Desperately trying to refinance< wondering If anyone could offer suggestions.

[Anonymous]

Hello, I've been looking to refinance to lower my apr rate which is currently 22.4%. First car loan right out of school and had some misfortunate medical bills and Student loan miscommunication causing me to have poor credit before I was even aware. Basically, after trying to get a dealer to finance and being turned down multiple times, I got the loan I’m currently in. I needed a car for work and it turns out that was a completely bad idea. I drive a lot for work and I’ve put about 100000 miles on my car in two years. I owe 10000 on the car and the value of my car is about 7000. My credit is about 150 points higher than it initial was. Recently tried to refinance but I’ve been declined multiple times. Any advice on what could be done? Am I stuck with this car and High APR?

[Anonymous]

LTV is 143%, no one is going to refinance that.

Just pay it off faster.  If interest accrues daily, make frequent payments through the month to save on interest here and there so paying 4x a month at 1/4 payments means paying less interest.

If you get the loan down to $5600 balance you'll be able to refinance no problem, assuming the car doesn't depreciate anymore before you pay it down to 80% LTV.

[dabrian]

Is 7k the trade in value? If so a private party sale could get you closer to your payoff. Maybe you could get 8 to 8500 then make up the rest. That gets you out of your predatory car loan.

[jeffm4688]

I would normally not advocate it, but you can try walking into a credit union and asking for a personal loan for 10K. In a perfect world it would get you towards the low 10.X range interest wise.

The other likely option is to find someone to refinance say 8K and come up with 2K out of pocket. or more/less depending on lender policies.

[marty56]

RBFCU will refi up to 120% so I would c heck with a local CU provided you can pay down enough to get in their range.