@gskidmark wrote:I bought a car a few months after a bankruptcy and I am paying 11.9 percent. I have made 14 payments on the car and I'd like to refinance to get a better rate. I applied through Capital One and through Lending Tree and was denied everywhere.
How long does it generally take to get approved for auto refinancing?
Thanks.
Welcome to the forums!
Realistically it's the BK rather than anything else which is limiting you. Lending Tree even hits Roadloans, and to be honest your APR isn't that bad at 12%.
There's no fixed time period regarding refinancing, it's possible to refinance day 1 even; however, most people generally hold their auto loans for six or more months for various reasons. In this case, it's your credit report rather than a length of time which is holding you back.
Many lenders have a no-fly zone for a given time period past BK before they will lend to you, and others of the "subprime" variety may not be able to beat what you already have. My general advice would be to talk to a few CU's and see if they're willing to work with you, typically they'll be more willing to work (though not all admittedly) with past credit issues.
Unfortunately I don't know what that time period is for various lenders, hopefully other individuals will be able to assist you with BK-friendly lenders when it comes to auto refinancing.
