Wanting to improve loan terms, advice?

[coreysw12]

I have 3 loans currently:

Car #1 - 72mo, $23k @ 4.75%, $6k/18mo remaining. Payments $384/mo.

Car #2 - 72mo, $31k @ 10.0%, $29k/64mo remaining. Payment $594/mo.

LOC - 24mo, $16k @ 21%, $12k/18mo remaining. Payment $864/mo.

The 2 goals I'd like to accomplish are: Pay off the LOC debt as quickly as possible, and reduce my monthly payment amounts (which, combined, currently come to $1,842/mo).

Car #1 isn't really the issue here - it's got a decent APR, and it's so close to the end of the term that I don't think it's worth trying to refinance.

Car #2, I would love to refinance for a lower APR, I think I could probably get it down to 5-6%, but it would only reduce the payments by about $50/mo.

The LOC is the biggest issue - the monthly payments on it are huge, and the APR is high. But I can't seem to get pre-qualified for anything better from any other lenders. I wouldn't mind converting it to a 36mo term if I can also get a lower APR and get the payments closer to $400/mo.

The problem is that my DTI is too high to qualify for any good refinance loans right now (haha, duh, of course my DTI is too high, that's WHY I'm trying to refinance). Also, lenders aren't fond of my checkered credit past, even though my credit is decent now. Anyone have any ideas?

I've tried RocketLoans, UpStart, and a few others, all of them have declined me. A few years ago I burned LendingClub and Avant, so both of those are out of the running as well.

Or should I just stick it out, since I only have 18mo's left on two of those loans? While I've been able to keep up on the payments so far, and I think I can continue to do so, $1842/mo is a pretty huge burden on my budget - it's more than I pay for rent, so if I can get that number down ASAP then I'd really like to. Thanks!

[Shooting-For-800]

what about a 0% credit card?

Check prequal for Venture by Cap One.

If you are prequal for Venture, you could get a QS or SavorOne.

Venture prequal = min of $5,000.

PenFed?

Navy Fed?

[Anonymous]

I would definitely take care of that LOC first, the interest is killing you. Since you mention your budget, i assume you don't have nay cash reserve? Even paying it down to helf woulkd be an improvement, and give some breathing room. 

Then, if you CSP has any available CL. I would BT the remaining LOC Balance to it, if you qualify for a reducte rate BT that is. While this card isn't known for it, hey do offer them once in a while.

Car #2  I don't feel that you'd qualify for a refi at a lower rate, not with you current scores and debt. There is almost never enough equity on an Auto the first year.

I feel that any Loan you'd be able to get would be in the high APRs anyways, thus negating your goal. Also at this point they are also going to scrutinize your inq, which you have several. With half of them probably being denials. And that doesn't look good when applying.

While it's the least of your worries due to lowest payment and balance, paying off car #1 would free up $384 that could be applied toward the LOC payment to pay down faster. $6K is going to be easier to come up with than $12K.

Just a thought.