Refinance Exeter to Possibly DCU?

[Charger2014]

Hi All,

I have been on this forum for almost 2 years now and have been working on my credit scores. I started out low 500's and even a 498  

I know, it was bad, 18 with credit cards and no credit knowledge. 

Fast forward to this month and I have low all my scores in the low 600's, I expect a decent jump since my utilization was at around 85% and I just payed off close to 40% off that, I know 45% utilization is still high but I have 2 cards with low 300 credit limits which after both have been open for at least 2 years I will be closing off. They are First Premier..they were my first credit cards approved in my situation when I started rebuilding. 

Anyways, I despereately needed a car last year and put down 8k for a 35k car..my auto loan thru Exeter finance has only gone down about 2k with payments of $696 per month.. interest is 17.99% and payoff is 26,500....I just opened an account with DCU and am going to wait for my credit to reflect the latest payments I made to apply for a loan. Besides DCU is there any other suggestions? Capital one has declined me several times.. Help?  

[vertekal]

What is the current value of the car? It's hard to refinance if you owe more than 120% of what the car is worth. 

I'm in the same boat .. bought a car 2 years ago (with Exeter, actually) and got a 16.5% APR. Paid $460 on time every month, and currently owe about $5000 more than it's worth. In order to refinance, I'd have to pay down the loan far enough to get the Loan-To-Value (LTV) closer to 100%. It's currently at around 145%. 

If your payoff is 26500, then your car needs to be worth at least 22000 for most places to consider refinancing... 22000 / 26500 = 120.45% LTV

If your car is worth less than that, you'll need to pay it down some more to get the LTV to under 120%.

[Charger2014]

Hello,

I did do some research on the car, I have two completely different answers, KBB says my car is worth 26,606 and Nada is closer to 32,000. I selected both the cleanest options, my car has around 25,000 miles on it, I got it early 2014. Once I make my October payment that will be 18 months of payment without any late payments. I make around 48k per year. or 4k per month. 0 mortgage or rent, but I do have a repo from late 2013, the vehicle was redeemed and I continued to make payments then paid in full about 6 months later. 

[Charger2014]

Anyone have any success lately? I feel like my util is holding my credit down but can't afford to pay it down right now in big chunks

[Anonymous]

i to was looking to refi my auto loan and opened a savings account with DCU, spoke with a customer service rep and they recommended to wait till my EQ score was at or above 640.