Auto Refinance

[Anonymous]

Okay. So I had to get a car loan and I got one the day after discharge. I had to get the loan through Consumer Portfolio which i am sure a LOT of us are familiar with. I wasn’t expecting great things and I really need a vehicle so I took it. I plan to refinance asap so I don’t have to deal with that company and hopefully get a lower interest rate. The salesman told me I wouldn’t be able to refinance until two years of payment. I am pretty sure I read somewhere that I’d be able to do it sooner than that.

How long before I can safely apply for refinancing? I mean, and have decent chances. I actually never had issues making payments before bankruptcy. I made it work. It was just a juggling act involving payday loans and holding off things that didn’t report to credit bureaus because I went crazy with credit cards. Lesson learned. All my payments will be made for my car on time. Is there an amount of time and a score I should shoot for before trying to refinance?

[tooleman694]

Have you tried cap one.

[Anonymous]

Yes. I tried literally everyone. I burned Capital One in my bankruptcy for like 10k. They aren’t ready to talk yet. Lol.

[cartwrna]

You can refinance an auto loan literally the day after taking it out, what the salesman/finance person told you is pure rubbish. I have around 7 paid auto loans, some of which were refinanced months after getting original loan. Build a relationship with a credit union, after 6-9 on time payments attempt to refinance. Capital One will eventually work with you, believe me. We just burnt them for 30k in credit cards, all of which were charged off around 2-3 years ago and me and the wife were able to get a credit card through Cap 1 right after our 341 meeting. Talk with some credit unions if wanting to go that way and ask them questions before opening an account, such as how they view bankruptcy’s, if a refinance is viable with them after x amount of time etc. good luck!

[shadanat]

I attempted to refinance my car two months after discharge and was told I needed to do a little more rebuilding. At the six month mark, I tried Cap One and was approved. I burned them for $1500 in bankruptcy but they let me in and two months after they gave me a credit card.

[audio-disabled]

I had Consumer Portfolio too.

From the moment I filed for bankruptcy, I opened CU checking account. After taking out an auto loan with CPS, I made 6 on-time payments, skipped the 7th month payment then combined the 7th and 8th month worth of payments and used it as a down payment with a credit union. Now my checking and auto loan are both under one account.

Life. Made. Easier.

So, if you make 6 on time payments, you will be able to refinance. I was offered 6% rate with one CU, but they valued my vehicle at trade-in value; so my CU that I used offers 13.3%. Better 13.3% than 22%.