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Auto refinance

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jonnyc
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
Anonymous
Not applicable

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
jonnyc
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
Appleman
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
jonnyc
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
kiea
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.

Start of rebuild July 2021

January 2022
Message 6 of 7
jonnyc
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
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