Who will refinance a high mileage auto that is not currently FDIC insured?

[Anonymous]

In March my old cash car took a dump on me, so I went down to a "nice-ish" buy here-pay here and bout a 2010 Tahoe LTZ for about $20K.  They, obviously, are not FDIC insured.

Capital One approved me, but since original creditor is not FDIC insured, they will not refinance.

Any pointers on what other companies might be willing to help with a refinance.  Or, should I go trade it in and use Capital One?  Current credit score is approximately 625.

Thanks

[Anonymous]

My concern here is that the "non-FDIC insured" situation might be a problem for other lenders, and not just Capital One.  Anyone know??

Thanks!

[Kree]

I hope you get your answer, but I am at a lose for why FDIC insurance would even matter when buying out a loan.

[Anonymous]

Not enough data to really make a suggestion.

First of all, what's the NADA trade-in value of that vehicle?

Secondly, how much cash do you have as a down payment towards trading-in and buying something else?

What's your current DTI including the current loan and without the loan?

What's holding your scores back?  Collections, high utilization, etc?

[Anonymous]

Depending on where you live, my CU will finance for 72 mo's on virtually any mileage/year as long as LTV is in line and credit isn't a problem. With a score in your range you would be in their lowest tier though. CU's are typically always the best option on high mileage/older vehicles. In 2016 I financed a 2005 vehicle at 63 mo's for 3.05%, with the option to go 72 mo's at 3.74%. Finding a good CU to work with will be your best bet to help you out in this situation, but as stated above it really depends on the LTV ratio, credit score, etc.