place to refinance again next year.

Message 4 of 7
Highlighted
Regular Contributor

Re: Auto refinance


@Appleman wrote:

I would have her take the best you have currently.

 

The collection and lates along with additional credit pulls make me think that she will not likely get a better deal. There is always a chance one of the original approvals could rescind their offer if they see a bunch of new credit pulls.

 

I think she is headed in a great direction going from 24% to 16% or so. Maybe with some more time at the lower rate she will be in even a better place to refinance again next year.


Ended up going with lending club, they dropped for 16% to 14.10%. Gonna stick with that for a while and then look into doing the same next year. Thanks everyone!

Bk Chp. 7 Discharged 04/13/2018
Date of filing: 01/11/2018
Message 5 of 7
Highlighted
Frequent Contributor

Re: Auto refinance

Capital One just let me back in.  I had a CO off in Sept 2016 for about $7,000 before my bankruptcy.  I included the balance in my bankruptcy.  It exactly 2 years from the original CO/ repo but I was approved yesterday for a 10.88%; my current rate is 16.8%.

 

Hopefully, your mother will be able to get back in with Capital One next year if she cannot get approved with a CU.

Cards in my wallet: Quicksilver One $1,000.00 Merrick Bank $1,500.00 First Premier $1,025.00 Credit One $1,200.00 Kohls $700.00 Victoria Secret $500.00 NY & Company $750.00 Williams Sonoma store card $2,500.00 PayPal Credit $1,500.00 Alphaeon Credit $6,000.00 Fortiva credit 1,000.00. PayPal credit 2,400.00.

src="https://ficoforums.myfico.com/t5/image/serverpage/image-id/33675i85072060A7E9ED9F" border="0" title="Silver Garden Club Member" width="40" height="40" align="right">
Message 6 of 7
Highlighted
Regular Contributor

Re: Auto refinance

Just a little update! Shes in with Lending club at 14.7%! down 10% from the previous loan!! its going to be going from 584$ a month down to 490$ just waiting on Lending Club to pay off the original loan. Thanks all for the advice! 

Bk Chp. 7 Discharged 04/13/2018
Date of filing: 01/11/2018
Message 7 of 7
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.